Consolidated Global Technologies Inc. Increases Financing from $900,000 to $1,100,000

CONSOLIDATED GLOBAL TECHNOLOGIES INC.

FOR IMMEDIATE RELEASE   
(No. 2003-09-04)

Contact:   Investor Relations
      Phone (604) 684-2181
      info@varshneycapital.com

Consolidated Global Technologies Inc. Increases Financing from $900,000 to $1,100,000

Vancouver, BC, Canada (PRWEB) September 22, 2003 -- Consolidated Global Technologies Inc. (the Company") (TSX VE: CGB.H) is pleased to announce that the Company has increased its proposed financing announced on September 10, 2003 from $900,000 to $1,100,000.

The Company is increasing the Non Flow-Through portion of the financing to now consist of up to 3,000,000 Non Flow-Through Units priced at $0.20 per share. Each Non-Flow Through Unit will consist of one common share and one-half of one share purchase warrant of the Company. Each whole Warrant will entitle the holder, on exercise, to purchase one additional Non Flow-Through common share of the Company at a price of $0.30 per share at any time until the close of business on the day which is one year from the date of issue of the Warrant.

The Flow-Through portion of the financing will remain as up to 2,000,000 Flow-Through Shares priced at $0.25 per share.

Completion of the transaction announced on September 10, 2003 is subject to a number of conditions, including but not limited to, Exchange acceptance and disinterested Shareholder approval. The transaction cannot close until the required Shareholder approval is obtained. There can be no assurance that the transaction will be completed as proposed or at all.

Investors are cautioned that, except as disclosed in the Management Information Circular to be prepared in connection with the transaction, any information released or received with respect to the RTO may not be accurate or complete and should not be relied upon. Trading in the securities of the Company should be considered highly speculative.

The TSX Venture Exchange has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this press release.

On behalf of the Board of Directors,
Consolidated Global Technologies Inc.

Peeyush K. Varshney"

Peeyush K. Varshney
Director
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