CoolCan Technologies Inc.: Acquisition of Additional Self-Chilling Beverage Container Technology.

Business Editors

CALABASAS, Calif.--(BUSINESS WIRE)--April 24, 2001

CoolCan Technologies Inc. (OTCBB:CCTI) announced today that it has acquired additional proprietary technology relating to its self-chilling beverage container technology.

CoolCan has acquired a patent pending for the application of self-chilling beverage container technology to plastic ("PET") and glass beverage containers. The acquisition includes all inventions, apparatus, know-how and intellectual property associated with the patent pending. The vendors of the technology include an affiliate of CoolCan. This technology expands on the self-chilling beverage container technology previously acquired by CoolCan in 1998 for aluminium containers.

While development work on CoolCan's proprietary INSTACOOL(TM) beverage chilling technology for aluminum cans is progressing according to schedule for the manufacture of pre-production prototype units, the acquisition of the new technology which utilizes an innovative triggering unit for bottles could accelerate the introduction of the technology to the market.

The acquisition agreement requires the payment by CoolCan to the vendors of $20,000. In addition, CoolCan will issue to the vendors: (i) 150,000 shares of CoolCan's common stock upon the grant of a patent in connection with the acquired patent pending; and (ii) an additional 90,000 shares for each country in respect of which CoolCan grants a license of the acquired technology, for the first ten countries, and 60,000 shares for each additional country, to a maximum of 1,500,000 shares under the acquisition agreement. CoolCan will also pay an ongoing royalty to the vendors based on sales of products incorporating the technology as follows: (i) 4.5% of gross profits achieved by CoolCan on products incorporating the technology; and (ii) 15% of any licensing revenues or royalty payments earned by CoolCan on licenses of the acquired technology. CoolCan has agreed to use its best efforts to commercialize the acquired technology and to apply to the United States Patent Office for a grant of a patent relating to the patent pending. CoolCan will be the registered owner of the patent upon granting.

CoolCan intends to implement a product development schedule in order to refine the existing working prototypes and finalize engineering specifications and manufacturing costs and processes with the intent of selling master licenses to prospective licensees. CoolCan's business plan is to complete development of its self-chilling beverage container technology and then license this technology to beverage manufacturers in consideration of license fees and royalty payments.

CoolCan Technologies Inc. is the owner of a unique proprietary patented technology, INSTACOOL(TM), which may be utilized with any aluminium container for soft drinks, beer, juice or water and which chills the beverage quickly when opened by the consumer.

COOLCAN TECHNOLOGIES INC.

Per: /s/ Bruce Leitch

Bruce Leitch President and Director

For more information please visit the company web site at www.coolcantech.com.

Certain matters discussed in this Press Release may constitute forward-looking statements within the Private Securities Litigation Reform Act of 1995 and, as such, may involve known and unknown risks and uncertainties and other factors that may cause the actual results to be materially different from the results implied herein. Readers are cautioned not to place undue reliance on the forward-looking statements made in this Press Release.