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-
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
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
954 556 4020
SOURCE Ener1, Inc.