Sustainable Energy Technologies to Issue Stock

Sustainable Energy Technologies Ltd. has announced that, subject to regulatory approval, it will issue up to 41,666 Units at a price of US$12 per Unit to a group of private investors to raise a maximum of US$500,000.

CALGARY, Canada – May 2, 2002 [] Each Unit will consist of 100, 10 percent, 2-year, cumulative, convertible, redeemable, voting preferred shares and 50, 2-year US$0.12 common share purchase warrants. Certain insiders of the corporation will purchase up to 12,500 Units (US$150,000) that are not otherwise subscribed for by outside investors. The net proceeds of the issue will be used to repay certain creditors of the Sustainable Energy Technologies and to meet working capital and liquidity needs.
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