Millennium Cell Inc. (NASDAQ:MCEL), a technology development company with a proprietary process to store, generate and deliver pure hydrogen, received a letter from Nasdaq on October 7, 2004, indicating that the Company was not currently in compliance with certain requirements necessary for continued listing on the Nasdaq National Market. The Company is evaluating several options available to either maintain its listing on the Nasdaq National Market or to transfer its listing to the Nasdaq SmallCap Market.
H. David Ramm, Millennium Cell Interim President and CEO, commented, "Millennium Cell is committed to maintaining a listing with Nasdaq. Whether we remain on Nasdaq's National Market or move to its SmallCap Market, our investors will still be able to trade the Company's stock electronically using the existing 'MCEL' ticker.
"We have a number of exciting programs underway focused on developing our technologies in promising near-term markets, cash to fund our growth into 2006, and confidence in the Company's strategic direction and long-term prospects. I look forward to providing a detailed update on our recent progress when we release third quarter results after the market closes on October 27, 2004 and host our quarterly conference call on October 28, 2004."
About Millennium Cell
Millennium Cell Inc. is engaged in the development of a next generation energy source for use primarily in consumer electronics, portable power devices and standby power systems as well as in selected transportation applications. The Company's proprietary Hydrogen on Demand(TM) systems generate high-quality hydrogen through the use of sodium borohydride.
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