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Metallic Power Strengthens Management Team; Company adds Michael A. Russell as Chief Financial Officer

5 June 2000

Metallic Power Strengthens Management Team; Company adds Michael A. Russell as Chief Financial Officer

    CARLSBAD, Calif.--June 5, 2000--Metallic Power, the leader in developing rapidly refuelable power sources that use zinc, has strengthened its management team with the addition of Michael A. Russell as vice president of finance and administration, treasurer, and chief financial officer.
    The company also recently completed its second round of venture capital funding, in which it raised more than $6 million.
    "We're very pleased to be adding someone of Mike's caliber to our management team," said Dr. Jeff Colborn, chief executive officer of Metallic Power. "He brings a wealth of financial experience from organizations at many stages of development -- from startups all the way to multimillion dollar, publicly-traded companies. His experience with two previous IPOs will be very beneficial to us," said Colborn.
    Russell has more than 20 years of senior financial management experience. Throughout his career, Russell has expertly managed the core functions of finance, accounting, treasury and insurance, as well as purchasing, information systems, and human resources. He has also managed the broader functions of manufacturing planning, receiving and material control.
    Previously, he was vice president, finance and administration for the Financial Solutions Group of HNC Software Inc., a $200 million software developer. Prior to HNC, he held vice president and CFO positions at several high-tech and electronics manufacturers, including Vitesse Semiconductor Corp., Cerwin-Vega Inc., and Micom Systems Inc. Russell has participated in two successful IPOs, raising more than $30 million each for Vitesse and Micom. He has a bachelor of science in electrical engineering and an MBA, both from the University of California at Los Angeles.
    Metallic Power's zinc/air fuel cells offer zero emission, quiet power that is rapidly refuelable and 100% recyclable. The company has patents pending for new air cathodes, electrolyte management, sealed replaceable refueling cartridges, regeneration equipment design and zinc fueling technology.
    The Metallic Power system consists of zinc/air fuel cells and a zinc recycling unit. The fuel cell generates electricity when it combines zinc pellets (1 mm diameter) with oxygen from the air in the presence of an electrolyte, forming zinc oxide, a safe white powder commonly used in skin creams and sunblock. The recycling unit uses wall electricity to convert the zinc oxide back into fresh zinc, which is then recombined with the electrolyte to be reused as fresh "fuel." Zinc offers up to 10 times the energy per pound and per volume of lead acid batteries. The fuel cell has three times the energy efficiency of gasoline engines, and has none of the pollution or noise associated with gasoline or diesel engines, so it can be used indoors. The zinc fuel itself is recycled over and over, forever.
    The company's first product will be a portable power source that produces 2 kW of continuous power and up to 4 kW of peak power, along with a home-sized zinc recycling unit. Other product configurations will follow. The company is also completing development of a pickup truck that will drive 600 miles with one refueling stop. Metallic Power plans a customer evaluation test of the fuel cell system in December of this year and will launch the product in 2002.
    Metallic Power Inc., founded in 1995 and based in Carlsbad, near San Diego, is the leader in developing rapidly refuelable electric power sources that reuse zinc -- creating a new economical clean fuel for electric vehicles and power systems. For more information, visit http://www.metallicpower.com.