FORT LAUDERDALE, Fla., April 7 /PRNewswire-FirstCall/ -- Ener1, Inc.
(OTC Bulletin Board: ENEI) Chairman Charles Gassenheimer today issued the
following letter to Ener1 shareholders and interested members of the
Progress, focus and fiscal responsibility are themes that characterize
the developments at Ener1 since my last shareholder's letter dated January
I am pleased to report that the company has been relisted on NASDAQ
Over-The-Counter Bulletin Board. This is an important milestone for our
company and one that indicates the solid foundation for growth precipitated
by our new management team, led by Interim Chief Executive Officer Ron
Stewart and Chief Financial Officer Gerard Herlihy. Their dedication and
long hours are recognized by Ener1's Board of Directors, as well as the
entire Ener1 team.
This accomplishment, while significant, only tells part of the Ener1
story. The heads of our operating companies, Ulrik Grape, President of
EnerDel, and Rex Hodge, President of EnerFuel, are making strides to
advance their businesses. For example, EnerFuel is partnering with fuel
cell companies and producers of alternative fuels, such as methanol and
ethanol, on numerous Department of Energy funded proposals. This shows the
confidence the fuel cell industry has in our team and their capabilities as
a competent partner in the development of cutting-edge fuel cell
technologies. The company's engineers are working on the launch of their
first product -- a component that will be sold to fuel cell system
manufacturers to enhance the performance of their fuel cell systems. We
expect this product to debut this summer.
EnerDel is producing lithium-ion cells for internal testing and
evaluation, an important step towards sampling our batteries for hybrid
electric vehicles (HEVs) with potential customers in the automotive sector.
These cells will be produced using a proprietary, automated manufacturing
technology that is fundamental to our competitive strategy. This technology
should enable EnerDel to cost-competitively mass-produce its lithium-ion
batteries in the United States. We plan to produce these batteries in
Indiana. Our goal is to help transform the U.S. auto industry and reduce
our country's consumption of foreign oil by introducing a battery that will
improve the performance and fuel efficiency of future HEVs.
We continue 2006 with a renewed confidence. We expect to face many
challenges in the race to commercialize our technologies, but do so with a
resilient and dedicated team that is committed to success.
About Ener1, Inc.
Ener1, Inc. (OTC Bulletin Board: ENEI) is an alternative energy
technology company. The company's interests include: 80.5% of EnerDel
(www.enerdel.com), a lithium battery company in which Delphi Corp. owns
19.5%; 49% of Enerstruct, a Japanese lithium battery technology company in
which Ener1's strategic investor ITOCHU owns 51%; wholly owned subsidiary
EnerFuel, a fuel cell products and testing services company
(www.enerfuel.com); and wholly owned subsidiary NanoEner, which develops
nanotechnology-based materials and manufacturing processes for batteries
and other applications (www.nanoener.com). For more information, visit
Safe Harbor Statement
This release contains forward-looking statements within the meaning of
the Federal Private Securities Litigation Reform Act of 1995 conveying
management's expectations as to the future based on plans, estimates and
projections at the time the statements are made. The forward-looking
statements contained in this press release involve risks and uncertainties,
including, but not necessarily limited to, EnerDel's ability to succeed as
a supplier of batteries to the hybrid electric vehicle and other markets;
Ener1's ability to successfully develop and market proposed lithium
battery, fuel cell and nanotechnology-based products and services; Ener1's
plans to reduce costs and gain a competitive advantage by consolidating
manufacturing operations and implementing automated production processes;
charges Ener1 will incur in connection with consolidating manufacturing
operations; the degree of competition in the markets for lithium battery,
fuel cell and nanotechnology-based products and services, Ener1's history
of operating losses, the lack of operating history for the development
stage Ener1 businesses, the need for additional capital, the dependency
upon key personnel and other risks detailed in its filings from time to
time with the Securities and Exchange Commission. These risks and
uncertainties could cause actual results or performance to differ
materially from any future results or performance expressed or implied in
the forward-looking statements included in this release. Ener1 undertakes
no obligation to publicly update or revise any forward-looking statements,
whether as a result of new information, future events, or otherwise.
Contact: Joe Allen (investors) Alys Daly
Allen & Caron Inc Ener1, Inc.
212 691 8087 954 202 4442 or 305 815-0312
SOURCE Ener1, Inc.