LAS VEGAS, March 8, 2004 (PRIMEZONE) -- Whistler Investments, Inc. (WHSL), an emerging leader in the development and marketing of lithium ion vehicles and lithium ion powered products worldwide, would like to take this opportunity to provide an update on recent corporate developments.
Over the past few months there have been a number of exciting developments.
WHSL has entered into an agreement with RV Systems, affiliated with Lithium House, a developer of advanced lithium battery technology, to acquire the rights to the Lithium Portable Power System technology developed by Mr. Chaz Haba for applications to two, three and four-wheeled vehicles, lawn and garden equipment, watercraft, and the worldwide rights to the advanced Lithium/Solar Power System technology for application to residential and commercial properties.
WHSL has also entered into an agreement to retain the services of Mr. Chaz Haba to provide technical advice to Whistler's Board of Director's. Mr. Haba was one of the engineers involved in the beginning of Intel, and one of the early investors in Apple Computers in the 1960's. Known as the "Thomas Edison" of the new millennium, together with his associate engineers and physicists, he's changing the world as we know it.
The company is being restructured by putting in place three divisions, by way of wholly owned subsidiaries of Whistler, and allocating the licensing rights for the various applications into each applicable division.
The Global Electric Corp will hold the licensing rights for all product development other than four-wheeled vehicles.
The R-Electric Car Corp will hold the licensing rights for product development for all four-wheeled vehicles.
The Solium Power Corp will hold the rights for the advanced Lithium/Solar Power System technology developed by Mr. Chaz Haba, for application to residential and commercial properties.
On January 20, 2004, we announced agreement for a $10 million equity line with Boston-based Dutchess Private Equities Fund, LP. We currently intend to file the necessary registration documents with the SEC upon completion of our annual audit.
On February 24, 2004, we announced receipt of $1 million dollars of a $3 million dollar non-recourse loan to be collateralized by stock. The company intends to hold a special meeting of shareholders' upon approval of the information circular, at which time we anticipate receiving the balance of the funding.
On February 25, 2004, we announced that our Board of Directors had approved a three-for-one forward stock split to become effective Wednesday, March 10, 2004. Stockholders of record will be entitled to three shares of common stock for each share of common stock held on that date.
Global Electric Corp
Global Electric Corp will hold all the licenses entered into with RV Systems and Chaz Haba, except for the 4-wheeled license, which will be held by R-Electric Car Corp, and the solar house license which will be held by Solium Power Corp.
China
Executives from Global Electric and Mr. Chaz Haba are traveling to China on March 6, 2004, at the invitation of Geely Corp, to conclude the terms of production and joint venture. In December, an initial trip was made where the foundation was laid for this joint venture, and we are optimistic we will conclude these negotiations. Global Electric has purchased 5 motorbikes and 5 scooters, as they are determined to be the ideal initial vehicles to convert to electric power.
Powerski
On December 30, 2003 we announced that we had secured a joint venture with Powerski International www.powerski.com, to create another model of Powerski's flagship product, the Powerski Jetboard(TM), powered with a Lithium-ion electric motor.
Please visit our website www.globalelectric.com to view the video on the development of the Jetboard -- we anticipate testing this board in the beginning of April. Upon completion, we expect the board to travel at 30 to 40 MPH, for over 1 hour.
US Navy
On February 5, we announced the initiation of a lithium-ion conversion project with the United States Navy. The project will serve as a trial, and the development and implementation of this project will take place within the Global Electric facilities in Van Nuys, California.
Global Electric has funded the initial prototype for this project, and we anticipate the prototype will be ready for testing by April.
R-Electric Car Corp.
The R-Car
We engaged California based Cinema Vehicles www.cinemavehicles.com to develop and build the highly anticipated neighborhood electric vehicle (NEV) which was unveiled, along with a number of two wheeled prototypes, at the Cinapsys Microcap Conference in Newport Beach, California in November of last year. Cinema Vehicles is the oldest and one of the largest motion picture vehicle service companies in the world. They have worked on major Hollywood productions such as T3, Austin Powers, Gone in 60 seconds and XXX. The design element of the NEV was developed and implemented by the highly qualified staff at Cinema Vehicles.
On November 19, 2003, we announced that production had been initiated on the highly anticipated R-Car project in collaboration with Cinema Vehicles. The anticipated use for the R-Car is for medium to long-range trips, as well as neighborhood use.
The motor was balanced, matched to a 6-speed transmission, and tested on March 4th, 2004. Mr. Haba and his engineers have been working closely with Cinema Vehicles regarding the mechanical aspects of this development -- we are optimistic that we will be able to unveil this much anticipated car at Green 2004 in Vancouver, British Columbia March 31 - April 2, 2004. We are anticipating that this vehicle will be able to travel at speeds up to 90 mph with a range of over 100 miles.
Quoting Mr. Haba, "When the motor was spun it was beautiful. I have never seen a motor interface so smoothly and perfectly with the system. It was the result of precision engineering, with no sound between the motor and the frame. The drive also works very well."
Austin Energy
On March 1, 2004, we announced that a letter of understanding between Whistler Investments, Inc. and the City of Austin had been executed in respect to the conversion of vehicles for the City of Austin, TX, www.austinenergy.com subsequent to a senior level meeting between Mark Kapner, Senior Strategic Planner for the City of Austin, Mr. Chaz Haba and executives from Whistler, at their development facility at Lithium house in Van Nuys, California.
R-Electric Car has purchased a 2004 Chrysler PT Cruiser -- we will immediately commence work on the prototype for Austin Energy, and hope to have it ready for testing early in the second quarter of this year.
ATV
R-Electric Car has completed conversion of ATV's that are being tested. Please visit www.globalelectric.com to view pictures of these prototypes. We are also developing a next generation ATV with independent suspension. We anticipate this vehicle to be ready for testing by the end of March 2004.
Solium Power Corp.
Solar House
The Lithium Solar House ("LSH") project will be under the direction of Chaz Haba of RV Systems. Mr. Haba, President of RV Systems, stated: "The purpose of the Lithium Solar House project is to provide a test bed for an alternative source of power to the home, not connected to the Power Grid. The power source will be Solar Panels for charging of the Lithium Ion Batteries, which are used for storage of the power. The system will supply DC power for the home and all appliances (using from 12 volts to 48 volts), lighting, heat, air, etc., and will involve a site in Van Nuys, California.
"Our project will have two main aspects: the designing of the house using the most efficient current building materials and the most efficient use of Solar Panels as a charging source for the Lithium Batteries, and designing and testing the various combinations of Solar Panels and batteries in connection with the various appliances, lighting and other power needs of the house."
We have retained the firm of LNV TOMALEVSKI Architects, Inc. to start the architectural drawings and obtain city approval for the conversion of the solar house. We anticipate construction to begin in mid April and completion and testing by Summer 2004.
In order to meet the expectations of our Joint Venture partners we have identified and engaged a team of specialists. Tokyo based Asian fuel cell and environmental consultant, Angela Nakamura Belcourt; New York based development consultant Edward Hamilton. Mr. Hamilton's primary role will be to focus on the financial aspects, as well as to utilize his extensive business contacts in India to bring Whistler's technology to the lucrative Indian Market; and Los Angeles based underwater technical specialist Louis Prezelin, who will be working with Chaz Haba on several of our high profile projects such as the United States Naval project, as well as the highly anticipated Powerski project.
President Holly Roseberry stated, "As you can see we have many projects underway, and we are pleased that with the addition of the new specialists to our development team we will be able to bring our products to market at an accelerated pace."
Holly Roseberry President
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.