LandRay Technology, Inc. Names First Board of Directors.

SAN FRANCISCO--(BUSINESS WIRE)--Feb. 3, 1997--LandRay Technology, Inc., founded last June to apply proprietary Ground Penetrating Radar in precious metal and fossil fuel exploration, today announced the names of its first board of directors, five individuals with noteworthy credentials in the business and scientific communities.

LandRay Technology's new directors are:

Dr. John D. Baldeschwieler, a professor of Chemistry at the California Institute of Technology, who also was chairman of that institution's Division of Chemistry and Chemical Engineering for five years. In the course of his career, he has served as deputy director of the Office of Science and Technology in the White House, as chairman of the Academy Committees on Commercial Aviation Security and International Security and Arms Control, and as a member of the Presidential Commission on Gulf War Veterans' Illnesses.

Baldeschwieler also founded two publicly owned corporations and has been a director of several other companies. In scientific circles he is noted for his contributions in nuclear resonance spectroscopy, and more recently, in cancer diagnosis and therapy.

Charles C. Byer, executive vice president and CEO of Power Spectra, Inc. (OTC Bulletin Board:PWSP), a Silicon Valley company that owns a substantial interest in LandRay and developed the ground penetrating radar the joint venture plans to commercialize.

Prior to joining Power Spectra in 1995, Byer was president and chief operating officer of Beta Phase, Inc. Earlier he spent 16 years with E.I. Du Pont De Nemours & Co. in various assignments that included strategic planning and new product development. Byer holds an MBA degree from The Wharton School and a BSEE from Penn State University.

Ridge L. Harlan has held top executive posts with such companies as Barnes-Hind Pharmaceuticals, VeloBind, American Microsystems, Tinsley Laboratories and Millenium Systems, and with two advertising/marketing agencies, Batton, Barton, Durstine & Osborn, Inc. and Harris, Harlan, Wood, Inc.

Currently he is board chairman of Environmental Sciences and Harlan Communications and is a director of Bishop, Inc. and EPRO Corp. He holds a journalism degree from the University of Missouri and also has studied at Harvard, the University of Colorado and Stanford. At the latter institution's Graduate School of Business he was a member of the faculty, an assistant dean and director of publications.

Michael Rhode is a long-time venture capitalist with interests in the United States and Europe. Since 1992 he also has been responsible for new investments at European Industries, a diversified holding company. Earlier he was chairman and CEO of the Finlan Group, PLC, a property development and materials handling company in London, and participated in a number of major real estate developments in Arabia. Rhode holds a BA degree from Yale University and has studied at the American Institute for Foreign Trade.

Thomas A. Spanier has 30 years of diverse senior management experience, much of it as a consultant engaged in planning, organizing and managing start-up enterprises, and in turning around technology and market-driven businesses. In addition, he founded Sullivan Industries, a defense contractor that he merged with General Image Engineering and sold to Tracor Aerospace, and has served as president of Brugger Marketing Systems & Export Corp. and Cal-Western Vine Corp. He holds a BS degree from the University of California at Berkeley and an MBA from Harvard University.

In making the announcement, Board Chairman Michael Rhode said, "We are pleased with LandRay's progress since it was founded only six months ago. Last week our joint venture partner, Power Spectra, announced that a modified prototype of its Ground Penetrating Radar system had located precious metal ore in a gold mine, thus successfully concluding the $500,000 feasibility study we commissioned.

"This milestone test increases our confidence that LandRay's mission -- to apply Power Spectra's proprietary technology to a broad range of subterranean exploration tasks -- is technically feasible. The annual world-wide market for mineral and fuel exploration and extraction exceeds several hundred billion dollars. Assuming our proprietary technology develops as planned, we will be positioned to become a leading supplier to this dynamic market.

"While Ground Penetrating Radar development continues at Power Spectra, we will assemble the LandRay management team. Board Member Tom Spanier will serve as interim COO during this staffing period; we expect to announce two additional board members within the next few weeks," Rhode said.

LandRay Technology is headquartered in San Francisco. The subterranean exploration markets it plans to eventually serve include gold, silver and other valuable metals, and petroleum, natural gas and coal, among others.

CONTACT: LandRay Technology, Inc.

William B. Cormack, 415/433-6930

or

Ted Michel Associates

Ted Michel, 510/450-0844