Semikron Limited and Chorus Motors plc Complete Exclusive Agreement Relating to High Profit Drives

HERTFORD, England--Oct. 1, 20035, 2003--Semikron Limited and Chorus Motors plc are pleased to announce a development agreement between the two parties regarding the Chorus Meshcon motor and drive technology.

The agreement gives Semikron exclusive supplier status for certain markets in return for Semikron design and application expertise as it relates to the Chorus Meshcon drive. Semikron is designing Chorus Meshcon integrated power assemblies for test motor and drive systems, and expecting to design and manufacture Chorus Meshcon integrated power assemblies for mass markets, including such possible markets as starter-alternators for cars, conveyors, locomotives, hoists, robotics, printing presses, and an alternative for some hydraulics, where it is desirable for the motor to stop and start frequently, often under load.

The support of Semikron's experienced design team is expected to move Chorus rapidly to market, first via test units which are being offered to major motor and drives companies, and subsequently in mass production for Chorus Meshcon licensees.

Paul Newman, Managing Director of Semikron Limited said, "We are very excited about the Chorus Meshcon technology. We are expecting Chorus Meshcon to lead to considerable new business for Semikron.

"Chorus Meshcon has the potential to deliver sizable profits to motor and drive companies because of its inherently low cost approach. For specific markets, Chorus Meshcon drives will cost significantly less than conventional drives for the same sized motors, and thus the entire motor system will be less expensive as well as offering more flexibility."

Isaiah Cox, President of Chorus Motors plc said, "This agreement is an excellent step forward for Chorus Motors. It gives us a world-class partner in power electronic integration, ensuring that the Chorus Meshcon technology can achieve its fullest product and market potential. It is our expectation that this agreement will lead to enhanced mutual profit as Chorus Meshcon moves to market. Semikron is an excellent partner, and we are very excited about getting Chorus Meshcon to market."

About SEMIKRON:

For more than 50 years SEMIKRON has been manufacturing products in the area of power electronics and is market leader in power modules with a 34% market share in Europe. SEMIKRON boasts 2,500 employees and a global network comprising 53 companies, guaranteeing professional on-site customer service and care. SEMIKRON power electronics includes chips and discrete diodes/thyristors, IGBT/MOSFET/diode/thyristor modules, gate controls, CIB modules (Converter Inverter Brake), IPMs (Intelligent Power Modules) and even complex intelligent converter subsystems. There are 11600 different semiconductors in the product range from 1 W to several MW. These products are mostly used in the drive market, in power supplies, industrial process automation, the energy market, as well as in electric vehicles and automotive.

About Chorus Meshcon:

Chorus(R) Meshcon(TM) is an innovative high phase order motor drive technology. The company says the new Chorus Meshcon design can reduce power silicon costs by up to 70%, creating an attractive profit opportunity for motor and drives companies. Considerable information can be found at www.chorusmotors.gi

About Chorus Motors:

Chorus Motors plc (CHOMF, CUSIP No: X1305M 10 5) has 6,044,289 shares outstanding as of 31 March 2003. Chorus Motors plc is a majority owned subsidiary of Borealis Exploration Limited (BOREF).

Borealis is a research and development company founded in 1968 and based in Gibraltar in the European Union. Borealis 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. For more information and forward-looking statements please visit its web site at www.borealis.gi.

Chorus is a registered trademark of Borealis Technical Limited.