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."
An
investment profile about Manhattan Scientifics may be found at http://www.hawkassociates.com/mhtx/profile.htm
.
About Manhattan Scientifics
The
foregoing press release contains forward-looking statements (including expectation
of future events), which are subject to risks and uncertainties that may be beyond
the company's control. Actual results could differ materially for many reasons
including but not limited to completion of R&D and successful commercialization
of products/services, patent completion and prosecution and defense against well-capitalized
competitors. These are serious risks and there is no assurance that our forward-looking
statements will occur or prove to be accurate.
About
Manhattan Scientifics
Manhattan Scientifics, Inc. (www.mhtx.com)
is a technology development company working in the fields of alternative energy,
and computer touch technology. The company's development laboratories are located
in Los Alamos and Albuquerque, New Mexico. Its executive facility is located in
New York City. Copies of Manhattan Scientifics' press releases, current quotes,
stock charts and other information for investors may be found on the website
www.hawkassociates.com
www.hawkmicrcocaps.com
http://www.americanmicrocaps.com
Executive Contacts:
Marvin
Maslow, CEO, Manhattan Scientifics (917) 923-3300.
Email:maslow@ix.netcom.com
Jack Harrod
Chief Operating
Officer
Manhattan Scientifics, Inc.
214.675.8033
Email:harrod@airmail.net
Investor Relations Contact:
Frank Hawkins, (Hawk Associates) (305) 852-2383
Email: Info@hawkassociates.com