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Fuel Cell Company History

Astris Energi Inc.
2175-6 Dunwin Drive
Mississauga, Ontario
Canada L5L 1X2

Tel: 1 905 608 2000
Fax: 1 905 608 8222
Email: questions@astris.ca

Dec 2004 -- Commenced marketing of its new, silent-running, emission-free, Model E7 AFC Generator. The E7 is an advanced version of the Model E6 power unit that has successfully powered Astris' Freedom Golf Car for the past three years.

Dec 2004 -- Presentations made by Astris President and CEO Jiri K. Nor and Vice President, Marketing and Corporate Development Peter Nor at the Hydrogen and Fuel Cells 2004 Conference and Trade Show have been published and are now available to the general public. The papers can be downloaded at the Conference website at: www.scolars.com/fuelcells/program or at the Astris website at: www.astris.ca under the News & Events section.

Nov 2004 -- Scheduled delivery of the first Model E8 Portable Power Generator to Alernate Energy Corp. covered by the value added reseller agreement they signed in May 2004. As well as the initial unit, the purchase order included five additional Model E8s to be delivered later in 2005.

Oct 2004 -- Shareholders approved the memorandum of understanding for the acquisition of the outstanding shares in Astris s.r.o, its affiliate company in the Czech Republic. With this purchase, Astris Energi will own 100% of Astris s.r.o.

Oct 2004 -- Signed a Cooperation Agreement with Italy's Electronic Machining s.r.l. El.Ma. is a privately held company with offices and technical development facilities in Rovereto, Trento, Italy. El.Ma. has particular interest in the development of alkaline fuel cells for stationary and distributed generation of electrical power. Astris will licence the use of its AFC technology and market its products and consulting services to El.Ma. with the objective of quickly expanding El.Ma.'s AFC technical readiness and establishing it as a hydrogen/fuel cell center of expertise in Italy and Europe.

Oct 2004 -- Completed construction of Phase 1 of its pilot production line and preliminary production trial runs are meeting expectations. The pre-commercial production line for Astris' POWERSTACK(tm) MC250 alkaline fuel cell stacks was built at Astris' 30%-owned (soon to be 100%-owned) affiliate Astris s.r.o. in Vlasim, Czech Republic. The semi-automatic line provides a ten-fold increase in production capacity and a more efficient and accurate production of components and final assembly than was previously possible with hand assembly, with a resulting increase in quality control.

Sept 2004 -- Premiere of its 2.4 kW Model E8 Portable AFC Generator, a self-contained, portable generator powered by Astris' alkaline fuel cell. The quiet, emission-free E8 uses the latest generation POWERSTACK(tm) MC250 fuel cell modules to deliver 48 V DC at 50 amperes of current and will handle overload up to 60 amps. The generator has a total electrical efficiency of more than 50%, a figure unequalled by any other device in its class, and several times higher than the efficiency of conventional generators fuelled by gasoline.

Sept 2004 -- Signed a Memorandum of Understanding with Macnor Corp. for the purchase of Macnor's 70% share of Astris s.r.o., Astris Energi's affiliate company in the Czech Republic. With the completion of this purchase, Astris will own 100% of the issued and outstanding shares of Astris s.r.o.

Aug 2004 -- Construction of phase one of the pilot production plant designed to produce the new alkaline fuel cell POWERSTACK(TM) MC250 is on schedule. The pilot production plant is being built in the Czech Republic and should be complete within two weeks with production trials planned for September.

Aug 2004 -- Announced today it has paid down an CDN$100,000 debenture, which was secured by a lien on Astris' assets, was held by three Astris related parties and dated from June 1996. Yearly interest on the debenture was 12 per cent. The remaining interest and principal was paid in full through the issuance of 260,175 common shares.

Aug 2004 -- Completed a private placement to accredited investors worth US$500,000. Share priced at US$0.30 plus one warrant with an exercise price of US$0.50 expiring on December 31, 2005. The lead investor in the offering was Las Vegas-based Alternate Energy Corporation.

March 2004 -- Announced the appointment of fuel cell specialist Claude Rivoire to lead the development of the company's semi-automatic pilot production facility for the Powerstack MC250 fuel cell stack. Rivoire will work with engineer Radek Kotoucek at the Astris facility in the Czech Republic.

March 2004 -- Appoints PricewaterhouseCoopers (PwC) as its auditing firm.

Jan 2004 -- Announced the completion of in-house testing of the prototype Powerstack MC250 fuel cell power module, clearing the product for pilot production.

Dec 2003 -- Unveils new 2.4-kilowatt (kW) model E8 AFC generator, which is powered by the company's Powerstack MC250 fuel cell.

Dec 2003 -- Terminates Agreement with Care Automotive.

Nov 2003 -- Announced the launch of the TL5 Test Load, the company's "next-generation" test load monitoring device for the fuel cell (FC) and battery industries as a precursor to the launch in December of our MC250 Powerstack [FCs] which will enable Astris to begin precommercial production of the 2.4-kilowatt model E8 [FC] generator.

Nov 2003 -- Contracted with Watson Investor Relations to provide investor relations (IR) services on a "fee for services basis."

Oct 2003 -- Notified CareAutomotive Inc., formerly CareAction Inc. (Care) of Montreal, Quebec, that it intends to proceed to arbitration on the three agreements that comprise the joint venture pact signed by the two companies last February.

Oct 2003 -- Only one of 16 publicly traded North American fuel cell companies reporting an increase in shareholder value during 2002, posting a gain of 249 percent over the 2001 figure. This data is contained in the recently released "2003 Fuel Cell Industry Survey" prepared by PriceWaterhouseCoopers, LLP.

