Fort Lauderdale, Fla., Oct. 13 /PRNewswire-FirstCall/ -- Ener1, Inc.,
(OTC Bulletin Board: ENEI) (http://www.ener1.com ), an emerging leader in the
development of advanced lithium batteries, nanotechnology and fuel cells,
announced today that Carlos E. Mendez-Penate, a partner with the international
law firm of Coudert Brothers LLP, has joined the company's board of directors.
(Logo: http://www.newscom.com/cgi-bin/prnh/20040825/FLW010LOGO )
"Carlos' strong background in corporate banking and international finance
adds valuable business expertise and worldwide contacts to Ener1," said Kevin
Fitzgerald, Chairman and Chief Executive Officer of Ener1. "He has
successfully represented many large multinational companies in major corporate
transactions and has excellent business relationships with investment banks
and financial institutions in the U.S., Europe and elsewhere. We are
confident that Carlos' experience and knowledge will prove to be a major asset
to Ener1 as we forge additional corporate alliances and new business
opportunities to commercialize our technology portfolio."
For more than 25 years, Mr. Mendez-Penate has been involved in
international investing and financing assignments, including work in capital
markets, acquisitions and joint ventures, banking and acquisitions. He
currently is head of Coudert Brothers' Latin American Practice, based in New
York City. Mr. Mendez-Penate began his legal career with Cravath, Swaine &
Mr. Mendez-Penate is a graduate of Yale College and Yale Law School. He
is admitted to practice law in Connecticut, New York and Florida.
The addition of Mr. Mendez-Penate to the Ener1 board of directors is one
of the steps that the company is taking to broaden its board representation.
As part of this effort, Ener1 Group, Inc., the company's majority investor,
has agreed to relinquish one of its three Ener1 board positions to make way
for Mr. Mendez-Penate's appointment. In discussing these changes, Mr.
Fitzgerald added, "We greatly appreciate the efforts and support of Ener1
Group in expanding our board representation and know that Ener1 Group will
continue to support us in the future. In addition, bringing in Carlos as an
outside board member helps diversify our board."
About Ener1, Inc.
Ener1, Inc. (OTC Bulletin Board: ENEI) develops and markets new
technologies and products for clean, efficient energy sources, including high-
energy lithium batteries and components, nanotechnology-based materials and
manufacturing processes, and fuel cell systems and components. Ener1's
technologies and products have potential applications for industrial, medical,
consumer and military markets, including power tools and industrial equipment,
medical devices, hybrid vehicle propulsion and military communications. For
more information on Ener1's technologies and products, visit its Web site at
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, Ener1's ability to successfully
develop and market its proposed products and services, the degree of
competition in the market for Ener1's products and services, Ener1's history
of operating losses, the lack of any operating history for Ener1's development
stage battery, nanotechnology and fuel cell businesses, the potential need for
additional capital and Ener1's dependency upon key personnel. These and other
risks are detailed in Ener1's annual report on Form 10-KSB for the year ended
December 31, 2003, 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.
SOURCE Ener1, Inc.