LOS ALAMOS, N.M., Sept. 22 --Manhattan Scientifics, Inc. (OTC BB: MHTX), a fuel cell alternative energy company, announced today that it has been issued a key patent in Korea. The patent, No. 0509573 "Surface Replica Fuel Cell For Micro Fuel Cell Electrical Power Pack," addresses key aspects of the company's micro fuel cell invention designed to power portable electronics such as cellular telephones.
The patent covers the placement of a flat planar fuel cell in a thin, scalable format to power portable devices such as cellular phones. This technology is unlike conventional fuel cells, which are stacked arrays. The patented design will enable economic use of thin, flexible layered materials when compared with the rigid, bolted, thick stack structure of conventional fuel cells.
Marvin Maslow, CEO of Manhattan Scientifics, said, "Though our micro fuel cell is not yet commercially feasible, we continue our effort toward commercialization and future revenue as a result of our ownership of protective patents. The patent is a result of work by micro fuel cell scientist Robert G. Hockaday."
Maslow continued, "We continue to pursue commercialization of our lightweight NovArs hydrogen fuel cell engine, which could be used to drive electric scooters. Our focus is China and other Asian markets where there is a well-defined need. We believe the long-awaited hydrogen energy fuel cell revolution will begin with two-wheeled vehicles in Asia rather than with automobiles in the West. Our efforts have focused on developing a lightweight, small-footprint hydrogen engine to drive personal transportation targeting the 2 billion people on the globe who do not have modern roadways. There are more bicycles in use in China than there are people in the U.S. The Chinese electric bikes (eBike) use heavy lead-acid batteries like those in cars. That market continues to grow, and styles are shifting more toward scooter-style vehicles. Estimates of eBikes for 2005 top 10 million units in China. We believe that our fuel cell engine has significant advantages when compared to eBikes -- far less weight and longer drive range, with almost instant refueling. eBikes require overnight recharging."
Manhattan Scientifics has non-exclusively licensed the NovArs hydrogen fuel cell engine to Ballard Power Systems of Canada and to a Singapore-based fuel cell company operating in Shanghai. These licenses have not yet produced significant revenue for Manhattan Scientifics.
The company is attempting to shift its business model from technology developer/licensor to fuel cell engine manufacturer in Asia and is reviewing opportunities to commercialize and accelerate product-to-market of its proprietary fuel cell engine technology. As part of this effort, management has entered into early stage M&A discussions with other companies in the alternative energy industry. The company's goal is find a joint-venture partner to manufacture and distribute its NovArs fuel cell engine to the large and expanding Chinese market for electric bicycles and scooters.
Maslow said, "We remain committed to enhancing shareholder value. We recognize that the past few years have not been as productive as we'd hoped. But we have not wavered in our efforts to commercialize our technology in a way that will benefit shareholders."
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.