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KleenAir London Taxicab Trials to Commence and Announces Planned Share Buyback

4 January 2001

KleenAir London Taxicab Trials to Commence and Announces Planned Share Buyback

    NEWPORT BEACH, Calif.--Jan. 4, 2001--KleenAir Systems Inc., (OTCBB: KAIR) which was recently awarded a U.K. government funded grant is to begin extensive tests this month of its NOxMaster(TM) NOx reduction system on London Taxicabs.
    As was recently announced by the Central London Partnership (CLP) tests are currently being conducted on a number of London Taxicabs of a variety of Diesel Oxidizing Catalysts with the goal of reducing particulate emissions by 25%. KleenAir's system combines the benefits of an oxidizing catalyst with its proprietary NOx reduction system and thus adds significant reduction of NOx of which the standard oxidizing catalyst is not capable.
    KleenAir has a unique computer controlled ammonia system, the NOxMaster(TM), which, when injected into the exhaust stream, interacts with NOx produced during combustion. The result converts environmentally hazardous NOx into harmless nitrogen and water. In addition, the company's catalytic converters significantly reduce particulates as well as hydrocarbons (HC) and carbon monoxide (CO).
    Successful demonstration of NOx and particulate reduction on London Taxicabs not only opens up a retrofit opportunity for approximately 40,000 in-service cabs, but also opens the way to a very substantial retrofit and OEM opportunity for all diesel powered passenger vehicles in Europe.
    Such vehicles represent approximately 30% of all new light duty vehicle production in Europe, some 5 million OEM vehicles annually. More than 20% of the currently registered 170 million vehicles in the European Union are estimated to constitute a retrofit market opportunity for the NOxMaster(TM), a total of some 34 million cars.
    Tests on KleenAir's heavy duty NOxMaster(TM) system are underway at UC Berkeley as part of the company's preparation for the Urban Bus and Truck heavy duty diesel retrofit markets and for the California Air Resources Board retrofit certification program.
    The Board of Directors has reviewed its valuation with its financial advisors and concluded that the company's stock is currently significantly undervalued. It therefore proposes to buy back up to one million shares during the current year.

    Safe Harbor Act Disclaimer

    The statements contained in this release and statements that the company may make orally in connection with this release are not historical fact and are forward-looking statements within the meaning of the private securities Litigation Reform Act of 1995. Actual results may differ materially from those forward-looking statements, as such statements involve risks and uncertainties that could significantly impact the company's business and the actual outcome and results may differ materially.