Plurion Systems Limited Completes Private Placement Financing.

Business/Technology Editors

CALGARY, Alberta--(BUSINESS WIRE)--April 4, 2002

Plurion Systems Limited ("Plurion Systems") is pleased to announce that on March 26, 2002, the company completed a private placement financing of 8,000,000 common shares at an issue price of $2.75 per share for total gross proceeds of approximately $22,000,000. J. F. Mackie & Company, an independent investment dealer, headquartered in Calgary, Alberta, acted as the sole and exclusive agent of the company in respect of the financing.

Plurion Systems is an Alberta-based company engaged in the development and commercialization of high capacity reduction/oxidation ("RedOx") battery technology for use in electrical energy storage applications. Plurion Systems' technology is based on a novel class of transition-metal 1/2 cell technologies developed by Electrochemical Design Associates ("EDA") of Berkeley, California. This proprietary technology was incubated more than 10 years ago and has been operated successfully in a non-battery application. Plurion Systems' RedOx technology will offer the highest cell voltage currently available in a commercial RedOx battery. Plurion Systems has initiated a comprehensive patent strategy to secure energy storage application of this novel cell technology.

Plurion Systems' vision is to become the dominant player in the market for high capacity electricity storage for utility scale load levelling, transmission line balancing, uninterruptible power supplies, power quality and other emerging applications. With the Corporation's mixed electrolyte technology, Plurion Systems believes that it is unique in having a RedOx battery with a high power density and essentially a maintenance free electrolyte. Plurion Systems' technology is being developed to support the manufacture of individual self-contained modules in the range of 250 - 5,000kW each. Installation will be easily connectable with multi-module systems capable of 100MW plus operation. Additionally, Plurion Systems' technologies intrinsic reliability is planned to facilitate unsophisticated installation and remote installation of the Corporation's batteries.

The proceeds of the financing will be used to complete the engineering and development of a commercial product through EDA and to fund marketing and manufacturing initiatives. EDA has committed to build four demonstration modularized batteries to test in specific markets. It is expected that the demonstration units will be available in early 2003.

The management team of Plurion Systems is composed of Robert D. Steele as Chief Executive Officer, Dr. Stephen Clarke of EDA as President, and Fred Hutchings as Chief Operating Officer. The team is well experienced in all phases of company building, product development, manufacturing and marketing. The founding Board of Directors consists of Robert D. Steele, Dr. Stephen Clarke, as well as Stan Kimmel, a retired executive from the Fluor Corp., Phil Swift, President of ARC Financial Ltd., Paul McGarvey, an independent Calgary businessman, James Mackie of J.F. Mackie & Company, and Darrell Peterson of Bennett Jones LLP.

The offered securities will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons except in certain transactions exempt from the registration requirements of the U.S. Securities Act.

This news release shall not constitute an offer to sell or an offer to buy the securities in any jurisdiction. All figures in this news release are expressed in Canadian dollars.