Co-founder Jacobs sells out...
Toronto, Ontario
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October 6, 2006 – Electrovaya Inc. (TSX: EFL) (the "Company") today announced that Dr. Sankar Das Gupta, the Chairman & Chief Executive Officer of the Company, has indirectly acquired 21,514,823 common shares of the Company from Dr. James Jacobs, who had previously shared control of the Company with Dr. Das Gupta. The shares were acquired by Dr. Das Gupta on October 6, 2006 at an aggregate purchase price of $1,500,000. Together with the 23,965,359 shares he previously owned or controlled, Dr. Das Gupta now beneficially owns or controls 45,480,182 shares, representing 65.4% of the outstanding shares of the Company.
That's about...14 cents. Sorry I was wrong about the 7 cents. Go to www.electrovaya.com and check out their financials and press release history. Better still check out SEDAR.