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LEADERS IN BUSINESS, POLITICS JOIN AMERICAN FLYWHEEL SYSTEMS; AFS ANNOUNCES INITIAL FUNDING STRATEGY

 LEADERS IN BUSINESS, POLITICS JOIN AMERICAN FLYWHEEL SYSTEMS;
 AFS ANNOUNCES INITIAL FUNDING STRATEGY
 SEATTLE, July 14 /PRNewswire/ -- American Flywheel Systems (AFS), which announced two weeks ago that it had received a patent on a new technology expected to make the electric car competitive with internal combustion vehicles, today announced the names of four American leaders who have agreed to help the corporation develop the technology; AFS also described the company's plans to commercialize its newly announced flywheel battery technology, including license options to automobile makers, utilities and other industries.
 According to AFS Chief Executive Officer Edward W. Furia, AFS has the only mechanical battery system patent ever issued for a flywheel device with enough energy density to be a replacement for chemical batteries in the electric car. "As far as we know, no other similar mechanical battery technologies have been developed or patented. There have been a number of low energy density devices and some are even in use for other applications, however, none of these have high enough energy density and power density to be serious candidates."
 AFS has established a seven-person board of advisors, and this week named the first four members, each of whom will receive stock in compensation for their contribution to the commercialization of the technology:
 -- Elliot L. Richardson, partner in Milbank Tweed Hadley and McCloy in Washington D.C., and four-time Presidential Cabinet member (Justice, Defense, HEW, Commerce);
 -- Peter N. Rogers, chief executive officer of E.J. Brach Corp., former Nabisco Brands chief executive officer and widely regarded expert in turn-arounds and situations where major structural changes are taking place within an industry;
 -- John W. Caldwell, technology licensing expert, partner in Philadelphia intellectual property firm of Woodcock Washburn Kurtz Mackiewicz & Norris;
 -- Joel Horn, civic leader, former computer industry expert credited with development of Mead Data Central's highly regarded and successful Nexus and Lexus database services.
 Furia indicated that discussions are underway with other individuals and that the remaining three additional members would be announced in the near future. Other principals of AFS include Furia, three former U.S. EPA colleagues and the two aerospace scientists most responsible for the new AFS flywheel battery energy storage technology.
 LICENSE OPTIONS, OTHER AFS STRATEGIES
 In other news, Furia announced that AFS is going to make license options available to automobile makers, utilities and other industries worldwide. John Caldwell, architect of the AFS license option strategy, said "License options will augment AFS' near-term private investment strategy, insuring that AFS will not be precluded from fully exploiting the future potential of the invention, either geographically or by industry application."
 Furia cautioned that although discussions with several potential strategic institutional participants were already underway when the patent issued, the shape of the company's funding strategy is just emerging. Regarding AFS' license option program, Furia did say that the basic concept will be to make the technology available for all potential applications and to all interested companies who are willing to purchase an option now to license the technology at some time in the future. Although Furia said AFS is not presently prepared to quantify likely option prices or terms, AFS did not intend to exclude any industry sector that might benefit from the use of the new technology. "Since the announcement of the patent on June 30, AFS has literally been swamped with inquiries from all over the world. Interest has been expressed from a wide range of end users: not only automakers and utilities, but also a whole range of other applications, from underwater and aerospace power supplies to hospital, cable TV and computer system back-up."
 Furia said that most of the funds raised from investors and/or license option agreements would be used to commercialize the technology. He also emphasized that AFS is a private company that will remain so for the near term.
 BRIEF SUMMARY OF AFS FLYWHEEL BATTERY TECHNOLOGY
 AFS is the owner and developer of a mechanical battery technology that uses strong, light flywheels counter-rotating in a vacuum suspended by magnetic bearings to store and release electrical energy, which computer simulations indicate has the following capabilities in certain configurations.
 In comparison with chemical battery energy storage, AFS flywheel batteries will have much higher energy density, i.e. storage capacity (or range, in case of electric autos). They will also have much higher power density, i.e. power, acceleration, fast recharge or power release. They also will have many more use cycles, much longer calendar life and much lower life cycle cost. Finally, there are no toxic material or waste management problems.
 In comparison with internal combustion power, there are zero air pollution emissions and much less noise and vibration. They will have a much longer life, much less maintenance and, finally, much lower life cycle costs and operating costs.
 -0- 7/14/92
 NOTE TO EDITORS: Additional background information available upon request.
 /CONTACT: Timothy C. Kent of American Flywheel Systems, 206-454-1818/ CO: American Flywheel Systems ST: Washington IN: AUT SU: PER


SC-LM -- SE001 -- 8998 07/14/92 10:01 EDT
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Date:Jul 14, 1992
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