Another great contract for Powercold (PWCL)

News Release
For Immediate Release:                  For More Information Contact:
March 21, 2002                                              ECON Investor Relations, Inc.                                                                                                                       Connie Linder
                        888.948.8632
                        clinder@investorideas.com

PowerCold Announces Cogen Collaboration With DTE Energy Technologies
Business Expected to Generate $12 Million Through 2003

LAVERNIA, Texas, March 21, 2002 -- PowerCold Corporation (OTCBulletin Board: PWCL) announced today that its wholly owned subsidiary, Power Sources, Inc. has been selected by DTE Energy Technologies to collaborate in developing on-site cogeneration projects in the northeastern United States. DTE Energy Technologies, a subsidiary of DTE Energy in Detroit, Michigan, believes the business can generate $12 million through 2003 and at least $20 million in projects within three years.

The projects will be supported jointly with DTE Energy Technologies and Utility Metal Research, Inc. (UMRI). Power Sources, as the marketing entity for the cogen systems, was acquired late last year from UMRI, a major cogeneration developer in the New York metropolitan area.

Joe Cahill, president of Power Sources, stated, "This is a highly promising and synergistic relationship that we believe will provide important new revenue and profits for us this year and in the years ahead. Our ability to offer economical and more reliable on-site distributed power systems combined with our energy efficient Nauticon evaporative condensers and EV chiller systems has opened large new markets for us."

Rick Diloia, district manager of DTE Energy Technologies, said, "The demand for on-site cogeneration units is growing steadily. Businesses need and want reliable power delivered in a cost-effective manner. This is what we are offering. I am very optimistic about the prospects for our collaboration with Power Sources and UMRI."

Marty Borusso, CEO of UMRC, said, "With the addition of PowerCold's energy-efficient products there is further significant reduction in power operating costs because of the reduced size and cost of the on-site combined heat and power systems and overall energy consumption. Now we can further reduce the total energy cost of a building by inclusion of the on-site distributed power systems."

DTE Energy Technologies is a diversified high-technology company offering a broad range of products and services for commercial, residential and industrial customers. Among these are energy systems that provide generation for both on-site and stand-by power. DTE Energy Technologies, a subsidiary of DTE Energy whose primary business unit is Detroit Edison, has other business lines including Energy/Now Data Services, which equips customers with the ability to view and analyze energy usage information via the Internet. UMRI provides turnkey construction and installation of cogeneration systems for Power Sources.

PowerCold markets energy-efficient and environmentally safe equipment to reduce power costs for heating, air conditioning and refrigeration by up to 50%. The inclusion of Power Sources on-site distributed power generation can reduce a commercial building site's total power costs by at least 40%.

Forward-Looking Information: The statements in this news release contain forward-looking
information within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve certain risks, assumptions and uncertainties, including the inability to generate and secure the necessary product sale, or the lack of acceptance of the company's products by its customers. In each case actual results may differ materially from such forward-looking statements. The company does not undertake to publicly update or revise its forward-looking statements even if experience or future changes make it clear that any projected results (expressed or modified) will not be realized.

Company Contact: Power Sources, Inc. -- Joe Cahill, at 732-829-1479, Email: jcahill@powercold.com PowerCold Corporation - Website www.powercold.com, Email: pwcl@powercold.com Hawk Associates, Inc. - Frank Hawkins or Julie Marshall, at 305-852-2383. Website www.hawkassociates.com, Email: info@hawkassociates.com

Investors
Call Econ Investor Relations, Inc. 888-948-8632 Dawn Van Zant or
Connie Linder, clinder@investorideas.com