NEW CASTLE, Pa., Oct. 13 /PRNewswire-FirstCall/ -- Axion Power International, Inc. (OTC Bulletin Board: AXPW) today announced that its 2008 Annual Meeting of Stockholders will convene at 11:00 a.m. on Wednesday, November 12, 2008 at the New Castle Country Club, 511 Country Club Drive. Following the meeting, the Company will introduce new additions to the R&D team at nearby plant facilities. There will be a question and answer session there to be followed by a 5:00 pm cocktail reception back at the New Castle Country Club.

Mr. Thomas Granville, Chief Executive Officer, will address the Stockholders on matters related to the Company's operations, finances and manufacturing plans. Dr. Edward Buiel, Chief Technology Officer, will address the Stockholders on matters related to the ongoing development of the Company's proprietary lead-carbon (PbC(TM)) energy storage devices.

During the meeting, stockholders will be asked to consider and vote on proposals to:

  • Re-elect five members of the Company's Board of Directors;
  • Increase the number of authorized shares of common stock from 50,000,000 to 100,000,000;
  • Ratify the audit committee's selection of Rotenberg & Co. LLP, as the Company's independent registered public accounting firm for the current fiscal year.

Holders of record of the Company's common stock at the close of business on Wednesday, October 1, 2008 are entitled to vote at the Annual Meeting. A copy of the Proxy Statement for the Annual Meeting will be mailed to stockholders on or before October 15, 2008. An electronic version of the Proxy Statement is available on the Company's website at http://www.axionpower.com.

About Axion Power International, Inc.

Axion has developed and patented a next generation energy storage device that won the prestigious Frost & Sullivan Technology Award for North America in the field of lead-acid batteries. According to Frost & Sullivan, Axion's new PbC batteries have "the potential to revitalize the lead-acid battery industry by breathing new life into an established technology that was not well suited to the requirements of important new applications like hybrid electric vehicles and renewable power."

Axion Power International, Inc. is the industry leader in the field of lead-acid-carbon energy storage technologies. Axion is producing prototype PbC batteries in small quantities at its plant in New Castle and believes this new battery technology is the only class of advanced battery that can be assembled on existing lead-acid battery production lines throughout the world without significant changes to production equipment and fabrication processes. It also believes it will be able to manufacture carbon electrode assemblies in volume at low cost using standard automated production methods that are commonly used in other industries. If and when its electrode manufacturing methods are fully developed, Axion believes it will be able to sell carbon electrode assemblies as virtual plug-and-play replacements for lead-based negative electrodes used by all other lead-acid battery manufacturers. Axion's goal is to become the leading supplier of carbon electrode assemblies for the lead-acid battery industry. For more information, visit http://www.axionpower.com.

    Contact:  Allen & Caron                  Axion Power International, Inc.
www.allencaron.com             www.axionpower.com
Rudy Barrio (investors)        Kelly Gubish
r.barrio@allencaron.com        kgubish@axionpower.com
212 691 8087                   724 654 9300
Brian Kennedy (media)
brian@allencaron.com