Solar Energy Limited Announces Plans

LOS ALAMOS, N.M. — Feb. 21, 2001–Solar Energy Limited (XSEL) wishes to inform shareholders of its activities for the past few months along with outlining its plans for the next few months. Of the many projects XSEL has undertaken the past 3-1/2 years, it has selected three to focus on for the immediate future. These three are viewed as being the closest to “commercialization” as “proof-of- theory” prototypes of all three have been satisfactorily built and tested in Los Alamos. The first of these projects is called Solarec, short for solar reduction of CO2. This wholly owned patented project of Renewable Energy Corp. (RECO) uses only solar energy and takes carbon dioxide from the atmosphere to make commercial gasoline with electricity as a bi-product. The stated aim is to make electricity at less than 5 cents/kW and gasoline at less than $1/gal — while reducing carbon dioxide content in the atmosphere. This project is of major significance in light of today’s global energy and pollution problems. The second project is called H20NOW which is a wholly owned patent-pending project of Sunspring Inc. (SUNS). This project addresses what is arguably the globe’s number one problem. This problem is to produce water that is not only clean enough to drink but inexpensive enough to be used for agricultural purposes, i.e., at a cost of less than 50 cents/1,000 gals (less than 13 cents/m3.) H20NOW uses only solar energy along with seawater to produce potable water. The last project is called MECH (short for “Motor, Expander, Compressor, Hydraulics”). This patent-pending concept is for an engine (or compressor) that, at one-third the size and weight of a conventional internal combustion engine, can produce the same power, and has one-third more efficiency. The other projects of XSEL are on hold pending the commercialization of these three projects. The company is exploring its options to raise sufficient working capital funds in order to construct full-scale working models to test the efficiency of the concepts, building on the information gathered from the existing proof of theory prototypes. XSEL previously stated, in a news release dated May 17, 2000, that it would become an “incubator” of water, energy and pollution related concepts. It became clear that the range and scope of XSEL’s projects were too varied and complicated for investors to fully appreciate in one company. XSEL has now undertaken to focus on the following: a) Sunspring Inc. (SUNS) has been formed to own and develop all of the water-related projects including H20NOW, b) Renewable Energy Limited (REEL) has been formed to own all of RECO and its assets (Solarec, HTWO, etc.) c) The balance of projects will be retained by XSEL including MECH. XSEL has been in negotiations and is close to finalizing transactions with one or two other public companies that would acquire, via a reverse merger, SUNS and REEL. The acquisitions are subject to these public companies demonstrating that they have the working capital to complete the projects. XSEL would oversee the management of both SUNS and REEL and would receive approximately 50% of the equity of each acquiring public company. Finally, much time and effort has been spent the past year in responding to SEC filings in order for XSEL to become a “fully reporting” company eligible for trading on the OTCBB. The complexity and range of its projects made the response to the SEC comments more difficult. XSEL is hopeful that all SEC questions will soon be satisfactorily answered. The company then intends to make application to the NASD to resume trading on the OTCBB as soon as practicable. The company’s immediate goal is to search out “strategic” joint-venture partners to aid in developing the projects more rapidly. For example, an ideal partner for REEL would be coal-fired electric generating plants which spew out 3.7 tons of carbon dioxide per ton of coal burned. Not only would the CO2 emission be minimized but the commercial gasoline and electricity would be produced. Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: This news release contains forward-looking information within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements that include the words “believes,” “expects,” “anticipates” or similar expressions. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the company to differ materially from those expressed or implied by such forward-looking statements. (Such factors include, among others, the risk factors contained in the company’s filings with the Securities and Exchange Commission.) In addition, description of anyone’s past success, either financial or strategic, is no guarantee of future success. The company will remain dependent upon future financing for its growth and development, and for it to successfully implement its business plan. No statement contained herein should be construed as indicating that such financing is or will be available, and if available, will be on terms favorable to the company. This news release speaks as of the date first set forth above and the company assumes no responsibility to update the information included herein for events occurring after the date hereof.


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