Electric Fuel Changing its Name to Arotech Corporation

Trading remains on Nasdaq National Markets under new ticker symbol, ARTX

Name change reflects corporate focus on Defense and
Homeland Security markets

February 5, 2003 - Electric Fuel Corporation (NasdaqNM: EFCX) announced today that it is changing its name from Electric Fuel Corporation to Arotech Corporation (www.arotech.com). This follows the strategic corporate shift to the manufacturing and distribution of zinc-air batteries for military applications to the US military. Effective tomorrow, Thursday, February 6, 2003, the Company’s equity shares will trade on Nasdaq National Markets under the ticker symbol ARTX.

Arotech’s corporate mission is to provide quality defense and security products for the military, law enforcement and homeland security markets, including advanced zinc-air batteries, multimedia interactive simulators/trainers and lightweight armoring.

Arotech Chairman and CEO Robert S. Ehrlich commented, “The contracts received from the US Army’s CECOM last year for zinc-air batteries, coupled with the derivative battery development projects, which include the LandWarrior project and battery development for UAVs and MAVs, provided support for the change in business direction. Further, with the strategic acquisitions of IES Interactive and MDT Protective Industries in July 2002, the Company has laid the groundwork for earnings growth derived from a diversified, yet comprehensive, revenue stream.”

Arotech Corporation will operate three business subsidiaries: Electric Fuel Batteries –developing and manufacturing zinc-air batteries for military and homeland security applications; IES Interactive –multimedia training systems for law enforcement and paramilitary organizations; and MDT Armor –vehicle armoring for the military, industrial and private sectors. Electric Fuel Batteries will also continue developing electric vehicle batteries for zero emission public transportation.

The legal name change is subject to shareholder approval at the Company’s next annual meeting. In the interim, the Company has filed the appropriate documents in the states of Delaware and New York to begin doing business immediately under its new name.

About Arotech Corporation

Arotech Corporation (www.arotech.com), through its three operating units, develops, manufactures and markets security and defense products: primary and refuelable zinc-air battery technology for defense, security and safety products, military applications and electric vehicles; advanced high-tech multimedia and interactive digital solutions for the training of military, law enforcement and security personnel; and state-of-the-art lightweight materials and engineering processes to armor vehicles.

Arotech is incorporated in Delaware under the name “Electric Fuel Corporation” and has corporate and sales offices in New York and Denver with research, development and production subsidiaries in Alabama, Colorado and Israel.

Except for the historical information herein, the matters discussed in this news release include forward-looking statements, as defined in the Private Securities Litigation Reform Act of 1995. Readers are cautioned not to place undue reliance on these forward-looking statements, as they are subject to various risks and uncertainties that may cause actual results to vary significantly. These risks and uncertainties include, but are not limited to, risks relating to: product and technology development; the uncertainty of the market for Arotech’s products; changing economic conditions; delay, cancellation or non-renewal of purchase orders; significant future capital requirements; the Company’s ability to quickly and smoothly execute the change in leadership as a result of its former CEO’s resignation; and other risk factors detailed in Arotech’s most recent Annual Report on Form 10-K for the fiscal year ended December 31, 2001,Arotech’s most recent Quarterly Report on Form 10-Q, and other filings (under the name Electric Fuel Corporation) with the Securities and Exchange Commission. Arotech assumes no obligation to update the information in this release. Reference to the Company’s website above does not constitute incorporation of any of the information thereon into this press release.