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May 22, 2002

Avista lays off six managers

SPOKANE (AP) -- After efforts to find a partner to provide additional capital failed, Avista Labs has laid off six managers, including President and Chief Operating Officer Kim Zentz.

Chief Executive Officer Mike Davis said parent Avista Corp. has only limited resources available to nurture the company, which has developed a modular fuel cell to create electricity without combustion.

Avista Labs' chief financial officer, director of human relations, vice president of manufacturing operations, director of marketing and an accountant also were dismissed.

Avista planned to raise capital for Avista Labs by selling stock to the public. The tumbling stock market killed that option, and private capital dried up in the wake of the Sept. 11 terrorist attacks.

The cuts preserved engineering, research and development, manufacturing and marketing core at Avista Labs, which now employs 62 people, Davis said.




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