PWRE specializes in economically sized installations. I predict that these smaller installations will be hugely popular. Since PWRE's systems are modular as well as relatively small, they can be made using mass production techniques -- certainly not possible in the very big installations. This translates to systems that can be sold at lower prices, & can be readily shipped to almost any location at modest cost. In addition, the modular approach allows for both rapid system installation, & the ability to easily expand capacity at any given site by adding another unit.

Throughout the world, there is a trend toward privatization of both water & power systems. This trend should make PWRE's system even more popular, because smaller private groups can afford PWRE's smaller size system far more readily than they can afford the big installations.

Another important aspect is that private groups are not obstructed & frustrated by bureaucratic impediments -- the big installations are largely done by governments, & getting any governmental body to act with anything near the efficiency of a private corporation is almost impossible. A water plant in California would require 56 permit approvals.

Industry observers have predicted that substantial growth will occur only after a dramatic reduction in both capital & operation costs. PWRE's systems appear to fulfill both of those goals, so I predict PWRE will grow a lot faster than their competition. PWRE indicates that current large scale RO plants produce water at about $0.85 to $1.00 per cubic meter (about 300 gallons) with deteriorating water quality & rising maintenance costs over the life of the plant.

PWRE predicts that it will be able to deliver water from its plants by year end at a cost of $0.75 per cubic meter, with a target of $0.52 per cubic meter within 18 months. The size of the markets should expand with the lowering of the initial plant costs & their very competitive water costs.

Product

PWRE calls its system the "H2Okw(TM) Seawater Desalination System." It is a non-metallic vapor compression system. A 100 ton per day system was manufactured, shipped, & installed in Malta in early October 1999 for several weeks of testing & certification by Malta's Institute of Water Technology in accordance with the testing standards of the World Health Organization (WHO) & the U.S. Environmental Protection Agency (EPA).

On 12/10/99, PWRE received Malta's preliminary report of impressive water quality results from its system.

The current standard for water quality by the WHO is 1,000 ppm of dissolved solids. The EPA standard is 500 ppm, the European Union's is 200 ppm. The water PWRE produced from sea water tested much lower (6 to 12 ppm).

On 1/11/2000, PWRE completed its water quality certification of the H2Okw(TM) system at Ghar Lapsi in Malta. All necessary requirements of WHO, U.S. EPA, & European Union water quality standards were met or exceeded. The quality of the drinking water produced by PWRE's system from sea water was so excellent, well below 50 parts per million of total dissolved solids, that testing for residual quantities of many elements & compounds was deemed unnecessary.

The tests were conducted by the Laboratory Division of the Institute of Water Technology of Malta, with analysis & assessment by Richard Morris & Associates of Glasgow, Scotland.

The very basic technology used in PWRE's system is called Mechanical Vapor Compression Distillation (MVCD). It is a mature technology perfected over the last 50 years. Several thousand seawater desalination plants using this basic technology are in operation throughout the world. While PWRE utilizes this proven technology, it has improved upon that technology in terms of reliability & economy. It has added the elements of lower cost production through specialization in mass producing smaller modular systems, green power generation equipment, & state-of-the-art process control.

Alternate Energy Source

On 12/21/99, PWRE formed an alliance with STM Corporation (STM) of Detroit. It provides PWRE with exclusive worldwide rights to STM's external combustion Stirling engine technology for use in perpetuity, initially with desalination systems. Rights to further uses will be developed on a case-by-case basis.

The STM external combustion Stirling engine is capable of running on a wide variety of fuels from natural gas to diesel to solar & biomass energy. It is a clean, highly efficient, silent engine which will allow PWRE to desalinate at a lower cost than competing desalination technologies.

PWRE president Joseph P. Maceda stated: "These engines will be available in the summer of 2000 and will thereby give us "fuel cell" performance without waiting for fuel cells to become economically viable." I did research on Stirling engines while taking my mechanical engineering degree. The engine I tested was a laboratory model -- a far cry from the sophisticated commercialized engine created by STM Corporation in Detroit. I can attest to the fact that a Stirling engine runs relatively silently, because the external combustion Stirling engine I worked on at university was quite a bit more silent than an air compressor, which in turn is more quiet than an internal combustion engine.

STM, at www.stmcorporation.com, displays a solar driven engine funded by the DOE. Variations of this engine have had several hundred million dollars in research funding provided by major corporate partners.

Management

Ms. Gloria Rose Ott is chairman. She is chairman & president of RapidTech, Inc., & held a presidential appointment from 1994 through 1999 to the Board Of Directors of the Overseas Private Investment Corporation (OPIC), an organization that facilitates the $3 billion/year participation of U.S. private capital & skills in the economy of developing nations. She was founding chairman & president of the Manufacturing Technologies Institute, a national industry led initiative to rebuild the U.S. economy through agile manufacturing factories.

Joseph P. Maceda is founder & president. He is a recognized expert on hydrogen fuel cells. He was founder of H-Power of New

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