INI Power Systems Closes Series B Equity Financing

    MORRISVILLE, N.C., May 30 /PRNewswire/ -- INI Power Systems, Inc.
 (INI), the developer of methanol-powered Laminar Flow Fuel Cell (LFFC(R))
 systems, is pleased to announce the successful conclusion of its Series B
 round of financing that will support product development and the further
 commercialization of the company's innovative technology.
     The $4.0 million Series B equity financing was led by MHI Energy
 Partners (Calgary, Louisville, Toronto and NYC) and a series of private
 investors. The additional capital will target the development of the
 company's patented laminar flow micro-fuel cells along three product lines:
 lightweight military applications, consumer/industry portable power and
 consumer electronics. "This event marks INI's transition from R&D
 validation phase to one of product development and technology
 commercialization," said Mr. Larry Markoski, Founder and CTO of the
 company.
     Supporting this move toward a commercial focus are the addition of
 three scientists and a relocation of company's facility to Southport Park
 in Morrisville, NC. Joining the company are Norbert Richter, Mechanical
 Engineer; Mike Riley, Senior Systems Engineer, and Steve Watts, Principal
 Scientist.
     Closely synchronized with the funding event will be the completion and
 delivery of a 20 Watt Soldier Portable Power Pack (SP3) unit to the Army's
 Communication and Electronics Research Development and Engineering Center
 (CERDEC). "The SP3 unit represents the culmination of an extensive
 development effort that brings together all the elements of a power system
 into a lightweight and compact portable power unit" said Dr. Anthony Atti,
 VP Business Development. "The 20 watt power unit embodies significant
 advancements in miniaturization, operation and performance associated with
 the fuel cell stack, the balance of plant and control system electronics."
     About INI Power Systems, Inc.
     INI Power Systems, Inc. was founded in 2001, a University of Illinois
 at Urbana-Champaign (UIUC) start-up, focused on commercializing the direct
 methanol Laminar Flow Fuel Cell (LFFC(R)) first conceived and patented by
 founder Larry Markoski while conducting research at the Beckman Institute.
 Combining methanol -- a high energy density and logistically friendly
 liquid fuel -- with a revolutionary fuel cell concept, INI's LFFC
 technology is designed to replace or augment batteries to supply
 longer-lasting power for portable devices. For more information, contact
 Anthony Atti or Jeffrey Harrison at 919-677-7112. Visit our website at
 http://www.inipower.com.
 
 

SOURCE INI Power Systems, Inc.