The Board of Directors and senior management are in discussions with third parties that have expressed interest in entering into a potential transaction with the Company, which would provide short term liquidity pending completion and would create value for the Company and its stakeholders for the future. The Company cannot provide any assurances that it will be able to complete any of these potential transactions or, if such a transaction were not completed on reasonable terms, avoid a Bankruptcy proceeding.

Lastly, the Company's request for a hearing to reconsider the de-listing of its common stock on NASDAQ has been granted, and the hearing is scheduled for June 12, 2008. Accordingly, the Company's securities will continue to trade on NASDAQ at least until that time. The Company's ability to present an acceptable plan of compliance to the NASDAQ depends upon its ability to complete one of the potential transactions it is pursuing and NASDAQ's acceptance of its compliance plan.

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 www.millenniumcell.com.