ECTI Completes Private Placement of Special Warrants

May 28, 2002 by Jeff Shepard

Energy Conversion Technologies Inc. (ECTI, Markham, ON) announced that it has completed a private placement of 500,000 special warrants, which sold at a price of $1.00 per warrant, for proceeds to ECTI of $500,000.00. The proceeds from the special warrant offering will be used primarily in support of existing production, for business expansion and augmentation of working capital.

"I am personally very pleased with this private placement and the support it shows for the company, its technology and its products" stated ECTI President and CEO, Ervin Weisz. "I look forward to additional private placements from knowledgeable investors."