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Medis Technologies Ltd.
Medis Technologies Reports Full Year 2008 Financial Results
NEW YORK, March 31, 2009 (GLOBE NEWSWIRE) -- Medis Technologies Ltd. (NASDAQ: MDTL) (Medis), a leading portable energy technology company, today announced financial results for the full year ended December 31, 2008. Following the fourth quarter, which included the introduction of a new management team, combined with a nearly catastrophic slowdown in global economies, Medis management decided and took actions to strategically restructure and streamline operations. During the year ended December 31, 2008, Medis recorded approximately $95 million of impairment charges and inventory reserves and write-offs. Medis reported a net loss attributable to common stockholders of approximately $153 million, or $3.75 per share, for the year ended December 31, 2008.