Millennium Cell Announces Key Initiatives

Millennium Cell Inc. (NASDAQ:MCEL) announced today that it has undertaken a number of key initiatives to position the Company for future growth. The Board of Directors has established an advisory board for the purpose of promoting the widespread adoption of the Company’s hydrogen battery technology by U.S. Government agencies. The advisory board consists of former senior U.S. Government officials and policy makers, including: L.J. Evans, Jr. (Chairman) - Principal and CEO of SFI Financial Group and Company Board member Former Chairman of White House Cabinet Council on Technology Commercialization Served as Head of NASA Commercial Technology Former member of the National Research Council Applications Board Joe N. Austin, Jr. – Principal and CEO, Government Marketing and Procurement LLC Former Assistant and Legislative Liaison Officer for the Secretary of the Army Retired Army Officer with 21 year career in Aviation, Armor, Intelligence, Legislative Liaison Member of Gartner Information Technology Federal Advisory Board Dr. Ronald Blanck, D.O. – President of the University of North Texas Health Science Center at Fort Worth, Lt. General US Army (Ret.) Former Surgeon General of the US Army & Commander of the US Army Medical Command Served as Commander of Walter Reed Medical Center North Atlantic Region Chairs task forces on bioterrorism for both the Texas Medical Association and the American Osteopathic Association Dr. Jacques S. Gansler, PhD – Vice President of Research, University of Maryland Director of the Center for Public Policy and Private Enterprise Served as Under Secretary of Defense for Science, Technology and Acquisition Former Deputy Assistant Secretary of Defense Dr. Charles Harvey Roadman II, MD, CNA – Lt. General USAF (Ret.) Former President and CEO American Care Health Association Served as Surgeon General for the US Air Force Managed health services to 2.4 million beneficiaries "Our ability to attract such talented and influential individuals to our new advisory board is a testament to the potential of Millennium Cell’s products. With the help of this group, we fully expect to expand the awareness and accelerate the adoption of hydrogen battery products in the U.S. military and with other governmental customers,” said H. David Ramm, CEO, Millennium Cell. The Company has also engaged Collins Stewart LLC (formerly C.E. Unterberg, Towbin LLC), the U.S. affiliate of Collins Stewart plc, as financial advisor and investment banker for potential acquisitions and partnering activities and they may also assist the Company with respect to future underwritten and private placement financing activities. Collins Stewart is a global investment bank, headquartered in London, which specializes in raising capital for small and mid-cap companies, particularly in the technology, life science and defense sectors. The Company has signed a retention agreement with John D. Giolli, its Chief Financial Officer. This action, together with the letter agreement executed with Adam P. Briggs, Millennium Cell President in March 2007, are the first of several actions the Company may take to provide for continuity of key employees. A Current Report on Form 8-K will be filed later today with the Securities and Exchange Commission describing the terms of the agreement with Mr. Giolli and with members of the advisory board. "We are convinced that hydrogen batteries will provide users with significant performance and cost benefits over alternative power source solutions for a variety of applications. This series of proactive actions reassert the commitment and desire of the Board of Directors and management to realize the value inherent in our technology and to deliver it to our shareholders. With Collins Stewart, we are actively pursuing near-term strategic acquisition and partnering opportunities that can help accelerate the launch of Millennium Cell power source products and provide the Company with more control over product development activities,” commented Mr. Ramm. "One of our immediate priorities is to maintain our Nasdaq market listing. If we do not regain compliance with the minimum bid price requirement of $1.00 before October, 22nd and we are not eligible for the additional 180 day grace period, we plan to request a hearing at which a Nasdaq panel will determine, based upon the plan we present, whether or not to grant us additional time to regain compliance with applicable Nasdaq listing requirements. Until a decision is made by the Nasdaq panel, our Nasdaq listing will continue uninterrupted. We want to thank our shareholders for their continued support and look forward to updating you shortly on our progress, "concluded Mr. Ramm. 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® fuel cartridges and PowerSkin™ 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. Cautionary Note Regarding Forward-looking Statements: This press release may include statements that are not historical facts and are considered ``forward-looking” within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements reflect Millennium Cell’s current views about future events and financial performance and are subject to risks. Forward-looking statements are identified by their use of terms and phrases such as "believe,” "expect,” "plan,” "anticipate,” "on target” and similar expressions identifying forward-looking statements. Investors should not rely on forward-looking statements because they are subject to a variety of risks, uncertainties and other factors, many of which are outside of our control, that could cause actual results to differ materially from Millennium Cell’s expectations, and Millennium Cell expressly does not undertake any duty to update forward-looking statements. These factors include, but are not limited to, the following: (i) the cost and timing of development and market acceptance of Millennium Cell’s hydrogen fuel storage and delivery system; (ii) the cost and commercial availability of the quantities of raw materials required by the hydrogen fuel storage and delivery systems; (iii) competition from current, improving and alternative power technologies; (iv) Millennium Cell’s ability to raise capital at the times, in the amounts and at the costs and terms that are acceptable to fund the development and commercialization of its hydrogen fuel storage and delivery system and its business plan; (v) Millennium Cell’s ability to protect its intellectual property; (vi) Millennium Cell’s ability to achieve budgeted revenue and expense amounts; (vii) Millennium Cell’s ability to generate revenues from the sale or license of, or provision of services related to, its technology; (viii) Millennium Cell’s ability to form strategic alliances or partnerships to help promote our technology and achieve market acceptance; (ix) Millennium Cell’s ability to generate design, engineering or management services revenue opportunities in the hydrogen generation or fuel cell markets; (x) Millennium Cell’s ability to secure government funding of its research and development and technology demonstration projects; and (xi) other factors discussed under the caption "Investment Considerations” in Millennium Cell’s Annual Report on Form 10-K for the year ended December 31, 2006.