LAS VEGAS, April 20, 2004 (PRIMEZONE) -- Whistler Investments Inc. (OTCBB:WHIS) (http://www.whistlerinvestments.com) subsidiaries, R-Electric Car Company (http://www.r-electriccar.com) Global Electric Corporation, (http://www.globalelectric.com) and Solium Power Corp (http://www.soliumpower.com) emerging leaders 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 and invite the public to tour our development site in Van Nuys, Calif., on Friday April 23rd at 9:00 am, by contacting us at http://www.info@whistlerinvestments.com for your pass.
This tour will give you a chance to see our technology and understand what we mean when we say, ". . . changing the world by reinventing power . . ."
Background
Whistler Investments 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.
Whistler 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 1970'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.
COMPANY RESTRUCTURE
The company is restructuring by putting in place three divisions, each a wholly owned subsidiary of Whistler, and allocating the licensing rights for the various applications into each applicable Division.
Global Electric Corp will hold the licensing rights for all product development other than four-wheeled vehicles.
R-Electric Car Co. will hold the licensing rights for product development for all four-wheeled vehicles.
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.
China
Upon invitation from Geely Corporation, executives from Whistler Investments and Mr. Chaz Haba traveled to China and met with the Motorcycle Division and the International Trade Division of Geely Corporation. We are currently in the process of incorporating in China to position ourselves for pursuit of joint ventures. We have signed an agreement with Geely for a proposed joint venture and are now in the stages of concluding the formal joint venture agreement.
June 2 through June 6, Whistler Investments will be participating in the Asian Pacific Economic Conference (APEC). This is a conference hosted in Qingdao, China (www.apec-qingdao.cn) attended by representatives from at least 21 countries. We are confident that our technology will be well received since many countries are currently facing the challenge of pollution-control. We will introduce our technology to the Asian market. To view the footage and live demonstrations of our previous conference (GLOBE 2004 in Vancouver, BC Canada), please visit http://www.whistlerinvestments.com/video.html.
Powerski On December 30, 2003 we announced that we had secured a joint venture with Powerski International http://www.powerski.com, to create another model of Powerski's flagship product, the Powerski JetboardTM, 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 May. Upon completion, we expect the board to travel at 30 to 40 MPH, for over 1 hour.
US Navy
On February 5, 2004 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 3kw prototype for this project, and we anticipate the prototype will be ready for testing by the Navy in May. We are also making a proposal for the Navy for a 100kw unit.
R-Electric Car Corp.
We engaged California-based Cinema Vehicles http://www.cinemavehicles.com, to develop and build the highly anticipated R-Car. 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 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 EarthFair 2004 in San Diego, Calif. on April 25, 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. Interface of the electric motor and controller is being machined and engineered. Assembly will begin in May.
ATV
R-Electric Car has completed conversion of ATV's that are being tested. We have also developed a next generation ATV with independent suspension. This ATV was displayed at the Globe 2004 in Vancouver, BC Canada, this ATV can be viewed at http://www.whistlerinvestments.com/video.html.
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 now received the approved plan and are currently renovating this Solar House. Construction completion and testing is anticipated by Summer 2004.
President Holly Roseberry stated, "We are fortunate to have an enthusiastic and dynamic team, working on many fronts at the same time and hope 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.