Morris J. Pinto Joins Borealis as Senior Corporate Financial Advisor.

Business Editors

GIBRALTAR--(BUSINESS WIRE)--Sept. 9, 2003

Morris J. Pinto, an investment banker, has accepted the post of senior corporate financial advisor to Borealis Exploration Limited and its majority-owned subsidiaries, Chorus Motors plc, Cool Chips plc, and Power Chips plc.

In a long and distinguished career, Morris J. Pinto was a key figure in the reconstruction of post-war Spain. Among many other projects, he and his partners in the investment bank Pinto & Co, based in Paris, successfully carried out the first IPO in Spain since before the Spanish Civil War. He participated in the foundation of Sea Containers, the international transportation group. Following the merger of Pinto & Co with Burnham & Co, later Drexel Burnham, Morris Pinto was President of Drexel Burnham International and a member of the Drexel Burnham Lambert executive committee until 1976. Since then he has been primarily occupied with the management of his own extensive family interests and diverse charitable activities.

Morris J. Pinto was born in Tangier, Morocco, educated at Rugby in England and graduated from Yale '45W in the United States. He was decorated for "exemplary courage in the finest traditions of the United States Armed Forces" during combat with the US Army in Northern Italy. In 1980 he was awarded the Medal of the Royal Foundation of Toledo personally by His Majesty King Juan Carlos of Spain for work by himself and his family on the restoration of the old city of Toledo. He is an art collector of international reputation.

Rodney T. Cox, Chairman of the Borealis family of companies, said, "Morris Pinto brings a wealth of experience to our venture. His business acumen and wide knowledge of global financial institutions over many decades provides a valuable source of advice and support as we bring our technologies to market and realise their value on behalf of our shareholders."

Morris J. Pinto said, "It is a real privilege to be part of this company as a shareholder and now in a more formal role. I have great respect and affection for the senior management at Borealis and the fine team they have assembled. I am confident that with their vision and energy, we will accomplish all our goals over the next few years, and I look forward to helping to bring about that success."

Borealis Exploration Limited (BOREF) is a scientific research and development company inventing fundamental new technologies for basic industries, and operating through several subsidiaries. Chorus Motors plc (CHOMF), which can be found at www.chorusmotors.gi, has developed the Chorus Motor(R), a significantly improved electric motor that provides much higher torque at lower cost for traction applications such as electric vehicles. Cool Chips plc (COLCF), found on the web at www.coolchips.gi, is developing the Cool Chip(TM) a wafer-thin quantum tunneling device projected to pump heat to produce cooling or refrigeration more efficiently than any existing technology. Its sister company, Power Chips plc, located at www.powerchips.gi, is developing the Power Chip(TM), a similar quantum tunneling device projected to produce electrical power more efficiently and at lower cost than does any other existing or emerging technology. Borealis and its subsidiary companies are incorporated in Gibraltar. Information about the parent company is available at www.borealis.gi.

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