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Received Conversion Notices for 100% of Convertible Debentures
Ener1, Inc. today announced that all of the remaining holders of its 2004 and 2005 Convertible Secured Debentures have elected to convert their debentures into common stock.
The Company also announced that Ener1 Group, Inc., the majority shareholder of Ener1, also converted its holdings of $11,960,000 of convertible Ener1 notes plus interest into common stock as of March 25, 2008. As a result of the conversions, the company is now debt free and the security interests in the company's assets that were granted in favor of the debenture holders can be released.
Charles Gassenheimer, Ener1's Chairman, commented, "In one of the most difficult capital markets environments, Ener1 has successfully completed a $32 million capital raise in November 2007 and now has completed the clean-up of its balance sheet. While we still have significant challenges ahead, the debt-free balance sheet allows management to focus on building company value, and frees operating cash to invest in our future. The improved balance sheet has also been a significant benefit in discussions with customers and partners."
About Ener1, Inc.
Ener1, Inc. is leading the North American development and commercialization of advanced, high-performance safe lithium ion (Li-ion) batteries for hybrid electric vehicles (HEVs), Plug-in HEVs (PHEVs) and Electric Vehicles (EVs). Ener1 also is developing commercial fuel cell products through its EnerFuel subsidiary and nanotechnology-based materials and manufacturing processes for batteries and other applications at its NanoEner subsidiary. For more information, visit www.ener1.com and www.enerdel.com or call 954-556-4020.
For more information, please click here
Michael Mason (investor relations)
Allen & Caron Inc
212 691 8087
Jerry Herlihy (Ener1)
954 556-4020 x310
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