Advanced Engine Technologies Shareholders Elect Board Members, Ratify Audit

           Company Unveils Information Hotline to Update Investors
                      On the Latest OX2 Engine Progress

    LOS ANGELES, Jan. 24 Advanced Engine Technologies, Inc.
(OTC Bulletin Board: AENG) shareholders elected the company's new Board of
Directors and ratified the appointment of independent auditors for the
recently completed fiscal year at its annual shareholder meeting, held
December 28, 2000.
    Reelected to new terms on the company's board were Advanced Engine
Technologies President and Director Carroll Shelby, Director and Treasurer
Alexandria Phillips and Director Noel Holmes.  Those executives are joined by
newly elected Director Richard C. Ronzi, who recently retired after 38 years
with Ford Motor Company.
    While at Ford, Mr. Ronzi held numerous titles, including Directors, Power
Train Research; Executive Director, Engineering and Manufacturing Staff; Vice
President/Chief Engineer, Ford New Holland; and Chief Engineer,
Transmission/Driveline Engineering.  Mr. Ronzi played a significant role in
Ford's work with the orbital engine, Wankel engines, advanced gas turbines,
Stirling engines and commercial truck direct Diesel engines.
    "Dick brings a tremendous discipline to the entire process, especially in
research and development," stated Carroll Shelby.  "We are honored to have him
as a Board Director."
    Advanced Engine Technologies shareholders also ratified the independent
auditors, Neff & Ricci, LLP, for the fiscal year ended June 30, 2000.
    During the meeting, shareholders discussed the OX2's progress, test plan
and eventual commercial product launch with inventor Stephen Manthey, who was
accompanied by an engine, as well as a cut-out model.
     To update the investment community and all interested parties about the
progress of the OX2 engine, Advanced Engine Technologies has established an
information hotline at (310) 323-2895.

    Safe Harbor Statement under the Private Securities Litigation Reform Act
of 1995
    This release may contain forward-looking statement involving risks and
uncertainties that may cause actual future events or results to differ
materially and adversely from those described in the forward-looking
statements.  Important factors that may cause such a difference for AET
include, but are not limited to, whether our engine products are viable,
whether a market for our products develops, our ability to retain key
management, our ability to hire and retain the technical personnel necessary
to build our products, the availability of funding for future operating
requirements, our ability to effectively predict or react to rapid
technological changes that could render our products obsolete, product
development delays, dependence on suppliers, our potential exposure to product
liability and other tort claims if our products fail, our ability to protect
our intellectual property, intellectual property disputes, and other factors
discussed in AET filings from time to time with the Security and Exchange
Commission.  AET cautions that the foregoing list of important factors is not
exclusive.  AET disclaims any obligation to revise or update any
forward-looking statement that may be made from time to time by or on its
behalf.