Covol Technologies' Update On Recently Sold Commonwealth/River Hill Facility.

LEHI, Utah--(BUSINESS WIRE)--Sept. 14, 1999--

Covol Technologies Inc., (Nasdaq:CVOL), Tuesday announced that the Commonwealth/River Hill facility, which was recently sold at a valuation of between $16 and $23 million is currently producing synthetic fuel for the new owners.

The valuation includes: assumption of debt, third party royalty payments, capital improvements and cash payments to Covol.

Kirk A. Benson, chief executive officer and chairman of the board, commented, "We are pleased by the sale of the Commonwealth/River Hill facility and believe that we will be able to meet the performance standards and realize the maximum value of $23 million. The subsequent sale of our remaining facilities should enable Covol to eliminate all outstanding construction debt."

The new owners have committed to an ancillary construction improvement program at the facility. The improvements are currently being implemented and construction activities are going forward at the same time the plant remains operational.

Brent Cook, president of Covol, who is currently overseeing the operations at the facility, stated, "The operations at the facility are moving forward and we are optimistic that the plant will achieve its optimum potential. The construction projects will enhance facility loading, transportation and improve winterizing efforts, as well as improving dryer emissions and efficiencies."

Covol is a technology licensing company which engineers industrial waste and other by-products into value-added fuels and resources.

Statements in this news release that relate to future plans, possible transactions, or projected valuations are 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, including any statement with respect to anticipated products to be produced using Covol's technology and Covol's strategy.

Such statements are subject to risks and uncertainties that could cause actual results to differ materially. Although Covol believes that its expectations are based on reasonable assumptions, there are a number of business factors which singularly or combined may affect the company's future operating results.

In addition to matters affecting Covol's industry or the coal industry or the economy generally, factors which could cause actual results to differ from expectations set forth in the above identified forward-looking statements include but are not limited to the ability to successfully negotiate terms and consummate proposed transactions, ability to sell company owned synthetic fuel facilities on favorable terms, ability to obtain necessary capital or financing, ability to comply with covenants in financing agreements, including financial performance criteria, ability to conserve capital through cost reductions until operating revenues exceed expenses, ability of licensees to market synthetic fuel produced, generating royalties for Covol, ability of licensees to achieve expected production levels at the synthetic fuel facilities, favorable IRS tax treatment, availability of natural resources and suitable raw materials, ability to locate appropriate sites for facilities, ability of Covol to complete specific research and development projects, and the commercial viability of Covol's technology.