Covol Technologies Inc. Enters Into Marketing Agreement With Meridian Energy Corp.

LEHI, Utah--(BUSINESS WIRE)--April 6, 1999--Covol Technologies Inc., (NASDAQ:CVOL) Tuesday announced that it has signed a letter agreement with Meridian Energy Corp. for the marketing of three of Covol's synfuel plants.

Meridian Energy is an affiliate of Meridian Investments Inc., a registered NASD broker-dealer licensed to sell direct participation programs and various other types of securities. Meridian Energy was formed primarily to evaluate and structure investment programs that focus on alternative energy tax credits.

Meridian has successfully raised over a billion dollars in equity commitments from corporate investors for alternative energy projects, including four synfuel plants using Covol's technology.

The intent of the agreement is for the Meridian group to assist Covol in marketing the Covol-owned facilities to major U.S. corporations. The facilities involved, are: Mountaineer Synfuel, located in Tallmansville, W. Va.; Pocahontas Synfuel, North Fork, W. Va.; and Commonwealth Synfuel, Karthaus, Pa.

Doug Miller, president of Meridian Energy, stated, "Covol has been at the forefront of the alternative energy industry and a pioneer in the coal-based synthetic fuel business. Meridian is pleased to expand its involvement with Covol through the structuring and marketing of these three investments."

Stanley M. Kimball, Covol's president also stated, "We are extremely pleased to be working with a company the caliber of Meridian Energy Corporation. We are confident that through the joint efforts of Meridian and Covol the marketing of these facilities will be greatly enhanced.

"The sale of company owned facilities is one of our highest priorities, as such sales will reduce corporate debt and generate royalties received through the production and sale of synthetic fuel produced at these facilities."

Covol is a technology licensing company focused on "Recycling Yesterday's Waste Into Tomorrow's Resources."

Statements in this news release that relate to future plans, financial results or projections, events or performance or are not purely historical in nature, 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 statements 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.

Actual results may differ from such forward-looking statements as a result of a number of factors, including but not limited to successfully market the synfuel facilities, the ability of the facilities to generate royalties, ability to obtain necessary capital or financing, commercial viability of technologies, the availability of natural resources and suitable raw materials, ability to achieve expected production levels at the synthetic fuel facilities, ability to market synthetic fuel produced, market penetration by competing technologies, general economic factors of the appropriate industry, the company's ability to continue to find suitable partners and licensees, payments from licensees, and the company's ability to locate appropriate sites for production facilities.