DICUT Inc. Announces Significant Change in Management Direction.

Business Editors

PROVIDENCE, R.I.--(BUSINESS WIRE)--Aug. 10, 2001

DICUT, Inc. (NASDAQ SYMBOL DCUT.OTB.BB) today announced a major change in its management direction. The Company announced that it had accepted the resignations of all of its existing officers and directors, effective August 8th 2001. They have been replaced by Stephen Nemergut and Pierre Quilliam. Mr. Nemergut will serve as Chairman of the Board and President. He brings to the Company over 20 years experience as an officer and director of various public companies with a strong emphasis on marketing sales. Mr. Quilliam will serve as Secretary and Treasurer of the Company as well as a director of Dicut. Mr. Quilliam has over 40 years of experience in various marketing and sales companies as well as several years expertise with public trading companies.

Mr. Nemergut stated that, "we have decided to redirect the companies activities toward the successful completion of finding appropriate acquisition or joint venture partners. Mr. Quilliam and I have already reviewed several proposals from various companies and are convinced that we will, in the near future, be able to find the proper match, which will emphasize marketing new products in this area of expanding technology." As part of the changes, the Company has transferred its manufacturing and marketing rights in a patented Hydronic Low Pressure Heating and Air Conditioning System back to former officer and patent holder Fred McNorton and stated it had no interest in further pursuing its development.

Mr. Nemegut went on to say that the corporate office will be relocated. The sales and public relations office will be located in East Greenwich, Rhode Island, while the Company operations will be coordinated from Markham, Ontario. Questions concerning the Company should be directed to Mr. Nemergut at [phone] or Mr. Quilliam at [phone].

This press release contains forward-looking statements relating to future results of the Company as defined in the Private Securities Litigation Reform Act of 1995. Actual results may differ materially as a result of certain risks and uncertainties. These risks and uncertainties include, but are not limited to: the closing of the transaction; global and market conditions within the electric automobile (EV) industry; demand for and market acceptance of new and existing products; successful development of new products; the timing of new product introductions; pricing pressures and other competitive factors; the ability to develop and implement new technologies and to obtain protection for the related intellectual property; as well as other risks and uncertainties, including but not limited to those detailed from time to time in the Company's Securities and Exchange Commission filings. These forward-looking statements are made only as of the date hereof, and the Company undertakes no obligation to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise. Other brands and names contained in this release are the property of their respective owners.