GreenVOLT Power Corp Outlines Restructuring and Growth Strategy for 2002.

Business Editors

ORILLIA, Ontario--(BUSINESS WIRE)--Jan. 16, 2002

Thomas Faul, President and CEO has announced GreenVOLT's (OTCBB: GVLT) growth strategy for 2002, GreenVOLT's objective is good profitability in 2002 and even better in 2003, creating a modest profit margin, that will also enhance the market value of GreenVOLT shares.

We plan to proceed along the following three distinct but related paths:

Path One - Increase Sales of Units Currently in Production

GreenVOLT will focus on volume marketing of the PM-120 SAM-Cell(TM), for moderate emergency power application anywhere.

"We have seen strong world-wide interest and demand for our simple, inexpensive and effective SAM-Cell(TM) (Saltwater-Air-Magnesium Fuel-Cell) technology and are shipping production units now." says Faul.

As GreenVOLT continues to develop alternative energy sources, it has successfully started deliveries of its first commercially available 40-60 Watt DC power generating PM-120 SAM-Cell(TM). The PM-120 Emergency Power Generating Fuel-Cell has shown that a simple and reasonably priced Fuel-Cell is in great demand. The lightweight, low price, ecologically neutral character of the PM-120 has created a positive cash flow for GreenVOLT.

Path Two - Expand Existing SAM-Cell(TM) Product Range

GreenVOLT will work on the development of the PM-250 SAM-Cell(TM) (250 Watt @ 12 Volt DC) and PM-450 (450 Watt at 6 Volt DC) units.

Ease and simplicity of operation has created a demand for smaller as well as larger versions of this popular SAM-Cell(TM). We now need to expand our size range as well as our volume production capability. We will be expanding our product range to meet substantial customer requests for products ten times smaller and ten times larger than the PM-120 SAM-Cell(TM). Faul put it in perspective by saying, "Our PM-120 SAM-Cell(TM) has the power to run a 40 to 60 watt bulb. Now we are developing a tiny unit to light a 7 watt night light bulb and a more powerful unit which can handle a 440 watt flood light."

The larger units, the PM-250 SAM-Cell(TM) (250 Watt @ 12 Volt DC) and PM-450 (450 Watt at 6 Volt DC) units, will not only be suitable for stationary power anywhere but also for powering electric vehicles. These units will provide a 2,000 mile + range for light weight 2 and 4 passenger LSVs (Low Speed (24 MPH max) Vehicles). This is planned for the latter part of 2002 with initial "beta" units to be field tested in late 2002 and early 2003.

Path Three - Create Strategic Partnerships and Generate Funding for Development of New Product Line

GreenVOLT will next complete initial contracts for wind-turbine-generator energy storage systems to be "beta" tested in early 2003.

World-wide installations of wind-turbo-power and solar power are gaining in popularity. However, there is a proven need for a continuous energy supply. As Faul puts it, "Wind power generates electricity when there is wind. Solar cells generate electricity when there is sunlight. For the rest of the time there is GreenVOLT."

Limited by periods of wind availability and wind speed, such installations require a massive energy storage system. This market is enormous and wholly untapped. GreenVOLT is energetically exploring strategic alliances with wind-power utilities. Such alliances will enable GreenVOLT to perfect and manufacture "the bridge" between intermittent power generation sources and constant demand sources.

Why Use Hydroxy Fusion(TM) (Water Splitting) to Produce Power

It is generally accepted that burning hydrocarbons to create energy is the wrong thing to do and will ultimately drive us off this planet. Splitting water into its basic elements and recombining it back into water hurts nothing and is completely renewable. Water is the most energy compact and benign substance on earth.

Faul explains it this way, "You've heard about the engine that runs on water. This isn't exactly an engine, it's a fuel cell and it's 2 1/2 times more efficient! Why - because water is made up of hydrogen and oxygen. These two gases have enormous, safe and renewable energy potential. We now know how to split water and put it back together again. That's where the energy comes from - splitting water stores the energy and recombining it releases the energy. We have the technology that can do that in an affordable and efficient manner."

GreenVOLT Gets Significant Tax Break

Our marketing and development program has been brought closer to realization through the receipt of a substantial Scientific Research and Experimental Development (SR&ED) Tax Credit. In October 2001 GreenVOLT received a Tax Credit of just over C$247,000. With the expected further development and experimental testing, an even larger Tax Credit can be expected in the next two years.

Projected Two Year Sales Total Along Paths One, Two & Three

An increase in available capital resources for GreenVOLT is being discussed with potential joint venture parties. It is anticipated that our negotiations will be successful and will provide the necessary capital for the above three projects. On that basis, sales to be realized are expected to exceed (millions of US$): Path One - 1.2, Path Two - 2.0 Path Three - 3.5 for a projected two year total of US$6.7 million.

About GreenVOLT Power Corp

GreenVOLT Power Corp, a development stage company, focuses on the commercialization of alternative, efficient and affordable sources of energy through the utilization of unique and emission free Fuel-Cell systems and products.

With a future eye on other Fuel-Cell products, GreenVOLT continues development work on strategic Fuel-Cell applications, such as larger SAM-CELL(TM) units for motive power, Catalytic Electrolysers for extracting Hydrogen and Oxygen from water, Solid Polymer Fuel-Cells (SPFC(TM)) for powering homes and medium size buildings, large Phosphoric Acid Fuel-Cells (PAFC) fueled by Natural Gas, Well Gas, Methanol etc., and modular Alkaline Fuel-Cells (AFC) popular for space and under-water applications as well as for regeneration of stored energy in Hydrogen and Oxygen gases, derived by splitting water with surplus electrical energy, when available from sunlight or wind turbines.

An efficient, virtually silent and vibration free, renewable electrical power and heat source, fuel-cells are designed to produce non-polluting, direct current electric power for use in portable, stationary and motive applications. Modern electronic inverters are included in systems where alternating current output is required.

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 successful commercialization of this alternative fuel cell technology, the company's ability to acquire and develop both new and existing forms of alternative energy technology; market acceptance and demand; pricing pressures and other competitive factors; 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.