GloTech Industries, Inc. Completes Reorganization as a Public Company

Stock Begins Trading Today Under Symbol 'GTHI'

GAINESVILLE, Fla., March 31 -- GloTech Industries, Inc. (BULLETIN BOARD: GTHI) www.glowbike.com , today announced the completion of its reorganization, and the Company's common stock will begin trading on the OTC Bulletin Board market today, March 31, 2003, under the symbol "GTHI".

GloTech Industries is a technology-based company, headquartered in Gainesville, Florida, which develops, manufactures, and markets products based on patent-pending electroluminescent (EL) technology developed at the University of Florida. International patents were filed in September 2002.

"GloTech Industries started as an idea at the University of Florida's Center for Entrepreneurship and Innovation (CEI) in Gainesville and has attracted national and international interest from various public and private organizations," stated Heinz Fraunhoffer, Chief Executive Officer of the Company. "We will soon introduce a number of products into the market, including the GlowFrame(TM), the Wedge(TM), and the GlowVest(TM). Additional innovations are under development, and the Company's goal is to become the leading developer, manufacturer and marketer of EL-technology based products."

Management's growth strategy will focus on alliances with national companies and organizations that are capable of offering GloTech Industries' products to markets with substantial revenue potential. "We plan to pursue strategic alliances and co-branding opportunities to achieve rapid market penetration," continued Fraunhoffer. "To date, we have aligned ourselves with the Safer Routes to School Program, Parent Teacher Associations (PTAs), and various college and university student government organizations, all of which actively promote bicycle safety. A number of new marketing initiatives will be announced in coming months."

The initial development and commercialization of GloTech's technology was inspired by a number of startling statistics that include the following: Approximately 5,500 pedestrians and 1,000 cyclists are killed, and 95,000 are injured, by motor vehicles each year. Approximately 50% of these accidents occur after dark. (Source: Accident Facts, National Safety Council). Most motorists involved in car/bicycle collisions report that the accidents occurred because the bicycles and riders were not visible. These accidents and deaths account for an astonishing $8 billion in medical and related costs each year. (Source: U.S. Department of Transportation). Nighttime bicycle riding has been judged 7.5 times more risky than daylight riding, according to the U.S. Consumer Products Safety Commission.

The Company has initially branded three products that are being taken to market:

   -- The GlowFrame(TM) kit, with four EL lamps (0.25 inches wide and
      12 inches in length), is designed to approach the vehicle safety
      market.  The GlowFrame(TM), which attaches to the frame and seat stays
      of a bicycle, enhances the safety of cycling at night, dawn or dusk by
      dramatically improving the overall visibility of the bike and creating
      a distinctive pattern that is recognizable by motorists as that of a
      bicycle.  This application can also be customized for other modes of
      transportation, such as motorcycles, water sportscraft, and private
      aircraft.

   -- The Wedge(TM) consists of two EL lamps with adhesive backing that can
      be applied to kids' backpacks, bike helmets, motor scooters,
      wheelchairs and similar products.

   -- GlowVest(TM) products, which utilize similar EL technology and the
      same power pack, are designed for joggers, walkers, law enforcement
      personnel, construction crews, airport ground operators, the military
      and others that need to be highly visible at night.  EL strips are
      attached to the front and back of a lightweight mesh vest and
      activated by the Company's standard power pack.  Various colors and
      lettering on the EL lamps provide for a variety of usages in signal
      application.  The technology can also be applied to illuminate apparel
      containing sports and other logos.

GloTech will initially focus its efforts on the vehicle safety and apparel markets, while exploring other opportunities for its EL technology. The U.S. and European markets collectively represent 200 million existing bicycles and annual sales of over 40 million new bicycles. The global bicycle industry, including bicycles, parts, and accessories, is estimated to generate retail sales in excess of $20 billion annually. Worldwide, approximately 500 million people jog, walk and purchase accessories regularly; and apparel worth $50 billion is purchased annually by sports fans.

Additional details about the reorganization and the Company will be filed on Form 8-K with the Securities and Exchange Commission.

This press release contains certain forward-looking statements, which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Expressions of future goals and similar expressions reflecting something other than historical fact are intended to identify forward-looking statements, but are not the exclusive means of identifying such statements. These forward-looking statements involve a number of risks and uncertainties that could cause actual results to differ materially from those currently anticipated. Factors that could cause or contribute to such differences include, but are not limited to market acceptance of products and technologies. The Company's ability to continue to secure sources of financing and other factors as described in the Company's filings with Securities and Exchange Commission. The Company undertakes no obligations to revise or update any forward-looking statements in order to reflect events or circumstances that may arise after the date of this press release.

For more information please contact

Heinz Fraunhoffer, President and CEO at (352) 334-7245