Alchemy Obtains Option To Acquire License To Technology Developed by NASA/Jet Propulsion Laboratories; Cal Tech Would Become an Eight Percent Shareholder.

PHOENIX -- Alchemy Enterprises, Ltd. (OTCBB: ACHM) announced today that it has entered into an Option Agreement to acquire certain patent and technology license rights from California Institute of Technology ("Cal Tech"). Cal Tech operates Jet Propulsion Laboratory ("JPL"), which is a federally funded research and development center sponsored by the National Aeronautics and Space Administration ("NASA"). In a license as agreed upon, Cal Tech will be issued 8% of Alchemy Common Stock, and will receive an annual fee.

NASA and Alchemy have been working jointly on a JPL Task Plan related to the development of its Mechanically Fed Metal-Air Fuel Cell technology - the Alchemy Electric Power Cell, which when completed will ensure Alchemy. The license, technology, and patent rights relate to the licensing and commercialization of this power cell, which will ensure Alchemy exclusive worldwide rights to the current and all subsequent patent rights developed by NASA/JPL under the agreement.

Jonathan R. Read, President and CEO of Alchemy Enterprises, stated, "We are pleased to expand our relationship with the NASA, JPL, Cal Tech team and are very excited about their commitment to our technology and Company. This is a wonderful example of government and university resources meshing with commercial enterprises to hopefully create a technology that will benefit mankind."

The Company expects to complete the license share transaction within the next 30 days.

About Alchemy Enterprises, Ltd.

Alchemy Enterprises, Ltd. is an alternative energy company that is developing a new electric power cell technology that it believes will generate and manage electricity to power a broad range of applications, buses, and cars. Working in a research and development partnership with NASA's Jet Propulsion Laboratories, the patent-pending electric power cell technology, if developed and tested, may provide a clean, environmentally friendly, re-usable source for electric power and fuel.

For additional information please visit: www.alchemy-energy.com

Forward Looking Statement:

This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All forward-looking statements are inherently uncertain as they are based on current expectations and assumptions concerning future events or future performance of the company. Readers are cautioned not to place undue reliance on these forward-looking statements, which are only predictions and speak only as of the date hereof. In evaluating such statements, prospective investors should review carefully various risks and uncertainties identified in this release and matters set in the company's SEC filings. These risks and uncertainties could cause the company's actual results to differ materially from those indicated in the forward-looking statements.