GreenVolt Power Demonstrates an Emergency Fuel Cell at the National Fuel Cell Conference in San Antonio.

Business Editors

ORILLIA, Ontario--(BUSINESS WIRE)--May 7, 2001

Cell Derives Electrical Energy from Metal, Water, Salt and Air

GreenVolt Power Corp. (OTCBB:GVLT) reported that it demonstrated its emergency fuel cell at a National Fuel Cell Conference, sponsored by Business Communications Company, Inc. in San Antonio, Texas, in April, 2001.

The concise, fast-paced presentation included a Power Point presentation identifying the energy needs, options, and opportunities in our world.

GreenVolt's Representative, Mr. Jim Hussey, told of GreenVolt's product line, which starts with the PM-60 MAWFC (Magnesium/Air/Water/Fuel Cell). It includes a two function detachable lamp and operates at 6 volt and 2 amp continuous current. The electrolyte is saltwater (ocean water can also be used) acting with magnesium anodes, and carbon cathodes to produce electricity.

The lightweight unit, weighing less than five pounds is self-contained and designed to operate without an external fuel supply source by utilizing energy contained in its lightweight metal anodes. The cathodes are constructed of a proprietary catalyzed carbon membrane. Up to 50 hours of usage is possible, and it can be turned on or shut off at the owner's discretion by draining the electrolyte. The MAWFC is ecologically neutral, silent and non-polluting.

This product was demonstrated and received a great deal of attention and interest. The interest focused on the fact that this product will shortly be available in the marketplace, has practical applications and is cost effective, with retail prices beginning at $85.00. This unique and efficient fuel cell is not only the lowest priced fuel cell on the market, but is the first such unit in volume production today. Sales and Distributor inquiries are coming in daily from all over the world. Commercial deliveries will begin in late June, 2001. Photos and descriptions are now available on the GreenVolt website: www.greenvolt.com.

Also discussed was GreenVolt's flagship technology, the Alkaline Fuel Cell.

BACKGROUND

Fuel cells are electrochemical devices that enable the chemical energy of fuels to be converted directly into electricity, thereby avoiding the fundamental loss of efficiency and emission of air pollutants associated with traditional power sources.

Based upon a concept first demonstrated in 1839 by William R. Grove, a British scientist who discovered that the electrochemical union of hydrogen and oxygen generated electricity, NASA continues to use these two chemical elements in an alkaline fuel cell power source that began with Project Gemini in 1965.

Technically speaking, a fuel cell is an electrochemical device that combines oxygen from the air and hydrogen to produce electricity. Like conventional batteries or electrochemical cells, fuel cells generate electricity from reduction/oxidation reactions at the electrodes of the cells. They produce electricity as long as hydrogen and air are supplied.

ABOUT THE COMPANY

GreenVolt Power Corp., a development stage company, is initially focused on the commercialization of alternative, efficient and affordable sources of energy through the utilization of unique frost-proof and emission-free modular alkaline fuel cell ("AFC") systems and products, with a future commitment also to explore other alternative energy sources. An abundant, renewable power source, the AFC is designed to produce direct current electric power for use in stationary and portable power applications without pollution. For additional information, visit the company's website at www.greenvolt.com.

This news 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 its alternative fuel cell 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.