iQ Power Appoints New Director - Financing Closed

MUNICH, Germany, July 4 -- iQ Power Technology Inc. (OTC Bulletin Board: IQPR; Frankfurt: IQP) is pleased to announce the election of the following directors at its June 30, 2003, annual general meeting: Hans Ambos, Gunther Bauer, Peter Braun, Russell French, Rudolf Heinz, and Gregory Sasges.

Rudolf Heinz is a new member of iQ's board of directors and brings extensive financial and investment experience to the board. He has previously acted as a financial analyst at Deutsche Bank AG, before becoming Head Analyst and, later on, sole managing director of Deutsche Bank Capital Management International GmbH. Subsequently he joined BHF-Bank as the regional manager of its investment department with responsibility for its US, Japanese and English subsidiaries before becoming an independent financial and management consultant. He currently serves as a non-executive Director of Dynamis Sachwert AG. Management of iQ Power believes Mr. Heinz's financial expertise will add significantly to an already strong management team.

All other items of business as disclosed in iQ Power's recent Form 8-K filing were also approved by shareholders.

Lastly, iQ Power is pleased to advise that it has completed its initial 2003 equity placements raising just over $820,000 in equity capital under its amended private placement announced in February 2003 through the placement of just under 2.57 million units.

  Peter Braun
  Peter Braun President

The securities offered will not be or have not been registered under the US 1933 Securities Act and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.

For information about iQ Power, please visit our website at: www.iqpower.com or contact iQ Power Technology Inc., Corporate Relations, Attn: Russell French (604) 669-3132, e-mail: iqpt@aebc.com

The following is a "safe harbor" statement under the private Securities Litigation Reform Act of 1995: Information published by iQ Power contains forward-looking statements regarding anticipated developments and agreements. These forward-looking statements address future events and conditions and involve inherent risks and uncertainties that may cause actual results to differ materially from anticipated results. Such risks and uncertainties include, but are not limited to, risks associated with iQ Power's ability to achieve the objectives of its business strategy, iQ's ability to raise additional financing on acceptable terms to fund its strategic plan, the accuracy and sufficiency of iQ's anticipated operating budget to implement its strategic plan, risks related to the production and commercialization of the MagiQ 100 battery, potential fluctuations in operating and research and development expenses, iQ closing the acquisition of Gel Technologies, and iQ's ability to generate revenue from the sale of its battery products and licensing its technologies. The reader is cautioned not to place undue reliance on forward-looking statements.