Global Thermoelectric Reports Shareholder Plan

November 19, 2002 by Jeff Shepard

Global Thermoelectric Inc. (Calgary, Canada) announced a three-point plan to maximize shareholder value. The board of directors believes that the current trading price of Global common shares does not reflect either the intrinsic value of its solid-oxide fuel cell (SOFC) technology or its current internal financial resources.

As part of its three-point plan, the company will review strategic alternatives to maximize shareholder value, which may include the sale of the company's SOFC division, strategic partnering to strengthen the company's ability to commercialize its technology, or other initiatives consistent with the goal of maximizing shareholder value.

Secondly, the company has initiated cost-reduction programs to reduce all expenditures not directly related to core technology development. Excluding its generator division and core fuel cell development departments, the company will immediately reduce its staffing levels by 30 percent. Thirdly, the board has approved the filing of a Notice of Intention with the Toronto Stock Exchange for the purchase of up to 1.45 million common shares.