Global Water Technologies Announces Record First-Quarter Revenues.

Business Editors

GOLDEN, Colo.--(BUSINESS WIRE)--May 17, 2002

Global Water Technologies, Inc. (GWT)(OTCBB:GWTR), a full-service cooling water treatment company utilizing advanced technologies and engineered solutions to provide process cooling water to power plants, process industries and municipalities, worldwide, today announced results from operations for the first quarter ended March 31, 2002.

First-quarter 2002 revenues increased 49% to a record $25.1 million, as compared to revenues of $16.9 million for 2001. EBITDA increased to $473,295 as compared to $153,454 in 2001. Earnings per share on a fully diluted basis was $.02 versus $.002 in the first quarter of 2001. Backlog at March 31, 2002, increased 14.5% to $41.5 million as compared to $36.2 million at March 31, 2001.

Commenting on the results, George Kast, Chairman and CEO, stated: "We are pleased with the growth and improvement in earnings for the first quarter. We continue to focus on improvements in our core business as well as the prospects of our two new subsidiaries. Additionally, the company is evaluating strategic opportunities to enhance our growth strategy and profitability objectives."

About Global Water Technologies

Global Water Technologies, Inc. (OTCBB:GWTR) is a water technology and services company with major installations in the areas of power, process and HVAC. The company utilizes its proprietary technologies to enhance a facility's production by providing cold, high-quality water to increase operating efficiencies, reduce water use and operating costs. GWTR's client base includes but is not limited to the following companies: Archer Daniels Midland, British Petroleum Amoco, Duke Fluor Daniel, General Electric (NYSE:GE), Kerr McGee, Mitsubishi, Mobil, Shaw Group (NYSE:SGR), Texaco (NYSE:TX), and YORK International (NYSE:YRK).

Forward-Looking Statement

This news release discusses certain matters that may be considered "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 statements regarding the intent, belief or current expectations of Global Water Technologies, Inc., ("The Company") and its management. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve a number of risks and uncertainties that could materially affect actual results. The Company may experience significant fluctuations in future operating results due to a number of economic, competitive and other factors, including, among other things, the size and timing of customer orders, changes in laws, new or increased competition, delays in new products, production problems, changes in market demand, market acceptance of new products, seasonal product purchases, banking, bonding and changes in foreign exchange rates. These factors, and other factors, which could materially affect the Company and its operations are included in the Company's filings with the Securities and Exchange Commission and are incorporated herein. All information set forth in this press release is as of today's date, and the Company undertakes no duty to update this information.