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 & Moore. 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 http://www.ener1.com . 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. Media Contact: Alys Daly 954-556-4020 or 305-815-0312 email@example.com
SOURCE Ener1, Inc.