Covol Technologies Inc. Reorganizes Top Management and Its Board of Directors.

LEHI, Utah--(BUSINESS WIRE)--April 27, 1999--

Covol Technologies Inc., (Nasdaq: CVOL), Tuesday announced changes to its top management and board of directors.

Kirk A. Benson was elected as Covol's chief executive officer and chairman of the board, and James A. Herickhoff was elected as vice chairman of the board.

The board also announced that Brent M. Cook has resigned as chairman of the board and chief executive officer and that Stanley M. Kimball, has resigned as Covol's president and as a director. Cook will remain on Covol's board of directors and will serve as president while Kimball will serve as a senior vice president.

Covol's board believes these management changes will permit an increased focus on (1) assisting its licensees on a smooth and successful production ramp-up; (2) accelerating the sale of Covol's company-owned plants; and, (3) leveraging its technologies into other high-growth applications.

Benson, an investor in and major shareholder of the company, has served as a member of Covol's board of directors since January of this year. He has a broad range of past business experience, including president and chief operating officer of Commercial Operations of a Fortune 500 Company, where his role included strategic planning and profit and loss responsibility for companies with revenues in excess of $2.5 billion and over 7,000 employees.

Herickhoff, a member of Covol's board of directors since August 1997, is the former president of ARCO's (Atlantic Richfield Company) Thunder Basin Coal Company. He has over 25 years experience in the coal and mining industries and extensive experience in the strategic positioning of companies for long-term growth.

As Vice Chairman, Herickhoff will assist in the strategic direction of the company by establishing a comprehensive synthetic fuel marketing and product acceptance program.

Benson said, "I appreciate the work and dedication that Mr. Cook and Mr. Kimball provide to Covol. Indeed, they along with the management team, are responsible for building an excellent platform from which we will continue to build our Company. The current priority is making Covol profitable.

"Mr. Cook and Mr. Kimball will continue to provide support as we develop the Company's business. The management changes will permit Covol to progress at a more rapid pace and will bring a concentrated focus to our major priorities."

The company has scheduled a conference call for April 29, 1999 at 2:15 p.m. MDT (4:15 p.m. EDT). To participate in this call individuals may phone in ahead of time by dialing 303/633-6100. For those who cannot participate, they may listen to the recorded call, between Friday, April 30, 1999 and Friday, May 7, 1999, by dialing 800/633-8625-access code 12264296.

Covol is a technology licensing company which engineers industrial waste and other by-products into value-added materials to maximize the value of America's resources.

Certain statements contained herein that relate to future plans, financial results or projections, events or performance that 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 technologies and Covol's strategy. Such statements are subject to risks and uncertainties that could cause actual results to differ materially.

Actual results may differ, which variance could be significant, from such forward-looking statements as a result of a number of factors, including but not limited to Covol's ability to sell company-owned synthetic fuel facilities, the ability of the company to conserve its capital through cost reductions until operating revenues exceed expenses, favorable IRS tax treatment, the ability of the company to complete specific research and development projects, commercial viability of technologies, the availability of natural resources and suitable raw materials, ability to achieve expected production levels at the synthetic fuel and engineered resource facilities, ability to market synthetic fuel and engineered resources produced, market penetration by competing technologies, the ability of the company to meet performance criteria required in financing agreements, the company's ability to continue to find suitable partners and licensees, and the ability to locate appropriate sites for production facilities.