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.