TORONTO, ONTARIO, March 28, 2003 — Energy Visions Inc.’s Fuel Cell Division has reached a planned milestone in its Flowing Electrolyte Direct Methanol Fuel Cell project.
EVI had previously announced that it intended to continue in the R&D phase to capitalize on recent improvements in its electrode designs. During the last seven months, the company has investigated electrode structure, catalysts and cell design and has identified specific improvements that will lead to power densities of up to four times that previously achieved.
EVI intends to continue its research into electrode and cell design and to incorporate these new features in its fuel cell/Nickel Zinc battery hybrid power source.
A patent application relating to a novel flowing electrolyte design has been filed.
The company also announced that Chris Lundstrom has joined the Board of Directors and has been appointed the chairman of the company’s audit committee. Lundstrom is a project finance professional with broad experience in such areas as international business development and the financial structuring of small to large scale energy projects in OECD and emerging markets.
EVI also announces the appointment of Dr. Douglas James as a Vice President of the company. Dr. James will continue in his role as General Manager of the Fuel Cell Division.
EVI also announced the cancellation of 1,052,600 stock options previously issued pursuant to the July 1997 Original Share Option Plan, and, subject to the approval of the TSX Venture Exchange, the issue of a total of 1,500,000 new stock options pursuant to the Company’s 2001 Canadian Stock Option Plan.
Such new options are issued to a total of 14 directors, officers, employees and consultants, are exercisable at Cdn. $0.20 per share, vest over an 18 month period, and expire on March 26, 2008.
Energy Visions Inc. is a developer of advanced battery and fuel cell technologies.