Electric & Gas Technology, Inc., Acquires Additional Manufacturing Facilities to Expand It's WATERMAKER(tm) production

ARCHIVED 2002–2016: Originally distributed via the eWire press wire service. Preserved as historical record.

Electric & Gas Technology, Inc., Acquires Additional Manufacturing Facilities to

Expand It's WATERMAKER(tm) production

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FOR IMMEDIATE RELEASE

Electric & Gas Technology, Inc., Acquires Additional Manufacturing Facilities to

Expand It's WATERMAKER(tm) production

TEXAS, DALLAS, Aug. 12 -/E-Wire/-- Electric & Gas Technology, Inc. ("ELGT") NASDAQ Bulletin Board announced today execution of an option to acquire all of the assets and business operations of Garland Manufacturing, Inc. ("GWI") manufacturer of custom and premium metal enclosures and devices for customers in the telecommunication, defense and other industries.

ELGT will establish a subsidiary company named Logic Metals Technology, Inc ("Logic") similar to ELGT's previously owned subsidiary which was sold in 1997 for $23 million.

ELGT will own 80% of the Logic subsidiary and Mr. Ken Wilemon, a long time professional who previously was CEPO of Logic is now the President of ELGT's new Logic subsidiary and will own 20% of said corporation.

An important result of the acquisition will permit ELGT's Atmospheric Water Technology, Inc. ("AWT") to now have such self contained capability to fabricate the metal enclosures and components necessary for AWT to manufacture and assemble its U.S. Patented WATERMAKER (tm) products which are being marketed throughout the World.

The acquisition will require cash and assumption of debt in the amount of approx. $670,000 plus issue of 400,000 shares of newly issued restricted ELGT common stock based on the financing to be completed by Interfederal Capital, Inc. an affiliate of ELGT

The addition of the Logic subsidiary will result in total ELGT consolidated sales of approximately $15,000,000 based on the operation of ELGT's subsidiaries of Hydel Ltd, Reynolds Equipment Company and Logic Metals Technology, Inc. All being profitable plus the Atmospheric Water subsidiary which is anticipated to become profitable during 2003.

ELGT has invested more than $ 3.5 million in its Watermaker business which now has resulted in owning three U.S. Patents and two copyrights and which marketing program is targeting more than $1 billion potential to satisfy the existing severe contamination and shortages of healthy drinking water which ELGT's WATERMAKER system now produces to quantities from five gallons per day on up to 500,000 gallons per day depending in customer requirements and funding available.

ELGT plans to authorize severe litigation and prosecution against unscrupulous individuals and companies that have previously purchased our smaller 5 gallon per day WATERMAKERS and are copying same and are in full violation of our U.S. Patents.

It is anticipated that ELGT's option to acquire Logic will be exercised on or before September 15, 2002.

SAFE HARBOR INVESTMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995

This press release contains forward-looking information within the meaning of Section 29A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events, or performances, and underlying assumptions and other statements, which are other than statements of historical facts. Certain statements contained herein are forward-looking statements and, accordingly, involve risks and uncertainties, which could cause actual results or outcomes to differ materially from those expressed in the forward-looking statements. The Company's expectations, beliefs and projections are expressed in good faith and are believed by the Company to have a reasonable basis including without limitations , managements examination of historical operating trends, data contained in the Company's records and other data available from third parties, but there can be no assurance that managements expectations, beliefs or projections will result, or be achieved, or accomplished.

Electric & Gas Technology, Inc

Electric & Gas Technology, Inc.,

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