New York, NY - February 3, 2004 - Manhattan Scientifics, Inc. (MHTX) announced today that it has licensed its mid-range (NovArs) fuel cell technology to a Singapore company with manufacturing in China. The contract gives the licensee non-exclusive rights to produce and sell fuel cell engines based on the NovArs technology owned by Manhattan Scientifics. The agreement involves an upfront payment, royalty and other forms of consideration.
Manhattan Scientifics' COO Jack Harrod said, "This is a positive step in our efforts to provide low cost fuel cells systems to Chinese, Asian and other worldwide markets. We believe this relationship provides a basis for building future shareholder value." The technology was licensed last May to Ballard Power Systems of Canada on a non-exclusive basis.
Manhattan Scientifics, Inc. (www.mhtx.com) is located in New Mexico, New York and Montreal. It is focused on technology transfer and commercialization of disruptive technologies in the nano medicine space. The company is presently developing commercial medical prosthetics applications for its ultra-fine grain metals and plans to commercialize the cancer research work and nano medical applications developed by Senior Scientific LLC, a unit of the Company.
This press release contains forward-looking statements. Such forward-looking statements are subject to a number of risks, assumptions and uncertainties that could cause the Company's actual results to differ materially from those projected in such forward-looking statements. Forward-looking statements speak only as of the date made and are not guarantees of future performance. We undertake no obligation to publicly update or revise any forward-looking statements.