Millennium Cell Announces Closing on Joint Development Program with The Dow Chemical Company

29-Apr-2005

Millennium Cell Inc. announced the successful initial closing of its previously announced joint development program with The Dow Chemical Company. The development program will combine Millennium Cell's novel technology with Dow's strengths in materials, engineering and operational excellence to accelerate product commercialization.

On April 21, 2005, the Company received shareholder approval for the potential issuance of MCEL shares under NASDAQ marketplace rules of over 20% to The Dow Chemical Company as part of the joint development program. Accordingly, on April 25, 2005, Millennium Cell issued 155,724 shares of its Series A Preferred Stock to Dow. With the closing on the program, Millennium Cell looks forward to collaborating with Dow on the development and commercialization of hydrogen batteries for use in consumer electronics and military applications. The batteries will be based upon Millennium Cell's patented Hydrogen on Demand(R) technology in conjunction with Proton Exchange Membrane (PEM) fuel cells.

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