Provider: Business Wire
NEW YORK, Feb 6, 2004 (BUSINESS WIRE)- Medis Technologies Ltd. (NASDAQ:MDTL) announced today that its first fuel cell product will be a new disposable Power Pack, which is scheduled to be in distribution channels by the end of this year.
"As part of our continuous marketing discussions with potential distributors, OEMs and retail channels," said Robert K. Lifton, Chairman and CEO of Medis Technologies, "it became clear to us that the first Power Pack product we introduce into the market should be a disposable, low price, simple to operate product that offers many times the power capability of disposable cell phone chargers now being sold and has the flexibility of charging other devices, as well.
"Our disposable Power Pack is expected to have a suggested retail price of $14.99 and provide 15 hours (900 minutes) of talk time; offering many times the power and far lower cost per hour of use than existing disposable chargers. Unlike some other chargers, it will be capable of starting the cell phone in a matter of seconds, rather than minutes. The consumer will have the flexibility of using and reusing the Power Pack to charge a portable electronic device as long as he/she wants without concerns about reverse polarity and an indicator will tell the user how much time is still available. For consumers who want to keep a Power Pack in a survival kit, the Power Pack is planned to have unlimited life before the first use. Very significantly, unlike other cell phone chargers, the Power Pack can be used to charge digital cameras, the MP3s and other devices. As we have noted before, the digital camera market is growing very rapidly, with battery life the major source of consumer complaints.
"We are also continuing development of a reusable Power Pack powered by a replaceable refueling cartridge that we can introduce as a second generation product to supplement the disposable Power Pack as consumer demand increases for even more lasting power. The reusable military Power Pack we are developing for General Dynamics also is planned to have refueling cartridges which are needed to meet the operating time required for the particular military missions on which the Power Pack is used.
"We are on schedule to demonstrate the prototype of the disposable Power Pack as well as a prototype of the military Power Pack in May 2004. Before that time we expect to establish production arrangements for both of these Power Pack products and distribution relationships for the disposable Power Pack while General Dynamics continues to market the military product."
Medis Technologies is involved in the development of highly advanced proprietary technology products primarily related to sources of clean energy for the 21st Century. Medis' primary focus is on direct liquid fuel cell technology. Its business strategy is to license or sell its technologies to, or enter into joint ventures with, large international corporations or sell its products to end users through retail outlets and service providers. In addition to its fuel cell technology, Medis' product pipeline, in varying stages of development, includes inherently conductive polymers, the toroidal engine and compressor and stirling cycle system. Medis has also developed the CellScan with many potential applications relating to disease diagnostics and chemo sensitivity.
This press release may contain forward-looking statements, which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve risk and uncertainties, including, but not limited to, the successful completion of product development, the success of product tests, commercialization risks, availability of financing and results of financing efforts. Further information regarding these and other risks is described from time to time in the Company's filings with the SEC.
Contact:
Medis Technologies
Robert K. Lifton, 212-935-8484
or
The Equity Group Inc.
Investor Relations Counsel:
Adam Prior, 212-836-9606
Devin Sullivan, 212-836-9608
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