Millennium Cell Inc. (NASDAQ: MCEL), a technology development company that has created a proprietary technology to safely store, generate and deliver pure hydrogen, today reported a net loss for the quarter ended March 31, 2004 of $3.4 million, or 10 cents per share as compared to $4.7 million or 16 cents per share in the same period of 2003.
The reduction in net loss from 2003 is a direct result of cost containment activities and the favorable impact of MCEL's program with the U.S. Department of Energy for the funding of research in hydrogen technology.
"We reached an important milestone this quarter with the successful kick-off of our first major U.S. Government funded program," said H. David Ramm, Millennium Cell Interim President and CEO. "With the addition of the Air Force award through our partner Protonex, we expect to see a meaningful reduction of operating expenses through the remainder of this year while continuing a steady pace of technology development." "We are focused on the development of Hydrogen on Demand" product platforms for standby power, portable power and consumer electronics applications. We intend to partner with leaders in the fuel cell, chemical and industrial gas industries to develop competitive product offerings and bring them to market."
"Early in the first quarter, we announced the signing of a $10 million convertible debenture financing. To date, $6 million of unsecured debentures have been issued in connection with the financing. Subsequent to March 31, 2004, we converted $3 million of the debentures into shares of our common stock. An additional $4 million of unsecured debentures remains available for issuance at our option. This financing provides us with flexibility to execute our business plan," continued Mr. Ramm.
A conference call to discuss first quarter results is scheduled for Thursday, April 29th, at 8:30 a.m., EST. Interested parties may listen to the live teleconference by dialing 1-800-613-3456 (accessible from the U.S. and Canada) and entering pass code 01202. A re-broadcast will be available beginning Thursday, April 29 at 1:00 pm EDT and continuing to 5:00 pm EDT on Friday, April 30, by dialing 1-888-746-9439.
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