Global Thermoelectric Inc.

On August 22, 2000, Global Thermoelectric Inc., a Calgary-based corporation listed on the Toronto Stock Exchange, completed a private placement of 2,900,000 special warrants at a price of $34.50 per special warrant for gross proceeds to the company of $100,050,000. Global subsequently filed and received a receipt for a Short Form Prospectus qualifying for distribution the common shares issuable upon exercise of the special warrants. Global intends to use the proceeds from the offering to accelerate its solid oxide fuel cell research and development program, including more rapid and extensive deployment of a broad spectrum of prototypes.

Global was represented by Dan Kolibar and Keith Chatwin from the Calgary office of Borden Ladner Gervais LLP. The underwriters for the offering were represented by Sonia Yung and Kevin Rooney of Aird & Berlis in Toronto.