PowerCold Announces United Arab Emirates (UAE) Order for Nauticon(TM) Evaporative Condensers

PowerCold Announces United Arab Emirates (UAE) Order for Nauticon(TM) Evaporative Condensers

PowerCold Announces United Arab Emirates (PRWEB) May 31, 2002

LAVERNIA, Texas, May 29, 2002 /PRNewswire-FirstCall via COMTEX/ -- PowerCold
Corporation (OTC Bulletin Board: PWCL) announced today that it will ship several
Nauticon(TM) evaporative condensers to the United Arab Emirates for evaluation.
The Nauticon units will be retrofitted into a chiller in a large air
conditioning project.

PowerCold's initial study shows that if the project is totally refitted with
Nauticon units, the result will be a reduction of power demand by over 48%
without losing any air conditioning capacity and the project's air conditioning
utility bill will be reduced by well over half.

It will only take two to four weeks of operation this summer for the needed
comparisons to be made between the Nauticon evaporative chiller and the
project's existing air-cooled chillers. If the initial Nauticon units operate
successfully, all the project's air-cooled chillers are expected to be
retrofitted with Nauticon units. The entire project would then generate between
$700,000 - $800,000 for PowerCold.

Jim Chirieleison, PowerCold's director of international sales said, "The UAE is
one of the most hostile air conditioning environments in the world, having very
high humidity and ambient temperatures as well as a significant salt-air
concentration. This coupled with a very minimal cost per kW/hr will be one of
the Nauticon's toughest tests. If our Nauticon units are able to produce their
expected power and cost savings on this project, then their performance anywhere
else in the world would be even better."

PowerCold CEO Frank Simola commented, "A very prominent UAE family owns this
commercial enterprise. We hope this project will become a showplace for our
Nauticon units that could lead to a wide range of opportunities throughout the
Gulf and the Kingdom of Saudi Arabia."

"Jim Chirieleison has been with PowerCold only a few months and he has
successfully generated new Nauticon evaporative condenser air conditioning
evaluation projects in two of the harshest climates in the world, Hong
Kong/Southeast Asia and the UAE/Middle East that could also lead to very
significant subsequent orders. Chirieleison is currently working on other
projects in these areas, including Oman, Dubai and Malaysia," said Simola.

PowerCold markets energy efficient and environmentally safe equipment to reduce
power costs by up to 50%. PowerCold's patented highly efficient Nauticon(TM)
evaporative water-cooled condenser improves heating, air- conditioning and
refrigeration efficiency and reduces power costs over the typical commercial
air-cooled condensers.

An investment profile on PowerCold may be found at
www.hawkassociates.com/powercold/profile.htm.

    Investors Call:

    Econ Investor Relations, Inc. at 888-948-8632

    Dawn Van Zant or Connie Linder

    clinder@investorideas.com

    Company Contact:

    PowerCold Corporation - Frank Simola, at (215) 248-2836.

    PowerCold Website: www.powercold.com, E-mail: pwcl@powercold.com

    Hawk Associates, Inc. - Frank Hawkins or Julie Marshall, at 305-852-2383.

    Website: www.hawkassociates.com, Email: info@hawkassociates.com

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.