U.S. Electric Power Corporation Reaches Agreement For Power Plant Site.

Business Editors

VANCOUVER, B.C.--(BUSINESS WIRE)--March 15, 2001

U.S. Electric Power Corporation ("USEP")(OTCBB:GBTXF)(CDNX:GTX.) has reached an agreement to buy up to 120 acres of land intended for its coal-fired generation plant.

The agreement calls for an initial deposit of $5,000 USD to secure an initial due diligence period of 30 days. Nexant, Inc., an affiliate of San Francisco- based Bechtel Corporation, will immediately begin a preliminary site assessment. If that initial assessment is positive, USEP will make a further payment of $50,000 by April 8, 2001 to extend the due diligence period by a further 90 days, during which USEP will continue its site evaluation and begin the permitting process. An additional payment of $100,000 is due by July 7, 2001, with the closing to take place by September 5, 2001. The property is bordered by a rail line and includes an easement for access to power lines adjacent to the property. Water is also available.

The property is located in Northwest Washington State and is zoned high impact industrial land. Nexant will be contracted to conduct a full feasibility study including plant design and permitting.

Separately and as previously announced, USEP's shareholders have entered into and agreement in principal with Globaltex Industries Inc. (NASD OTC - GBTXF and CDNX - GTX) pursuant to which Globaltex will acquire all of the shares of USEP. Subject to regulatory approvals, this transaction is expected to close by June 30, 2001.

Globaltex's principal business is its 2/3rds interest in the Willow Creek Coal Mine, located in Northeastern British Columbia. The Willow Creek Mine commenced production of raw coal in late 2000 and is expected to ship its first trial cargo of 50,000 tons by mid-year 2001. The outlook for the mine has been improving as the spot and contract price of coal has been rising steadily due to the strong energy advantage coal currently represents compared to oil and gas. A comprehensive feasibility report on the Willow Creek Mine has indicated a capital cost to Globaltex of approximately US $12 million to bring annual production to a level of 900,000 tonnes (1,000,000 tons) per year within the next two years. Globaltex plans on selling all coal in the spot or contract markets until the expected start-up of its planned power plant in 2004. At that time or perhaps before, the output of the plant may be increased beyond the 1,000,000 ton level subject to a revised feasibility study, based on substantially higher prices and, regulatory approval.

Management of both companies believe that combination of Globaltex and USEP represents a great advantage to shareholders as metallurgical coal prices are historically volatile. The Company could therefore enjoy sales at current high prices and effectively hedge a substantial part of its long-term capacity through long-term electricity contracts at attractive profit margins which are currently available throughout the west coast of the U.S. The substitution of coal in the face of high oil and particularly natural gas prices, has taken millions of tons of metallurgical coal off the market. Exports from the United States are shrinking and export coal production from British Columbia has been drastically reduced due to mine shut downs. Natural gas prices continue to be extremely high in historical terms and are forecast to remain high as new gas-fired generation plants are brought on line to satisfy the electric power crunch the US in general, and the West Coast in particular. A continuation of higher natural gas prices should continue to put upward pressure on high BTU, low sulphur coal prices. Current metallurgical coal prices are very profitable in terms of Globaltex' production and transportation costs. Globaltex management is looking forward to very profitable contracts from its joint venture partner and sales agent, Mitsui Matsushima, in coming months. Prices and demand will determine the Willow Creek Mine's level of production for 2002. Indicative of the positive outlook for coal prices is a February 27, 2001 article in the Financial Times reporting on the difficulties faced steel producers in securing coal supplies stated that "some of the mine owners are warning of no availability [of coking coal] for Brazil whatsoever".

U.S. ELECTRIC POWER CORPORATION GLOBALTEX INDUSTRIES INC.

Per: "Thomas B. O'Brien" Per: "Casey Forward"

CAUTIONARY STATEMENT

Statements made in this news release that are not historical facts are forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions ("Factors") which are difficult to predict. Some of the Factors that could cause actual results to differ materially from those expressed in the forward-looking statements include, but are not limited to: Globaltex and USEP's shareholders may not be able to agree on terms for a definitive acquisition agreement; Globaltex, a public company, may not be able to secure the required approvals from securities regulatory authorities to complete the acquisition of USEP; USEP may not be able to secure the required regulatory approvals for its power-plant project; the due diligence of the above-described Washington State site may find that the site is not acceptable for USEP's power-plant project; national and regional economic conditions in the U.S. and Canada; Canadian currency fluctuations; fluctuations in the price of coal, oil and natural gas; fluctuations in electricity prices; competition from new or existing competitors; changes in and implementation of environmental and other governmental regulations; Globaltex's ability to secure acceptable coal sales agreements; and other Factors disclosed in the Globaltex's public disclosure filings. In general, USEP and Globaltex are subject to the risks and uncertainties of both the mining and electric utilities industries, and of doing business in the U.S. and Canada. The forward-looking statements are made as of this date and the companies undertake no obligation to update them, whether as a result of new information, future events or otherwise.

The Canadian Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.