iQ Power Completes US$1.4 Million Financing

MUNICH, Germany, Jan. 27, 2004 -- iQ Power Technology Inc. (IQP: OTC Frankfurt; IQPR: OTC US Bulletin Board) (German Securities ID Number (WKN) 924110) advises that it has closed the private placements announced in November 2003. The Company raised gross proceeds of US$1,412,500. The funds are being used to retire debt and for general working capital.

  iQ Power Technology Inc.

  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.

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.

For information about iQ Power, please visit our website at: www.iqpower.com or contact iQ Power Technology Inc., Corporate Relations, Attn: Russell French +1(604) 669-3132, e-mail: iqpt@aebc.com