Electrovaya Inc.

Electrovaya Inc.

March 22, 2010 07:51 ET

CORRECTION FROM SOURCE: Former Chrysler CEO Thomas W. LaSorda Joins Electrovaya Board of Directors and Appointed as Special Advisor to CEO

TORONTO, ONTARIO--(Marketwire - March 22, 2010) -

Editors Note: There is a photo associated with this Press Release.

The release issued today that former Chrysler CEO, Thomas W. LaSorda, has joined its Board of Directors and has been appointed as Special Advisor to Electrovaya CEO, Sankar DasGupta, now includes a photo of Mr. LaSorda. Otherwise, the content of the release itself remains unchanged, and has been reproduced below.

Electrovaya Inc. (TSX:EFL), developer and manufacturer of proprietary Lithium Ion SuperPolymer® battery systems, today announced that former Chrysler CEO, Thomas W. LaSorda, has joined its Board of Directors and has been appointed as Special Advisor to Electrovaya CEO, Sankar DasGupta.

LaSorda has been appointed to serve on Electrovaya's Board of Directors effective today, March 22, 2010. In addition to his Board responsibilities, LaSorda will also serve as Strategic Advisor to Electrovaya's CEO, Sankar DasGupta, focusing on Electrovaya's growth strategy, including business development and global alliances. LaSorda brings over 30 years of auto industry experience, most recently as Vice Chairman, President and Board Member of Chrysler LLC. LaSorda has also held the position of President and CEO of Chrysler Group after serving as Chief Operating Officer and member of the DaimlerChrysler Board of Management. Earlier, LaSorda had a distinguished 23 year career with General Motors including President of Opel Eisenbach GMBH in Germany and Vice-President, Quality, Reliability & Competitive Operations Implementation for General Motors North America. Recently LaSorda was Advisor to Penske Automotive Group in its bid to purchase Saturn from General Motors. LaSorda received a Bachelor of Arts and Commerce, MBA and Honorary Doctorate from the University of Windsor, Ontario, Canada.

"We are pleased to have Tom join Electrovaya as a Board Member and as Special Advisor to the CEO," commented Electrovaya's CEO and founder Dr.Sankar Das Gupta. "Tom brings extensive management experience and industry knowledge to Electrovaya as it develops key partnerships within the global auto industry and as it navigates a period of exceptional market growth." 

LaSorda added, "I am delighted to join Electrovaya's Board and be a Special Advisor to the Company. I look forward to helping Electrovaya execute its growth strategy and capitalize on the tremendous opportunities that lie ahead. This is an exciting time for Electrovaya and the industry as it transitions to adopt more efficient, cleaner technologies in the production of new vehicles. I am very impressed with Electrovaya's roster of automotive partners, its proprietary technology and its toxin-free manufacturing process for lithium ion batteries. As the only major zero-emission manufacturer of lithium ion batteries, Electrovaya is uniquely positioned to address this vast new market for electric vehicles and other products."

On March 30, 2010, at 4 p.m. Eastern Standard Time, Electrovaya's Annual General Meeting of shareholders will be held at the Company's headquarters at 2645 Royal Windsor Drive, Mississauga, Ontario, Canada. Tom LaSorda along with the present five directors will be renominated for another term. 

About Electrovaya Inc:

Electrovaya Inc. (TSX:EFL) designs, develops and manufactures proprietary Lithium Ion SuperPolymer® batteries, battery systems, and battery-related products for the clean transportation, smart grid power, consumer and healthcare markets. The Company's mission is to accelerate clean transportation as a commercial reality with its advanced power system for all classes of zero-emission electric vehicles and plug-in hybrid electric vehicles. Founded in 1996 and headquartered in Ontario, Canada, Electrovaya has production facilities in Canada as well as in the US, and customers around the globe. To learn more about how Electrovaya is powering mobility, please explore www.electrovaya.com.

Forward-Looking Statements

This press release contains forward-looking statements that involve a number of risks and uncertainties, including statements that relate to, among other things, the Company's objectives, goals, strategies, intentions, plans, beliefs, expectations and estimates, andcan generally be identified by the use of words such as "may", "will", "could", "should", "would", "likely", "expect", "intend", "estimate", "anticipate", "believe", "plan", "objective" and "continue" (or the negative thereof) and words and expressions of similar import. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, such statements involve risks and uncertainties, and undue reliance should not be placed on such statements. Certain material factors or assumptions are applied in making forward-looking statements, and actual results may differ materially from those expressed or implied in such statements. Important factors that could cause actual results to differ materially from expectations include but are not limited to: general business and economic conditions (including but not limited to currency rates and creditworthiness of customers); Company liquidity and capital resources, including the availability of additional capital resources to fund its activities; level of competition; changes in laws and regulations; legal and regulatory proceedings; the ability to adapt products and services to the changing market; the ability to attract and retain key executives; and the ability to execute strategic plans. Additional information about material factors that could cause actual results to differ materially from expectations and about material factors or assumptions applied in making forward-looking statements may be found in the Company's most recent annual and interim Management's Discussion and Analysis under "Risk and Uncertainties", as well as in other public disclosure documents filed with Canadian securities regulatory authorities. The Company does not undertake any obligation to update publicly or to revise any of the forward-looking statements contained in this document, whether as a result of new information, future events or otherwise, except as required by law.

To view the photo associated with this press release, please visit the following link: http://www.marketwire.com/library/20100322-laSordaLG.jpg.

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