The Executive Committee of the Board of Directors and certain members of senior management who are serving on a voluntary basis are engaged in discussions with a corporation that has expressed interest in entering into a reverse merger transaction with the Company, which would provide short term liquidity to the Company pending completion. That transaction will require, among other things, that the Company's common stock remain listed on the NASDAQ and that the Company restructure its existing convertible debentures in a principal amount of approximately $4.1 million after recent conversions. The Company is scheduled to present a plan of compliance to NASDAQ at a hearing on June 12, 2008.

The Company cannot provide any assurances that it will be able to complete this transaction or any other one which would provide an immediate source of cash. Without such a transaction and funding occurring in the very near term, the Company may be subject to a Bankruptcy proceeding.

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 http://www.millenniumcell.com.