FT. LAUDERDALE, Fla., Oct. 9 /PRNewswire-FirstCall/ -- Ener1, Inc., (OTC: ENEI) announced today that it has named Victor Mendes Chief Executive Officer and Chairman of the Board of Directors. He was named Chairman of private equity firm Ener1 Group, Ener1's majority shareholder, two weeks ago. (Logo: http://www.newscom.com/cgi-bin/prnh/20040825/FLW010LOGO ) "Victor has a track record in creating value and improving efficiencies at major global corporations," said Mike Zoi, an Ener1, Inc., Board member. "We believe Ener1 is now ready to benefit from Victor's global management skills and his ability to implement sustainable business operations that successfully leverage resources and drive performance." Prior to joining Ener1, Mr. Mendes served as Chief Executive Officer of CHEP International, a $2.7 billion global logistics business providing equipment management and supply chain support services to the fast-moving consumer goods (FMCG) and automotive industries. Previously, he was Chief Executive Officer of Recall Corporation, a global document management business with operations in 22 countries. Mr. Mendes also spent more than 10 years at GE's Industrial Systems division and at GE FANUC Automation Corporation, a joint venture between GE and FANUC LTD of Japan. While at GE FANUC, Mr. Mendes served on the Board of Directors and held several executive positions. He was responsible for the company's automotive programs division and for its computer numerical control business. "I am excited to lead such a unique assembly of high-technology, high- potential businesses," said Mr. Mendes. "In response to the dramatic increases in energy prices, everyone -- government, the automotive sector and consumers -- is seeking alternative energy solutions. Our lithium-ion batteries for hybrid vehicles and our fuel cells, along with our pipeline of nanotechnologies, provide a strong foundation for growth." Mr. Mendes added that Ener1's markets offer excellent opportunities for the company to ramp-up its revenue. For example, the market for advanced batteries is expected to rise to half a billion dollars by 2008, and hybrid electric vehicles are expected to account for up to 35% of the U.S. auto market by 2015. The estimated global market for fuel cell products is expected to exceed $2 billion by 2009, and $13 billion by 2014. A native of Brazil, Mr. Mendes holds a degree in Mechanical Engineering from the University of Brasilia and a Master degree in Precision Machinery Engineering from the University of Tokyo. He is fluent in English, Japanese, Portuguese and Spanish. ATTENTION EDITOR: Photograph of Victor Mendes available upon request. About Ener1, Inc. Ener1, Inc. (OTC Bulletin Board: ENEI) is an alternative energy technology company. The company's interests include: EnerDel (www.enerdel.com), a lithium battery company in which Delphi Corp. owns a minority interest; Enerstruct, a Japanese lithium battery technology company in which Ener1's strategic investor ITOCHU owns a significant interest; wholly owned subsidiary EnerFuel, a developer of fuel cells and related products (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 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: Ener1's ability to succeed as a supplier of batteries to the hybrid electric vehicle and other markets; 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; EnerFuel's ability to develop and sell products and services in its planned markets; 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 Ener1's 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 Ener1 305-815-0312 email@example.com
SOURCE Ener1, Inc.