Energy Visions Receives Private Placement

March 18, 2002 by Jeff Shepard

Energy Visions Inc. (EVI, Ottawa, ON) reported that it has completed a non-brokered private placement of 238,137 units at a price of CDN$0.55 per unit for gross proceeds of approximately CDN$131,000. Each unit is comprised of one common share and one common share purchase warrant. Each common share purchase warrant entitles the holder to purchase one common share in the capital of EVI at the exercise price of CDN$0.75 for a period of 12 months from the closing date. The common shares and common share purchase warrants expire on July 15, 2002.

President and CEO Wayne Hartford commented, “We were very pleased to have been able to offer this opportunity to our staff and supporters of EVI. We are pleased with the technology progress and look forward to future success for both our battery and fuel cell programs.”