Borealis Exploration Limited Announces Corporate Changes

    GIBRALTAR--July 11, 2001--Borealis Exploration Limited (BOREF) announces that as of 1 July 2001, its share transfer agent is OTR Securities Transfer Agent and Registrar, 317 SW Alder, Suite 1120, Portland, Oregon 97204.
    OTR is now the transfer Agent for all the Borealis Family of companies including: Power Chips plc, Cool Chips plc, Chorus Motors plc, Photon Power Limited and Roche Bay Mining Company Limited. All corporate functions of the Borealis group of companies have now been relocated outside of Canada.
    In addition, we are pleased to report that BDO Fidecs Management Limited, Gibraltar, have become the Corporate Secretary for all the companies in the Borealis Family of Companies.
    All of the Borealis Families of Companies have been domiciled in Gibraltar for several years, with all Corporate Activities under the direction and Control of the Gibraltar Authorities. Borealis Exploration Limited re-domiciled to Gibraltar on 19 October 1998 from Canada where the company was originally chartered under an Act of Parliament, 26 August 1968, as a Dominion Chartered Company.
    With the move to OTR as transfer Agent, Borealis Exploration Limited has no further corporate presence in Canada. As Borealis does not trade on any Canadian Stock Exchange, General Corporate Counsel has informed management that, that in their opinion, further Canadian reporting is no longer necessary.
    Our Corporate Secretary, BDO Fidecs Management Limited, is managing all of the company's compliance obligations in the United States where we will continue to file with the SEC as we have for almost 20 years, as well as in Gibraltar.
    The Annual Meeting for each of the Borealis Family of Companies is set for 11 September 2001 in our Corporate Offices in Gibraltar and all shareholders who cannot attend in person can attend on the web, using any standard browser. This will be our third year of real-time, web based annual meetings.
    Borealis trades in the USA under the symbol BOREF with Market Makers posting bid and ask prices through the facilities of the Pink Sheets (www.pinksheets.com). It is the company's policy to maintain this listing while seeking further listings in the European Union, of which Gibraltar is a member.
    Borealis Exploration Limited has 5,000,000 shares outstanding. Borealis' business is reinventing the core technologies used by basic industries, including electric motors, steelmaking, electrical power generation, and cooling and refrigeration.

    Forward Looking Statement at http://www.borealis.gi/fwdlook.shtml