Mr. Richard Halka reports

ELECTROVAYA COMPLETES US $10 MILLION WORKING CAPITAL FACILITY AGREEMENT WITH A MAJOR CANADIAN CHARTERED BANK AND ALSO IS DEPOSITORY TRUST COMPANY (DTC) ELIGIBLE FOR ONLINE TRADING AT OTCQX

Electrovaya Inc. has closed the loan agreement and drawn the first tranche of $5.3-million (U.S.) on the $10-million (U.S.) ($13-million) credit facility with a top three Canadian chartered bank. Further funds can be drawn at the company's discretion within the terms of the agreement.

Commenting on the availability of the facility, Richard Halka, Electrovaya's executive vice-president and chief financial officer, stated: "The bank conducted an extremely thorough due diligence focusing on our recently announced agreements in Canada and Germany, including a legal review of all assets, patents and liabilities. We are very pleased that we now have the ability to draw the funds as necessary to finance our working capital and production growth."

Electrovaya also completed the Depository Trust Company (DTC) eligibility requirements and Electrovaya's stocks are now qualified to be held at DTC and traded through DTC's electronic book-entry system. This means most retail and other investors in the United States and elsewhere can freely trade Electrovaya shares on-line through the OTCQX Best Market under the symbol EFLVF. Electrovaya continues to be traded on the main board of the Toronto Stock Exchange under the symbol EFL.

We seek Safe Harbor.