Energy Visions Inc. Announces Extension Of The Closing Date Of Its Acquisition Of Control Of Pure Energy Inc.

Business Editors

TORONTO--(BUSINESS WIRE)--Jan. 30, 2003

Energy Visions Inc. ("EVI") (OTCBB:EGYV) (TSXV:EVI.S) announces that the date by which it must pay Cdn. $845,328 to acquire a controlling interest in Pure Energy Inc. has been extended while Rabih Holdings Ltd. ("Rabih") reviews the terms of EVI's fund raising plans.

On November 13, 2002, EVI announced that it had agreed to acquire control of 51% of the common shares of Pure Energy Inc. ("PEI") through the purchase of 6,000,000 common shares of PEI from Rabih. The Cdn. $845,328 purchase price was to be payable on the earlier of January 31, 2003 and the date of completion of an EVI equity financing in the minimum amount of Cdn $2,000,000. The parties have agreed that a PEI corporate restructuring would help optimize the effects of the total transaction. When Rabih agrees with the terms of the fund raising plans, a new closing date will be mutually agreed for the payment of the purchase price based, in part, on the time required to receive any necessary approvals of the PEI corporate restructuring by the Nova Scotia Business Inc. ("NSBI").

Mr. Wayne Hartford, CEO of EVI, stated that "we are very much enjoying the cooperation with the Pure Energy operation. The two companies have a lot of synergy and the marriage of the Nickel Zinc and RAM(TM) systems should provide much better utilization of the Amherst manufacturing facility. The PEI core business is starting off its 2003 fiscal year with some great volume increases. This process has taken longer than we anticipated but we believe the results will be well worth the wait for all concerned."

EVI also announces that it has received the approval of TSX Venture Exchange ("TSXV") for a loan arrangement with Pure Energy Battery Inc. ("PEBI"). EVI and PEBI arranged a receivable factoring of up to Cdn. $1,000,000 at any one time for a period of six months. This facility is available for both PEBI and EVI to create working capital for the period with PEBI having first call on the funds. In November 2002, the sum of approximately Cdn. $1,000,000 was borrowed with approximately Cdn. $123,000 going to EVI. EVI has agreed to pay costs of up to Cdn. $75,000 related to the factoring arrangement. This arrangement was established primarily to ensure that PEBI had sufficient working capital during its high volume sales periods. In respect of this transaction, both EVI and its Canadian subsidiary, Energy Ventures Inc. (Canada), granted PEBI general security agreements.

On December 2, 2002, EVI announced that it proposed to issue to National Research Council Canada, 210,000 EVI common shares in satisfaction of a debt of Cdn. $77,000 involving the provision of Research and Development services. Such shares are now being issued and are subject to a hold period which will expire on April 2, 2003.

Energy Visions Inc., is a portable power technology developer and integrator with activities in direct methanol fuel cells and in rechargeable battery technologies. It is in process of manufacturing a demonstration hybrid fuel cell system at EVI's Fuel Cell Research and Development facilities in Calgary, Alberta and in Graz, Austria. Such hybrid system, which will combine a direct methanol fuel cell with Nickel Zinc batteries, will, EVI anticipates, be completed in the second quarter of 2003.

Statements in this release, other than statements of historical fact, may be regarded, in certain instances, as "forward looking statements" pursuant to Section 27A of the Securities Act of 1933 and Section 21B of the Securities Exchange Act of 1934, respectively. "Forward looking statements" are based on expectations, estimates and projections at the time the statements are made that involve risks and uncertainties which could cause actual results or events to differ materially from those presently anticipated. There can be no assurance that such statements will ever prove to be accurate and readers should not place undue reliance on any such "forward looking statements" contained herein.

Neither The TSXV nor NASD OTC Bulletin Board have reviewed or accept responsibility for the adequacy or accuracy of this release.