GreenVolt Confirms A 150% Power Increase In Its New Magnesium-Air-Saltwater-Fuel-Cell -TM- Without An Increase In Size & Weight.

Business Editors

ORILLIA, Ontario--(BUSINESS WIRE)--Oct. 2, 2001

GreenVolt Power Corp (OTCBB:GVLT), a development stage company specializing in alternative energy sources has successfully tested and proved a 150% increase in power output capability of its PM-120 Magnesium-Air-Saltwater-Fuel-Cell (MASWFC)(TM).

The original 24-Watt capability is now 40 Watt nominal with a maximum of 60-Watt (5 Ampere at up to 12 Volt) maximum power output. This improvement is tt result of ongoing advanced product research, with the objective of improving performance without an increase in size and weight.

Testing of the first production units off the line reconfirm the realization in production, of the performance developed in development testing. The duration/anode of this power performance is similar to the original units. The new anodes & cathodes perform well. The owner of our new PM-120 can replace as many as 40 (forty) sets of anodes, before the PM-120 also needs to be replaced.

The NEW PM-120 MASWFC(TM) Emergency Fuel-Cell is now rated at a NOMINAL 40 Watt at up to 12 Volt and is capable of delivering a maximum of 60 Watt (i.e. 12 V @ 5 A) for as long as 5 continuous hours, after which time the cells need to be cleaned and the salt-water electrolyte renewed. One set of anodes is expected to last for 20 hours at maximum load, and up to 50 hours at lesser loads. The entire unit has a WET WEIGHT of only 7 lbs while a Lead/Acid battery of a 95 Ah rating weighs 10 X as much. The GreenVolt MASWFC(TM) will deliver its energy anywhere, anytime while keeping itself warm if operating in freezing conditions! When stored dry and inactive, we expect that it will last for several years, without failure to operate.

Thomas Faul, President & CEO of GreenVolt Power Corp, said: "The PM-120 is now in production, with sales deliveries scheduled to start this September. In order not to disappoint our many present and future customers, we are immediately incorporating this improvement into each unit already ordered, as well as all future units.

"We believe that the market for this more powerful and ECOLOGICALLY NEUTRAL GreenVolt MASWFC(TM) Emergency Fuel Cell has now expanded substantially.

"We are also working to develop specialized units that may be able to power wheel chairs, scooters, mini-bikes, golf carts and all manner of inexpensive and universally popular light transportation vehicles."

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.

The first such popular and inexpensive (emergency power) product, GVLT's NEW PM-120 Magnesium-Saltwater-Air-Fuel-Cell (MASWFC)(TM) has now been released for sale to the public.

With a future eye on other Fuel-Cell products, GreenVolt continues development work on strategic Fuel-Cell applications, such as larger MASWFC(TM) units for motive power, Catalytic Electrolysers for extracting Hydrogen from water, Solid Polymer Fuel-Cells (SPFC(TM)) for powering homes and medium size buildings, large Phosphoric Acid Fuel-Cells (PAFC) fuelled by Natural Gas, Well Gas, Methanol etc., and modular Alkaline Fuel-Cells (AFC) popular for space and under-water applications.

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, remote 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.