BESICORP Ltd. Announces Second Quarter Fiscal 2000 Results.

KINGSTON, N.Y.--(BUSINESS WIRE)--Nov. 18, 1999--

BESICORP LTD. announced today results for the three and six months ended September 30, 1999. The unaudited financial results, shown with the comparable period from the prior fiscal year, are summarized as follows: -0-

                                      Three Months Ended September 30,
                                               (Unaudited)
                                            1999            1998

Revenues                                $ 2,347,793       $ 1,233,714
Loss Before Income Taxes                 (1,282,263)       (2,938,759)
Net Loss                                $(1,285,439)      $(1,945,459)
Basic and Diluted Loss
 per Common Share                       $     (9.43)      $    (16.03)
Basic and Diluted
 Weighted Average Number
 of Shares                                  136,370           121,382

                                        Six Months Ended September 30,
                                                    (Unaudited)
                                            1999             1998

Revenues                                $ 4,557,194       $ 2,377,848
Loss Before Income Taxes                 (2,491,756)       (4,179,546)
Net Loss                                $(2,505,690)      $(2,764,246)
Basic and Diluted Loss
 per Common Share                       $    (18.86)      $    (22.77)
Basic and Diluted
 Weighted Average Number
 of Shares                                  132,851           121,382

According to James E. Curtin, Vice President and Controller, "The increase in revenues in the three and six months ended September 30, 1999 from the corresponding periods in the prior year represents an increase in photovoltaic product sales. This increase and the increase in gross margin combined with decreases in selling, general and administrative expenses, resulted in a loss before income taxes for the three and six months ended September 30, 1999 that was less than the loss before income taxes in the comparable prior year periods. No assurance can be given that revenues or gross margins will remain at current levels. The Company entered into an agreement and plan of merger on October 7, 1999 (the "Agreement") with an entity (the "Parent") controlled by the Company's President and Chief Executive Officer, Michael F. Zinn. Pursuant to the Agreement, the Parent, provided that certain conditions set forth in the Agreement are satisfied, agreed to, from time to time, make loans to the Company (to be secured by Company assets) in such amounts as the Company may reasonably request, but not to exceed $1.05 million in the aggregate, in order to assist the Company in continuing operations until the closing of the merger."

Besicorp specializes in the development, assembly, manufacturing, marketing and resale of photovoltaic products and systems and the development of power plant projects.

Certain statements contained in this press release may be deemed forward-looking statements. Such statements, and other matters addressed in this press release, involve a number of risks and uncertainties. Among the factors that could cause actual plans to differ materially from these statements and other matters are the risks and other factors detailed, from time to time, in the Company's reports with the U.S. Securities and Exchange Commission.