EXHIBIT 99
[LOGO] Electric Fuel(R)
Electric Fuel Corporation
120 Wood Avenue South, Suite 300
Iselin, New Jersey 08830
Tel: (732) 635-7100 Fax: (732) 635-7101
http://www.electric-fuel.com
FOR IMMEDIATE RELEASE:
Electric Fuel Contact: IR Contacts (KCSA):
Robert S. Ehrlich, CFO Joseph A. Mansi/Adam J. Rosen
732-635-7100 212-682-6300
ehrlich@electric-fuel.com jmansi@kcsa.com/arosen@kcsa.com
Electric Fuel Raises $8,375,000
Through Sale of Previously-Registered Securities
ISELIN, N.J., Nov. 17 -- Electric Fuel Corporation (Nasdaq: EFCX) announced
today that an institutional investor has invested $8,375,000 in the Company,
through the purchase of one million shares of common stock and warrants to
purchase up to an additional one million shares. Both the shares sold initially
and the shares underlying the warrants, as well as the warrants themselves, were
previously registered with the Securities and Exchange Commission. Electric Fuel
intends to use the proceeds of the offering for working capital and general
corporate purposes and to promote the growth of its business, including
increasing its marketing presence in the United States and elsewhere, and
expanding its production capabilities.
Yehuda Harats, President and CEO of Electric Fuel, stated: "We are pleased to
announce this successful financing. The capital raised will allow Electric Fuel
to continue development and marketing of its Zinc Air technology products."
Pursuant to the terms of the offering, the purchase price for the common stock
was priced at $8.375 per share and all of the warrants have an exercise price at
a premium to the stock's current market price.
About Electric Fuel:
Electric Fuel Corporation (Nasdaq: EFCX), with corporate and sales offices in
New Jersey and London, England, and manufacturing and R&D facilities in Israel
and Alabama, is a world leader in the application of primary and refuelable Zinc
Air fuel cell technology to innovative energy solutions. The Company's popular
line of Instant Power(TM) disposable cellphone batteries is on sale at retail
outlets throughout the U.S., Europe and Israel. For more information, visit the
Company's website at http://www.electric-fuel.com. Reference to the Company's
website does not incorporate by reference any of the information contained
therein into this press release.
Except for the historical information herein, the matters discussed in this news
release include forward-looking statements that may involve a number of risks
and uncertainties. Actual results may vary significantly based on a number of
factors, including but not limited to risks relating to: product and technology
development; market acceptance of new products and continuing product demand;
the impact of competitive products and pricing on Electric Fuel's and its
customers' products and markets; the stage of development of Electric Fuel's
products, the uncertainty of the market for disposable cellular telephone
batteries, significant future capital requirements, changing economic conditions
and exchange rates (both in the United States and abroad); development, release
and sales of new products by strategic suppliers and customers; development and
growth of anticipated markets for Electric Fuel's and its customers' products;
and other risk factors detailed in Electric Fuel's most recent annual report on
Form 10-K for the fiscal year ended December 31, 1999, and other filings with
the Securities and Exchange Commission. Electric Fuel assumes no obligation to
update the information in this release.
Other product and company names herein may be the trademarks of their respective
owners.
This release and prior releases are available on the KCSA Public Relations
Worldwide website at http://www.kcsa.com.