Jersey, developing strategic partnerships with Singapore Technologies, Rolls-Royce, Neste Oy, Siemens, UBM, Duquesne, Sumitomo, Toyota, British Nuclear Fuels, U.S. Dept. of Defense, U.K. Ministry of Defense, & others. He founded Teledata International of New York, creating strategic partnerships with TRW, Johnson Controls, & others.

Robert L. Campbell is VP. He is a pioneer in economic seawater desalination, was founding president & CEO of Advanced Distillation Technology (ADTech), founding chairman & CEO of Advanced CounterMeasure Systems, & founding department manager of the Electronic Warfare Systems group at Watkins-Johnson Co.

J. Michael Hopper is secretary/treasurer. He was president, founder, & partner of Rainbow Video Duplicating, managing partner of Integral Productions, tour operations manager for Arnakata/Secret Management, N.Y. & London, & partner & VP of Mater Dei Productions, Inc.

Robert Zhao, Ph.D. is director of fuel cell technology. He was program manager of high power PEM fuel cells & member of the strategic planning committee at H-Power Corp.

Recommendation

I recommend PWRE for both midterm & long-term appreciation. While PWRE is an early stage emerging growth company, its management has put together a solid technology foundation. Past news releases on its web site show they have signed three initial letters of intent for marketing & distribution using an industrial franchise model.

The areas covered so far are the Caribbean, Greece, & Turkey. Its announcements indicate PWRE is getting ready to sell & ship product this year. If management can execute on its announced manufacturing & financing plans (I feel quite confident they can), this company will be a formidable competitor in providing solutions to the world-wide water shortage & independent "green" power through the Stirling engines. The seawater desalination industry will grow because of population growth, improved standards of living, industrialization, diminishing water quality, diminishing supplies of water, diminishing rainfall, & increasing quality requirements for water. Despite these factors which underlie an expanding market, very few players have entered the industry in the past five years. This gives PWRE an even better opportunity for rapid growth.

The agriculture minister of Cyprus said on 1/17/2000 that more desalination is needed. He based his statement on Meteorological Service figures that showed that throughout the region, precipitation is 17% lower than at the beginning of the 20th century, average temperatures rose 0.8 degrees, rainfall in the last 10 years has been the lowest of any decade in the last 100 years, flow into dams is down 42% over the past 12 years.

Greenpeace is against oil-powered desalination because of global warming. Greenpeace recently launched a campaign to get governments to invest in non-polluting, renewable sources of energy.

All of this type news represents an opportunity for PWRE, because of its strong posture of moving quickly to utilizing non-polluting, renewable sources of energy to provide the power for its desalination plants.

In fact, on 1/18/2000, PWRE & Apollo Water & Power International, a NV corporation, signed an agreement to form a joint venture to sell seawater desalination systems in Greece & Cyprus. The JV should be operational this spring & will be headquarted in Athens, Greece. John Manikas, president of Apollo says: "We are very pleased to be a part of Ocean Power's cutting edge technologies which will prove to be such a vital resource for this region. Ocean Power is a forerunner in the industry & we are certain our combined areas of expertise will result in a dynamic team." PWRE VP Robert L. Campbell stated that the JV should result in PWRE's ability to establish revenue producing plants in Greece & Cyprus this calendar year.

In my opinion, this company is a real sleeper. I think it is one you should definitely investigate. The management team is exceptional -- I feel sure they will be successful in making PWRE a real winner.

I predict that over the long term (I define that as over a year), this situation will appreciate substantially. Over the longer term (two to five years) I would not be at all surprised if the price increased by a factor of 10. Do I represent that such an increase will indeed occur? Absolutely not -- all high potential appreciation emerging growth situations have high risk, so do not invest more in any one situation than you can afford to lose without discomfort. Please do what I always suggest: Call the company & get a personal feel for the situation before investing. You have the responsibility of making your own investment decisions -- do not give up that responsibility.

Contact

Call president Joe Maceda or VP Robert L. Campbell @ 916-933-8100, fax 916-933-8177, or e-mail: jpmaceda@powerco.com or investor@powerco.com www.powerco.com

Industry Commentary

By Tony Velocci

Europe's stock markets are expanding at a torrid pace -- about 30% annually. Last year, shares worth some $10 trillion were traded in all of Europe, with much of the action centered in Germany. Small wonder that investor Todd Moore, co-founder of Wall Street Strategies & a consultant to companies needing to raise money, has been helping some U.S. emerging-growth companies get listed on stock exchanges in Frankfurt, London, & elsewhere.

"Any small U.S. company that is engaged in international commerce should consider listing their stock in the region where they have business ties; it strengthens the stock & helps the company raise equity capital with less dilution," he says. "Buying of equities in Germany, in particular, is very powerful because there is

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