SOURCE: Electro Energy Inc.

April 25, 2008 09:00 ET

Electro Energy Announces Board Authorization of a Reverse Stock Split If Necessary to Retain Its NASDAQ Listing

DANBURY, CT--(Marketwire - April 25, 2008) - Electro Energy Inc. (NASDAQ: EEEI), a leading provider of advanced battery technologies and associated systems, today announced that its Board of Directors has concluded that it is in the best interests of the Company's shareholders to maintain the Company's stock listing on the NASDAQ Capital Market and has authorized management to make all necessary and reasonable efforts to maintain the NASDAQ listing. Accordingly, the Board unanimously consented to authorize a one-for-five reverse stock split in the event that a reverse split becomes necessary to maintain the Company's NASDAQ listing. The Company presented this and other information during a hearing before a NASDAQ panel on April 24, 2008. The Company is awaiting notification of the panel's decision.

About Electro Energy Inc.

Electro Energy Inc., headquartered in Danbury, Connecticut, was founded in 1992 to develop, manufacture and commercialize high-powered, rechargeable bipolar wafer cell nickel-metal hydride batteries for use in a wide range of applications. Its Colorado Springs operation is AS9100/ISO9001 certified and supplies aerospace-grade high quality nickel cadmium batteries and components for satellites, aircraft and other specialty applications. EEEI is also developing high power lithium rechargeable batteries utilizing the Company's proprietary bipolar wafer cell design. EEEI owns significant manufacturing assets near Gainesville, Florida for rechargeable lithium ion 18650 cylindrical cells, the standard cell used in the electronics industry. For further information, please visit www.electroenergyinc.com.

Certain statements in this news release may contain forward-looking information within the meaning of Rule 175 under the Securities Act of 1933 and Rule 3b-6 under the Securities Exchange Act of 1934, and are subject to the safe harbor created by those rules. All statements, other than statements of fact, included in this release, including, without limitation, statements regarding potential future plans and objectives of the companies, are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Factors that could cause actual results to differ materially from those in the forward-looking statements include, among other things, the following: general economic and business conditions; competition; unexpected changes in technologies and technological advances; ability to commercialize and manufacture products; results of experimental studies; research and development activities; changes in, or failure to comply with, governmental regulations; and the ability to obtain adequate financing in the future. This information is qualified in its entirety by cautionary statements and risk factors disclosure contained in certain of Electro Energy Inc.'s Securities and Exchange Commission filings available at http://www.sec.gov.

Contact Information

  • Contact:
    Brenda Cooper
    (203) 797-2699