LAS VEGAS and BOSTON, Jan. 20, 2004 (PRIMEZONE) -- Whistler Investments Inc. (OTCBB:WHSL) -- (name change pending to Global Electric Corp); an emerging leader in the development and marketing of lithium ion vehicles and lithium ion powered products worldwide announced today that it has signed a deal for a $10 million equity line with Boston-based Dutchess Private Equities Fund, LP. The funds will be used to support ongoing operations, as well as R&D and business development activities, such as the development of the "R" car, which is highly anticipated by the automobile industry, as well as the newly announced Powerski International (www.powerski.com) Jetboard lithium-ion conversion.
Under the terms of the agreement, Whistler Investments (WHSL) may elect to receive as much as $10 million from Dutchess in common stock purchases over the next three years.
Holly Roseberry, President of Global Electric stated, "We are highly impressed with the track record of success Dutchess has created with their extensive portfolio of companies. In selecting a financing partner like Dutchess, we not only enhance our company from an equity position, we also gain a superlative partner for our future development activities."
Global Electric (WHSL) recently signed a joint venture with Powerski International, the developer and manufacturer of the patented Powerski Jetboard(tm) and patented SupertorqueXT(tm) marine engine.
Powerski was featured in TIME magazines' Thanksgiving issue, winning the Best Inventions of the Year award. Global Electric has also signed a massive multi-level technology partnership with electric power guru Chaz Haba, for all two wheeled and four wheeled vehicles as well as lawn & garden equipment. Recently, Global Electric initiated a Latin America presence to work with several key governments in the conversion of fuel burning vehicles to lithium-ion.
"The financing supplied by Dutchess secures our position as a leading lithium-ion development corporation. As Global Electric is gaining incredible worldwide interest, as well as securing substantial partnerships with corporations looking for our technology, the need for growth and development has never been stronger," added Roseberry. "In addition, we are now in an enhanced position to possibly acquire a strategically related firm and/or technology that will afford us critical mass."
About Whistler (Global Electric) www.globalelectric.com
Whistler Investments Inc. (OTCBB:WHSL) -- name change pending to Global Electric Corp; is an emerging leader in the development and marketing of lithium ion vehicles and lithium ion powered products worldwide.
We at Global believe our superior technology, coupled with an aggressive marketing plan will establish our company on the world stage. With the global focus moving rapidly towards addressing pollution, the need for sustainable zero emission energy is current. As current legislation is dictating a move towards this type of energy, we foresee this industry as one of the fastest growing segments within the global economy.
Global is applying this technology to products that are currently in wide spread global use, such as scooters, bicycles, mopeds, motorcycles, small vehicles and many other essential products. The combination of usable cutting edge technology and mass-marketed products creates a unique market opportunity for our company. Technology that can be applied immediately allows Global to begin the sales cycle immediately.
Global technology will also focus on the creation of a 100% self-powered house. This unit will feature lithium-powered technology in addition to other leading edge energy creation technology. The house will be located in the Los Angeles area and will be a showcase of Global Electric and the power of lithium.
About Dutchess Private Equities Fund, LP:
Dutchess Private Equities Fund, LP is engaged in assisting growth companies in all facets of their long-term strategy by providing capital and progressive business solutions. Dutchess Private Equities Fund, LP, manages a portfolio of private investments in public equities. Founded in 1996, Dutchess has been involved in excess of $200 million in financings for such companies.
Forward Looking Statement
This press release may include forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements are based on the Company's current expectations as to future events. However, the forward-looking events and circumstances discussed in this press release might not occur, and actual results could differ materially from those anticipated or implied in the forward-looking statements.