American Electric Automobile Company, Inc. Pioneers Development of Electric Boats

    MARKHAM, Ontario--March 2, 2001--American Electric Automobile Company, Inc. (OTCBB:AEAC) is proud to announce its intention to develop a prototype for the production of electric boats, a pioneering concept in watercraft. The Company's wholly owned subsidiary, California Electric Automobile Company, Inc. (CEAC) will take the lead in evolving and testing the model boat.
    "Everyone is concerned with environmental pollution caused by gasoline and diesel-powered boats. It may take time, but we believe electric boats offer a viable solution to this problem, and are the way of the future," said Pierre Quilliam, CEO of CEAC. "The move is a natural extension of our core production of electric and hybrid automobiles, and we are very excited about the market potential of this course of action."

    About American Electric Automobile Co. ...

    The American Electric Automobile Company (A.E.A.C) incorporated in Delaware and operating in California has been successfully converting automobiles to electric power since 1996. The company also remanufactures conventional gas-powered cars into hybrid electric vehicles. Among the remanufactured products are popular vehicles converted to electric power including the Volkswagon Cabriolet, the Ford Escort, and the Ford Ranger pick-up truck. These are designed with a hybrid-electric option in the form of a small on-board, gasoline-powered generator that can recharge the batteries. A.E.A.C. uses DC technology standard components which helps bring vehicles to market at a lower price than much of its competition which uses AC technology. The company's mission is to provide environmentally sensitive, high quality, cost-effective auto transportation through domestic production and cooperative opportunities with global partners.