Electric Fuel Acquires MDT Protective Industries

Zinc-air fuel cell maker Electric Fuel Corporation has completed the acquisition of a majority interest in M.D.T. Protective Industries Ltd. (“MDT”), a privately-held Israeli company that specializes in using sophisticated lightweight materials and advanced engineering processes to armor vehicles.

New York, New York – August 13, 2002 [SolarAccess.com] Together with the recently announced acquisition of IES Interactive Training, the company has now completed a major step in its strategic plan of expanding into the defense and security business. Electric Fuel offers the military and security establishments three product lines: high-capacity zinc-air batteries, digital training simulators and armored vehicles. The company will continue to seek opportunities to further expand this business with products that can offer synergy with its overall activities, especially with its marketing and sales effort. Estimated pro forma results of the consolidated company, after giving effect to the acquisitions of MDT and IES would provide Electric Fuel with combined first half revenues of US$8,614,000 (compared to US$1,551,000 actual), and combined net loss of US$4,968,000 (compared to (US$5,974,000) actual). Total pro forma stockholders’ equity as at June 30, 2002 after giving effect to the acquisitions of IES and MDT would have been US$26,400,000 (compared to US$17,391,000 actual). “We will continue with our strategic plan to built a comprehensive defense and security business,” said Electric Fuel President and CEO Yehuda Harats. “All together, we feel that our zinc air fuel cell and electric vehicle business should significantly increase revenues, generate profits and create more value for our shareholders.”
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