EXHIBIT 99.1
[LETTERHEAD OF ENER1, INC.]
To the Shareholders of Ener1, Inc.:
Ener1, Inc. ("Ener1"), Ener1 Acquisition Corp., a wholly-owned
subsidiary of Ener1 ("Acquisition") and Splinex Technology, Inc. ("Splinex")
entered into a merger agreement in June 2004. In accordance with the merger
agreement, Acquisition has merged with and into Splinex. Ener1 received
5,000,000 shares of Splinex common stock in the merger and has declared a
dividend of these shares of Splinex common stock to the Ener1 shareholders of
record as of __________ (the "Distribution"). Ener1 shareholders will receive
approximately _______ shares of Splinex common stock for each share of Ener1
common stock they own as of _____________.
After the Distribution, Ener1 shareholders and the current Splinex
stockholder will own 5% and 95%, respectively, of the outstanding common stock
of Splinex. Splinex is a public company subject to the reporting requirements of
the Securities Exchange Act of 1934. Splinex's common stock is not listed on an
exchange or quoted on Nasdaq. Splinex intends to seek to have market makers
sponsor its common stock for quotation on the Over-the-Counter Bulletin Board.
ENER1 SHAREHOLDERS ARE NOT REQUIRED TO TAKE ANY ACTION IN CONNECTION
WITH THE MERGER OR THE DISTRIBUTION. Ener1 shareholders do not need to make any
payment for the shares of Splinex common stock they will receive in the
Distribution, nor do they need to surrender or exchange Ener1 common stock in
order to receive Splinex common stock.
__________ is the exchange agent for the Distribution. The exchange
agent will deliver to you:
o a book-entry statement or certificates evidencing the number of
whole shares of Splinex common stock that you have the right to
receive; and
o the amount of dividends and other distributions, if any, with a
record date after the effective time of the merger that became
payable with respect to such shares of Splinex common stock.
The enclosed document is a registration statement on Form S-1 that
registers the Splinex common stock issued in the merger. It contains important
information describing the terms of the merger, the Distribution and Splinex. I
ENCOURAGE YOU TO READ THE FOLLOWING DOCUMENT CAREFULLY, INCLUDING THE SECTION
ENTITLED "RISK FACTORS" BEGINNING ON PAGE 7.
Thank you for your continued support.
Sincerely,
/s/ Xxxxx X. Xxxxxxxxxx
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Xxxxx X. Xxxxxxxxxx
Chairman & Chief Executive Officer
Ener1, Inc.
