Medis Technologies Reports Results

August 9, 2002 [SolarAccess.com] Fuel Cell manufacturer Medis Technologies Ltd. reported financial results for the second quarter and six months ended June 30, 2002. For the quarter ended June 30, the net loss was US$2,565,000, or 12 cents per share, compared to a net loss of US$7,440,000, or 38 cents per share based on 19,594,657 weighted average shares for the quarter ended June 30,2001. For the six months period ending June 30, 2002, the net loss was US$5,213,000, or 25 cents per share, compared to a net loss of US$15,008,000, or 77 cents per share based on 19,450,189 weighted average shares for the six months ended June 30, 2001. While non-cash items continued to impact the financial results, the impact was significantly reduced by the adoption by Medis of Financial Accounting Standards No. 142 (“SFAS 142”). (NASDAQ:MDTL)

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