Millennium Cell Inc.: Nasdaq Delisting Notice

Millennium Cell Receives Nasdaq Delisting Notice, Going Concern Qualification
Tuesday April 29, 4:30 pm ET

EATONTOWN, N.J., April 29, 2008  -- Millennium Cell Inc., a leading developer of hydrogen battery technology, announced today that on April 23, 2008, it received a Nasdaq Staff Determination indicating that the Company fails to comply with the minimum bid price requirement for continued listing set forth in Marketplace Rule 4310(c)(4), and that its common stock is, therefore, subject to delisting from The Nasdaq Capital Market at the opening of business on May 2, 2008, unless the Company requests a hearing by April 30, 2008, in accordance with Nasdaq Marketplace Rules. The Company intends to request a hearing before a Nasdaq Listing Qualifications Panel to review the Staff Determination. There can be no assurance the Panel will grant a request by the Company for continued listing.

In addition, Millennium Cell announced today that its financial statements for the fiscal year ended December 31, 2007, included in the Company's Annual Report on Form 10-K filed on March 19, 2008, contained a going concern qualification from Ernst & Young LLP, its independent registered accounting firm. The announcement of the receipt of this qualification is required by Nasdaq Marketplace Rule 4350(b)(1)(B). This announcement does not represent any change or amendment to the Company's financial statements or to its Annual Report on Form 10-K for the fiscal year ended December 31, 2007.

About Millennium Cell

Millennium Cell is a leader in the development of hydrogen battery technology used to power portable applications. Through its proprietary Hydrogen on Demand(r) fuel cartridges and PowerSkin(tm) fuel cell modules, the Company provides increased energy density resulting in longer runtime and lighter weight in a compact space. The Company is working with market partners to meet the demand for a better battery in the military, medical, industrial and consumer electronics markets. For more information, visit


         MBS Value Partners
         Betsy Brod
         (212) 750-5800

Source: Millennium Cell Inc.
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