Ionic Fuel Technology, Inc. Announces Completion of 6 Percent Debenture Financing

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FOR IMMEDIATE RELEASE

Ionic Fuel Technology, Inc. Announces Completion of 6 Percent Debenture Financing

Amount Raised Increase to $660,000 From $600,000 Due to Investor Demand

EUROPE, Jun. 26 -/E-Wire/-- Ionic Fuel Technology, Inc. (OTC Bulletin Board: IFTI) today announced it raised $660,000 through a private placement in Europe and the United States of 6 percent debentures maturing in 2004 with detachable warrants. The Company anticipated raising $600,000, however the amount was increased by 10 percent in response to investor demand.

The proceeds from this financing will fund increased marketing efforts in the United Kingdom and capitalize on recent successes achieved in Europe, such as the previously announced contact with Dalkia S.C.A. and the development of a synthetic conveyor system for the can manufacturing industry. The Company anticipates adding a marketing executive for the United Kingdom by the end of the month and adding two professional technical staff members for its French operations by the end of August.

Mr. Anthony J. S. Garner, chairman and chief executive officer, stated, "We are pleased with the investment community's continued confidence in Ionic. The Company currently has a number of excellent business opportunities and this financing will allow us to aggressively pursue them."

Forward-looking statements made in this release are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that all forward-looking statements involve risks and uncertainties including without limitation risks in technology developments, risks in product development and market acceptance of and demand for the Company's products, risks associated with foreign sales and other risks detailed in the Company's filings with the Securities and Exchange Commission.

Ionic Fuel Technology, Inc. is an environmental and combustion technology company providing environmental solutions, combustion technology and energy utilization products and services to a variety of industries worldwide. The Company provides thermal process consultancy services, "TPS" and management information systems, "MIS," in addition to designing and assembling its proprietary "IFT System" at its offices and manufacturing facility in Laindon, Essex, England. The Company's consultancy services and "IFT System" are marketed in the United Kingdom, Europe and the United States.

Further information on Ionic Fuel Technology, Inc. can be found at the Company's website, http://www.ionicfuel.co.uk.

Ionic Fuel Technology, Inc.

http://http://www.ionicfuel.co.uk

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