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PowerCold Announces Hong Kong Initial Order for Nauticon(TM) Evaporative Condensers

Added: (Thu May 16 2002)

Pressbox (Press Release) - PowerCold Announces Hong Kong Initial Order for Nauticon(TM) Evaporative Condensers

LAVERNIA, Texas, May 16, 2002 - PowerCold Corporation (OTC Bulletin Board: PWCL) announced today that it is delivering two Nauticon evaporative condensers for evaluation in Hong Kong's high humidity harsh sea air environment. After reviewing the evaporative condensers available worldwide, a significant, publicly-traded Chinese engineering firm with close ties to local government agencies is testing the Nauticon units as replacement condensers to be used on 20,000 existing commercial air conditioning systems in Hong Kong. Besides Hong Kong's governmental agencies, this firm has already introduced the Nauticon to its private sector, architects and engineering firms and both the Nauticon and its high efficiency operation have been well received.

The average size of these commercial air conditioning systems plus the redundancy requirement would mean that Hong Kong could need over 40,000 Nauticons for this anticipated conversion, which is to take place over the next ten years.

Under British rule, China limited the amount of water available to Hong Kong. As a result, all small to medium-sized commercial air conditioning units had to be air-cooled in this difficult high humidity, high salt-air environment. With the return of Hong Kong to China, the central government is now mandating that over the next ten years this conversion be made to reduce Hong Kong's power usage.

PowerCold is currently negotiating a distribution agreement with a subsidiary of this publicly traded Chinese company and expects to ship these initial two units during June. PowerCold's CEO Frank Simola said, "This is an excellent opportunity to significantly expand our sales overseas. Although we know that competition for this market will be intense, we are confident that Nauticon has important advantages over other competing evaporative condensers:

· less than 2-years payback on equipment,
· environmentally friendly; no chemical treatment of the water,
· negligible maintenance expense and a desirably smaller footprint,
· no heat transfer coil fins to deteriorate in the harsh sea air environment,
· longer operating life supported by a corrosion resistant casing,
· 40% less water used than with a typical evaporative condenser,
· greater efficiency resulting in greater power demand reduction,
· greater efficiency results in greater cooling capacity.

Jim Chirieleison, director international sales, said, "Through our Hong Kong distributor, we plan to aggressively pursue the markets in Hong Kong, Macao and near-by areas in the People's Republic of China. Hong Kong and China could become very significant markets for us."
Jim Chirieleison joined PowerCold in December 2001. Based on his ability to rapidly generate a number of air conditioning projects of very significant scope in the Mid East and Pacific Rim, Jim was promoted to director international sales. Chirieleison has had over 30-years in orchestrating international sales and marketing efforts, including setting up international distribution networks and offshore assembly programs. He expects other initial orders shortly from Abu-Dhabi, Oman and Malaysia all of which could become very significant Nauticon markets for PowerCold.
PowerCold markets energy efficient and environmentally safe equipment to reduce power costs by up to 50%. PowerCold's patented highly efficient Nauticon(TM) evaporative water-cooled condenser improves heating, air- conditioning and refrigeration efficiency and reduces power costs over the typical commercial air-cooled condensers.

An investment profile on PowerCold may be found at www.hawkassociates.com/powercold/profile.htm.

Company Contact: PowerCold Corporation - Frank Simola, at (215) 248-2836. PowerCold Website: www.powercold.com, E-mail: pwcl@powercold.com Hawk Associates, Inc. - Frank Hawkins or Julie Marshall, at 305-852-2383. Website: www.hawkassociates.com, Email: info@hawkassociates.com

Forward-Looking Information: The statements in this news release contain forward-looking information within the meaning of the Private Securities Litigation Act of 1995. Such forward-looking statements involve certain risks, assumptions and uncertainties, including the inability to generate and secure the necessary product sale, or the lack of acceptance of the company’s products by its customers. In each case actual results may differ materially from such forward-looking statements. The company does not undertake to publicly update or revise its forward-looking statements even if experience or future changes make it clear that any projected results (expressed or modified) will not be realized.

For More Information Contact Connie Linder at clinder@investorideas.com or Call Toll Free 888.948.8632

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