Sustainable Energy Tech. Opts not to Seek Stock Funding

April 8, 2002 [] Sustainable Energy Technologies Ltd. has advised its shareholders that it will not proceed with a previously announced issue of secured convertible debentures and common share purchase warrants to raise up to US$700,000 of new capital. Nor will it proceed with the acquisition of a battery management technology scheduled to take place in conjunction with the private placement. The failure to complete this transaction, as contemplated, leaves the Company with very low working capital reserves. Ongoing funding for development of the Company’s power inverter is, however, currently being provided by RWE Piller GmbH, pursuant to a previously announced purchase order.
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