Sept 2003 -- Potential joint venture partner Alternative Energy Corp (AEC) produced on-demand, low-cost hydrogen and powered Astris' alkaline fuel cell. While this initial test was conducted using an electric vehicle (golf cart), the AEC system is designed to scale as large as needs dictate.

Aug 2003 -- Signs letter of intent with Alternate Energy Corp. to produce complete stationary electric power systems for the world-wide household and commercial markets. The merging of a reliable alkaline fuel cell (Astris) with a low-cost supply of hydrogen (AEC) is expected to provide the market with a long-awaited feasible solution to making fuel cells an affordable energy alternative.

July 2003 -- Announces discussions with India's largest engineering and manufacturing enterprise in the field of electrical machinery, which has been designated by the government of India to carry out the largest fuel cell project in the world, the electrification of 60,000 villages now without power. The government of India is exploring the use of potentially low-cost, high-efficiency alkaline fuel cell technology for this giant undertaking.

July 2003 -- European subsidiary, Astris s.r.o., in the Czech Republic, expands operation. Purchases an industrial building in the town of Vlasim near its headquarters in Benesov, Czech Republic. Has 8,000 square feet of shop and office space on two floors and has been completely renovated. Nor: "Most importantly, the 1.5-acre site allows for future expansion and is a good investment."

June 2003 -- Engages First Energy Advisors Inc. to raise US$10 million for commercialization of its newest fuel cell system, the POWERSTACK MC250.

April 2003 -- CareAction, Inc. of Montreal, Quebec, acquires the multi-million-dollar 28,000-square-foot fuel cell laboratory and production facility in Montreal, which was formerly owned and operated by HPower Corporation of Englewood, N

Feb 2002 -- Astris Transportation Systems Inc. (ATSI) formed in Montreal, Quebec, as the operating entity of joint venture with CareAction Inc. ATSI will be the world's first automated facility for mass production of electric energy-producing alkaline fuel cell systems of Astris design.

Dec 2002 -- Signs agreement with with CareAction, Inc., based in the Montreal suburb of Laval, Quebec, under which Astris will license its technology and CareAction will provide financing and management for a $15,000,000 technology and consumer product development program, centered on the transportation sector.

Oct 2002 -- Nor predicts the future will be a competition between PEM and Alkaline Fuel Cells, much like the competition between gasoline and diesel engines a century ago. Notes 9 companies, in 9 different countries, have bet on Alkaline and Astris Energi. Outlines the advantages of AFC over PEM technology.

Sept 2002 -- Announces its first prototype cells for commercial power generators in portable, stationary and vehicular applications will be available for testing before the end of October.

July 2002 -- Jiri K. Nor, president of Astris Energi, predicts the market for fuel cell powered small vehicles--golf carts, forklifts, neighborhood vehicles, etc.--will mature long before that for cars, trucks, and buses.

June 2002 -- After two years of beta testing its TESTMASTER family of test loads, test cells and control software, introduces the new model, TL4A Test Load for fuel cells and batteries. Offers the researcher an additional insight into the inner workings of the fuel cell or battery and has become a valuable tool in making product improvements.

June 2002 -- Courting nine potential joint venture partners or customers in six different countries, most of which were former partners with England's ZeTek Power Plc, the only other manufacturer of alkaline fuel cells, which recently declared bankruptcy.

May 2002 -- Awarded 5 million Kc (Czech crown) grant from the government of the Czech Republic.

March 2002 -- Announced the POWERSTACK(TM) MC250, a new fuel cell product suitable for powering small vehicles, stationary electric energy sources for industry and a range of other applications, will be commercially available, both here and abroad, later this year.

Nov 2001 -- Thru its European subsidiary, Astris s.r.c., enters an important cooperative effort with the Academy of Sciences of the Czech Republic to enhance the advantages already evident in alkaline fuel cell technology.

Oct 2001 -- Progress in hydrogen gas storage technology promises to nearly treble the distance its pioneering fuel cell-powered golf car can travel without refueling -- to eight days from three days at full daily usage.

Sept 2001 -- Announced the appointment of I.M.I. Inc. as the company's consultants and authorized representatives for business development in India, South and Southeast Asia, and the Far East.

Aug 2001 -- Signs letter of intent with ACE Golf Cars (www.acegolfcars.com) for the establishment of a joint venture of other small vehicles. ACE proposes to finance the 50-50 venture with an initial investment of $1.5 million and be responsible for marketing and sales direct to the industry.

June 2001 -- Shares Admitted For Trading on U.S. OTC Bulletin Board.`

April 2001 -- Awarded Full-Reporting Status by U.S. Securities and Exchange Commission.

April 2001 -- Integration of AFC into golf cart complete. The company's new "ASTRICART," designed for use in a wide variety of small vehicles, eliminates costly and time-consuming battery charging required in electric carts and the noise and pollution caused by gasoline-powered carts. The E6 power source fits under the seat and the bottle of compressed hydrogen gas is hidden from view in the rear of the cart.

Feb 2001 -- AFC powered golf cart completes first 1000 hours of operation.

Nov 2000 -- Installs first fuel cell in golf cart.

Sept 2000 -- Filed an application with the U.S. Securities and Exchange Commission to become a full-reporting company.

Sept 2000 -- Invited large companies interested in participating in the burgeoning fuel cell industry to become either partners or licensees.

Aug 2000 -- Delivered portable fuel cell generator to the Czech Ministry of National Defense.

April 2000 -- Delivered a 4-kilowatt AFC generator to the Technical University of Mines, Ostrava, Czech Republic.