NEWS
NEWS
FOR RELEASE TUESDAY, DECEMBER 4, 2001
Contact: Kirsten Minich
732-542-4000, ext. 215
MILLENNIUM CELL MAKES ORGANIZATIONAL CHANGES
DESIGNED TO SUPPORT BUSINESS OBJECTIVES
EATONTOWN, NJ--DECEMBER 4, 2001-- Millennium Cell Inc. (NASDAQ: MCEL), a
development-stage company that has created a proprietary technology to safely
generate and store hydrogen, announced today that organizational changes have
been made to enable the company to meet business objectives for 2002 and beyond.
The changes, effective December 1, include an expanded role for the Company's
Chief Financial Officer, Norman "Chip" Harpster. Mr. Harpster remains as CFO,
but has added the title "Vice President, International Business Management" and
will head global expansion efforts. He will also remain Corporate Secretary.
Chief Scientific Advisor Steven Amendola has entered into a consultancy
arrangement with the company that maintains Mr. Amendola's commitment to the
Company yet gives him the intellectual freedom to pursue unrelated scientific
interests. He remains a member of the Board of Directors for the company.
Curt Cornell adds overall responsibility for the company's administrative
operations to his duties, becoming "Vice President, Supply Chain Business
Development and Administration." He will oversee intellectual property
management, information technology, purchasing, and contract management
functions. Mr. Cornell's role in supply chain business development for current
fuel production and distribution will continue.
Adam Briggs' title has been changed to "Vice President, Business Development for
Distributed Generation," to more accurately reflect the numerous Hydrogen on
Demand (TM) application markets that he serves. Rex Luzader takes on new
responsibilities in infrastructure development for future fuel production and
distribution, in addition to his current responsibilities in transportation, as
"Vice President, Business Development for Transportation and Hydrogen-Fuel
Infrastructure."
-MORE-
Finally, two executives will expand their functional responsibilities. Dr. Terry
Copeland, Vice President, Product Development, now has responsibilities across
all the company's technology platforms. Katherine McHale, Vice President,
Marketing & Communications, will now lead investor relations and technology
assessment.
"The new organizational structure has been designed to support our objectives
for next year and create close alignment with our near term strategy and value
chain. It has also been designed to create personal growth opportunities for our
many high-potential people, opportunities that span a variety of roles,
responsibilities, and reporting relationships," said Dr. Stephen Tang,
Millennium Cell President and CEO. "2001 has been a year of great progress,
change, and growth for Millennium Cell as we've made the successful transition
from a start-up to a development-stage company to an enterprise on the threshold
of full commercialization--all in our first full year as a public company. We've
grown from 30 employees at the end of 2000 to 53 today. We now occupy 2.2 times
the physical space we did just a month ago. Lab facilities now offer our
technologists the environment they need for continued innovation. This
organizational realignment positions us to capitalize on our growth for
continued progress."
ABOUT MILLENNIUM CELL
Founded in 1998, Millennium Cell is based in Eatontown, NJ and is focused on
developing new, clean and abundant energy sources. Millennium Cell has invented
and developed a proprietary process called Hydrogen on Demand(TM) that safely
generates pure hydrogen or electricity from environmentally friendly raw
materials. In the process, the energy potential of hydrogen is carried in the
chemical bonds of sodium borohydride, which in the presence of a particular
catalyst either releases hydrogen or produces electricity. The primary input
components of the reaction are water and sodium borohydride, a derivative of
borax. Borax is found in substantial natural reserves globally. Millennium Cell
technology can be applied in transportation and portable power, including
micro-power and long-life batteries.
The company is traded on NASDAQ under the symbol MCEL. For more information on
Millennium Cell, visit WWW.MILLENNIUMCELL.COM or call 732-542-4000.
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This press release may include statements that are not historical facts and are
considered "forward-looking" within the meaning of the Private Securities
Litigation Reform Act of 1995. These forward-looking statements reflect
Millennium Cell's current views about future events and financial performance.
These forward-looking statements are identified by their use of terms and
phrases such as "believe," "expect," "plan," "anticipate", "possibility" and
similar expressions identifying forward-looking statements. Investors should not
rely on forward-looking statements because they are subject to a variety of
risks, uncertainties and other factors that could cause actual results to differ
materially from Millennium Cell's expectations, and Millennium Cell expressly
does not undertake any duty to update forward-looking statements. These factors
include, but are not limited to, the following: (i) the cost and timing of
development and market acceptance of Millennium Cell's hydrogen generation
systems, (ii) competitive factors, such as price competition and new product
introductions, (iii) the cost and availability of products, (iv) the cost of
complying with current governmental regulations, (v), the accuracy of cash flow
and earnings per share predictions and (vi) other factors detailed from time to
time in Millennium Cell's filings with the Securities and Exchange Commission.
Company management does not attempt to update forecasts unless conditions
materially change.
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