FORT LAUDERDALE, Fla., April 21 /PRNewswire-FirstCall/ -- Ener1, Inc. (OTC Bulletin Board: ENEI) announced today that it has appointed a new independent director to its board of directors, Ludovico Manfredi, a marketing and business development executive for Cheyne Capital, a London-based hedge fund management company. Currently, Manfredi is responsible for European strategic relationships and business development activities for Cheyne, which manages about $6.0 billion in assets. Manfredi will be a member of the Company's audit committee and fills a vacancy in the Ener1 Board created by the resignation of Ronald Stewart, who remains as Executive Vice President, General Counsel and Secretary of the Company. (Logo: http://www.newscom.com/cgi-bin/prnh/20040825/FLW010LOGO ) Prior to joining Cheyne, Manfredi founded and managed Newfield Group, a company active in commodities and investments in South America, the Caribbean and Western Europe. Previously, he worked in commodities trading with the major European trading firms of Sucres et Denrees in Paris and Riz et Denrees in Paris and New York. Manfredi has an M.B.A. from the Wharton School of Business, University of Pennsylvania, with a major in Finance, and took his initial degree from Institut d'Etudes Politiques de Paris, with a major in Economics and Finance. Kevin Fitzgerald, chairman of Ener1's board of directors and chief executive officer for Ener1, commented, "We are very happy to have Ludovico join our board of directors. His coming aboard as an independent, outside director and member of our audit committee furthers our continuing efforts to increase the level of external oversight in our governance activities, in keeping with the requirements of major exchanges, modern regulatory practice and the best interests of all of our shareholders. We also expect to benefit from Ludovico's extensive business experience and his worldwide business contacts as we continue our transition from a research and development company to a producer and marketer of lithium-battery, fuel-cell and nanotechnology- based products." Manfredi added, "I am happy to have the opportunity to work with the other members of Ener1's board to help this exciting company progress at this important stage of its development. In particular, I look forward to lending my experience and skill to the board's efforts as it guides Ener1's acceleration of its transition from a research and development company to a products company with a global perspective." About Ener1, Inc. Ener1, Inc. (OTC Bulletin Board: ENEI) develops and markets new technologies and products for clean, efficient energy sources. These include lithium batteries and battery packs through EnerDel, Inc., its majority-owned venture with Delphi Corp., fuel-cell components and testing services through its EnerFuel, Inc. subsidiary, and nanotechnology-based materials and manufacturing processes and components through its NanoEner, Inc. subsidiary. Ener1's products have applications for a broad range of markets that include power tools and industrial equipment, medical devices, hybrid vehicle propulsion, personal mobility and applications for Homeland Security and National Defense. For more information on Ener1's products, please visit its Web site at http://www.ener1.com or call (954) 556-4020. 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, the ability of Ener1 to successfully develop, produce and market proposed lithium-battery, fuel-cell and nanotechnology-based products and services; 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; Ener1's need for additional capital; Ener1's dependency upon key personnel, and other risks detailed in Ener1's annual report on Form 10-KSB for the year ended December 31, 2004, as well as in its other 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) Allen & Caron Inc. 212 691 8087 email@example.com Kevin Fitzgerald Ener1, Inc. 954 556 4020 firstname.lastname@example.org
SOURCE Ener1, Inc.