WaveCrest Laboratories Names Former NATO Commander General Wesley K. Clark as Chairman

Company Will Commercialize Its Environmentally Friendly Propulsion Technology Across Numerous Transportation and Energy Applications, Including Automobiles

WASHINGTON, April 21 -- WaveCrest Laboratories today announced that Gen. Wesley K. Clark, former Supreme Allied Commander of NATO and one of the nation's most highly decorated military officers, has been named Chairman of the Board.

WaveCrest Laboratories is a Dulles, Va.-based technology company that has developed a breakthrough electric propulsion system that transforms electrical energy into mechanical motion -- and vice versa -- with exceptional power and efficiency. The WaveCrest Adaptive Motor(TM) system has a wide range of transportation, energy and commercial applications, including light transportation vehicles, wheelchairs, windmills, mass transit and automobiles.

"We are delighted to have a person of Gen. Clark's caliber, accomplishments, vision and character to lead WaveCrest," said Joseph Perry, the president of WaveCrest. "His energy and experience will help grow WaveCrest into a world-leading enterprise and continue the rapid development and introduction of our technology."

As chairman of WaveCrest's board, Gen. Clark will provide leadership and direction for the company's business goals and objectives.

"I am excited about joining the WaveCrest team and developing its electric propulsion technology to the fullest," said Gen. Clark. "I believe this technology will make WaveCrest motors the propulsion of choice for the 21st century, leading to a new generation of vehicles with superior operating characteristics and creating a legacy of environmental responsibility."

Added Gen. Clark, "The WaveCrest system eliminates the complex and costly integration of an internal combustion engine, gears, transmission, cooling system and more. WaveCrest's breakthrough approach can replace all these moving parts with a single motor that fits into each wheel. The resulting vehicles will be more powerful and efficient, as well as cleaner, lighter, more reliable and easier to operate."

An Experienced Leader

Gen. Clark is regarded as a leading military strategist, trainer and technologist. His leadership experiences have taken him from Vietnam to Latin America and ultimately to be Supreme Allied Commander of NATO. In that capacity he led a unified force from nearly 40 nations in the Kosovo conflict, which was NATO's first major combat action and the largest air operation in Europe since World War II.

In addition to his role as chairman of the board at WaveCrest, Gen. Clark is chairman and CEO of Wesley K. Clark & Associates, a business services and development firm based in Little Rock, Ark. He is a senior military analyst for CNN and provides expert commentary for the network about the war on terrorism and American foreign policy. Gen. Clark also serves on the boards of Messer-Griesheim, Acxiom Corporation and SIRVA Corporation.

Among his awards are the Presidential Medal of Freedom, the State Department's Distinguished Service Award, five Distinguished Service Medals, the Silver Star and the Purple Heart.

The WaveCrest Adaptive Motor(TM) System

The WaveCrest Adaptive Motor system consists of an adaptive motor, generator and control system. It capitalizes on a convergence of recent technology advances, including microprocessors, semiconductors, power electronics, high-performance software, specialized motor architecture and advanced materials.

The system is the brainchild of two renowned scientists and top WaveCrest executives: Dr. Alexander Pyntikov, a Siberian neurophysicist and former chairman of the Innovation Board of the Russian Government; and Dr. Boris Maslov, an expert on electric motors and controls and the founder of Russia's first private corporation.

Dr. Pyntikov, WaveCrest vice president of corporate development, noted that the WaveCrest system "is dramatically more powerful and efficient than conventional motors and provides a breakthrough in range and applications."

"Conventional motors waste energy at nearly every point of their operation," explained Dr. Maslov, WaveCrest vice president of research and development. "In the WaveCrest system, motors are mounted directly into each wheel of a vehicle and controlled by microprocessors. Flexible, adaptive algorithms dynamically reconfigure the motor to meet exact application requirements, maximizing torque and efficiency in all environments, at all speeds and under all conditions."

Founded in January 2000, WaveCrest Laboratories has received three patents for its adaptive motor technology and has submitted several dozen subsequent applications.

About WaveCrest Laboratories

WaveCrest Laboratories is a leading-edge technology company specializing in electric propulsion systems. The company's WaveCrest Adaptive Motor system transforms electrical energy into mechanical motion -- and vice versa -- with exceptional power and efficiency. This adaptive electric propulsion system will launch a new generation of transportation, as well as wide-ranging industrial and commercial applications. Based in Dulles, Va., WaveCrest Laboratories employs a staff of world-renowned scientists and engineers. Additional information is available on the company's Web site at www.wavecrestlabs.com.