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Medis Technologies Statement Regarding Program Designed To Improve Balance Sheet Position

Posted on: Thursday, 6 August 2009, 08:25 CDT

NEW YORK, Aug. 6 /PRNewswire-FirstCall/ -- Medis Technologies (Nasdaq: MDTL), a developer of fuel cells for the consumer, military and industrial markets, announced in an 8-K release today, the settlement of a portion of its past due vendor debt. Management believes that this initiative, accompanied by other actions the company is launching over the near term, will significantly improve its balance sheet and general financial condition. The company had accumulated this debt over the past few years due to its intensive research and development activities as well as investments in high volume production capabilities of its commercial products. The settling a large portion of the company's vendor debt would provide increased flexibility and greater accessibility to explore the company's strategic options.

The first transaction has been completed with Volation Capital Partners LLC. Such transactions are described in SEC filings on form 8-K.

Chairman & CEO Jose Mejia commented, "We are working diligently to try to improve the financial condition of Medis Technologies, which is a company with invaluable intellectual property relating to fuel cells and research and development activities to develop products to meet market needs. Although we cannot guarantee success in these endeavors, nor can we predict the future in an uncertain economic environment, we are encouraged by the substantial progress to date. We will continue our efforts to improve our balance sheet and right size the company's operations and capital structure."

Mejia also said the Company is moving ahead with its upsized fuel cells, its solid-fuel packs, and various other programs pointed at higher-energy fuel cells. These new innovations would bring higher energy and lighter weight products for the world's technology-equipped soldier of the future.

About Medis Technologies Ltd.

Medis Technologies Ltd. (Nasdaq: MDTL) (www.medistechnologies.com), headquartered in New York, is the first company in the world to market a personal and portable liquid fuel cell capable of providing electrical power to the mobile electronics marketplace. The Medis fuel cell features a patented, proprietary fuel formulation that utilizes borohydride to generate electricity upon activation; it is safe, clean, silent, and recyclable. First generation products include the Medis 24-7 Power Pack; 24-7 Xtreme Portable Power Solution; and the Medis Fuel Cell Power Emergency Kit.

This press release may contain forward-looking statements, which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. In some cases you can identify those so-called "forward looking statements" by words such as "may," "will," "should," "expects," plans," "targets," "believes," "anticipates," "estimates," "predicts," "potential," or "continue" or the negative of those words and other comparable words. These forward looking statements are subject to risks and uncertainties, product tests, commercialization risks, availability of financing and results of financing efforts that could cause actual results to differ materially from historical results or those anticipated. Further information regarding these and other risks is described from time to time in the Company's filings with the SEC. We assume no obligation to update or alter our forward-looking statements made in this release or in any periodic report filed by us under the Securities Exchange Act of 1934 or any other document, whether as a result of new information, future events or otherwise, except as otherwise required by applicable federal securities laws.

Contact: Omer Masud Medis Technologies omerm@medistechnologies.com 212-935-8484

SOURCE Medis Technologies Ltd.

Source: PR Newswire

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