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BOREALIS COOLING TECHNOLOGY UNDER EVALUATION BY BOEING

Cool Chips plc, Gibraltar, 25th May 2001

Cool Chips plc, a subsidiary of Borealis Exploration Limited (BOREF), announced today it has entered into an agreement with The Boeing Company to have its patented Cool Chips(tm) technology evaluated for potential applications to aerospace systems.

Under the terms of the new agreement, Boeing will have the right of first refusal for aerospace applications for this technology if the evaluation proves successful

Cool Chips (tm) are small solid-state devices that pump heat to provide localized cooling, refrigeration, or air conditioning. They are projected to be more efficient than any competing technologies, as well as significantly smaller and lighter. Potential aerospace applications include the cooling of avionics, sensors, environmental air and galleys.

"Cool Chips (tm) could be the perfect solution for thermal management in aircraft and spacecraft, where size, weight and power requirements are all at a premium," says Cool Chips plc President Isaiah Cox. "We are excited to be working with Boeing. Cool Chips have the potential to be an enabling technology within the aerospace market."

The Cool Chip(tm) is a form of vacuum diode which, when an electric current is run through it, pumps heat from one side of the chip to the other. The technology is solid state, operating silently without the use of motors or environmentally unfriendly fluids.

The first stage of the evaluation process will involve the Boeing Phantom Works confirming results from existing Cool Chips(tm). As the advanced R&D unit of Boeing, Phantom Works serves as a catalyst for innovation for the company.

"Boeing is always looking for innovative technologies that have the potential to reduce the cost and increase the quality and performance of its products and services," said Richard Johnson of the Boeing Phantom Works. "Cool Chips appears to be a technology worth investigating."

The proprietary Cool Chip (tm) technology has been under development by Cool Chips plc and its parent since 1995. Ten patents directly related to the technology have already been issued, with more patents pending.

"Our coverage is broad, and includes the basic concepts of the technology as well as various production processes" says Mr. Cox.

According to Cool Chips plc, the technology is suitable for a wide range of applications covering many industries. Individual Cool Chips (tm) can be used for small scale cooling applications, such as the cooling of microprocessors in electronic equipment, or combined in large arrays for industrial-scale refrigeration. The company is actively seeking licensees for the technology in these and other market niches, on an exclusive basis.

Borealis Exploration Limited is a research and development company, focused on developing significant new technologies for established industries. Core technologies under development include the Chorus Motor, Power Chips, and Cool Chips.

(Photo: http://www.newscom.com/cgi-bin/prnh/20001004/BOEINGLOGO)

(Photo: http://www.coolchips.com/logo)

URL:

CONTACT:
The Boeing Co.
David J,. Phillips
206 655 8021

Disclaimer: The disclaimer can be found at http://www.borealis.com/ForwardLookingStatement.htm


Last Updated on May 25, 2001.