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To: Rocket Red who wrote (110976)	11/19/2002 7:03:53 PM
From: Jim Bishop	Respond to of 150070

Global Thermoelectric Inc. Announces Initiatives to Maximize Shareholder Value; Retains Salomon Smith Barney TSX STOCK SYMBOL: GLE Web site:www.globalte.com CALGARY, Nov. 19 /CNW/ - Global Thermoelectric Inc. ("Global" or the "Company") announced today a three point plan to maximize shareholder value. The Board of Directors of Global believes that the current trading price of Global common shares does not reflect either the intrinsic value of its Solid Oxide Fuel Cell ("SOFC") technology or its current internal financial resources. The Company has expended $60 million since 1997 on its SOFC technology and, in the Company's opinion, has become the world leader in planar SOFC technology. It has assembled a team of world-renowned experts in fuel cells and has consistently demonstrated leading technical achievements including: - Cell membrane power densities that the Company believes exceed most, if not all, other demonstrations using planar SOFC commercial size membranes. - Cell membrane operating life that approaches near commercial performance specifications. - Fuel cell stack reliability and operating life which also approach near commercial standards for initial niche-market applications. - Prototype testing that has demonstrated cell, stack and balance of plant achievements in a system environment operating on natural gas. Currently, the Company is testing six prototypes at its Calgary facilities. The Company believes that significant additional expenditures on research and development activities and capital equipment will be required in order to establish a commercially viable fuel cell business. Furthermore, the Company believes that to attain fuel cell commercial viability, additional markets must be targeted which operate with higher power output ranges than those currently addressed by the Company. As of September 30, 2002, the Company had approximately $101 million of cash and short-term investments on hand, which approximated $3.42 per share (basic) and had $208,000 of long-term debt. The Company's thermoelectric generator division is experiencing significant year-over-year growth with a 28 percent increase in revenues in the nine month period ended September 30, 2002 and a 133 percent increase in pre-tax profitability determined on a segmented basis. As part of its three point plan, the Company has retained Salomon Smith Barney for the purposes of reviewing strategic alternatives to maximize shareholder value. These alternatives may include the sale of the Company's SOFC division, strategic partnering to strengthen the Company's ability to commercialize its technology or other initiatives consistent with the goal of maximizing shareholder value. Secondly, the Company has initiated cost reduction programs to reduce all expenditures not directly related to core technology development. Excluding its generator division and core fuel cell development departments, the Company will immediately reduce its staffing levels by 30 percent. Thirdly, the Board has approved the filing of a Notice of Intention to make a normal course issuer bid with The Toronto Stock Exchange, for the purchase, subject to regulatory approval, of up to 1.45 million common shares representing five percent of its issued and outstanding Common Shares at November 19, 2002. The Company will communicate further material developments related to this plan if and when they arise. Company Profile Global Thermoelectric Inc. is a world leader in the development of SOFC products. The Company is also the world's largest manufacturer and distributor of thermoelectric power generators for use in remote locations. Global is developing fuel cell products that are compatible with natural gas or propane. The Company is currently prototyping systems to address residential and remote applications. Global is listed on The Toronto Stock Exchange (stock symbol: GLE). Forward-looking statements This news release contains forward-looking statements about the Company, the development of its technologies, and the establishment of its strategic business relationships. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects," "anticipates," "believes," "intends," "estimates," "projects" and similar expressions, or that events or conditions "will," "may," "could" or "should" occur. These forward-looking statements are subject to various risks, uncertainties and other factors that could cause the Company's actual results or achievements to differ materially from those expressed in or implied by forward-looking statements. These risks, uncertainties and other factors include, without limitation, uncertainty as to the Company's ability to successfully implement its business strategy; the risk that development projects will not be completed successfully or in a timely manner; a dependence on the contributions and performance of the Company's major alliance partners; the ability of the Company to successfully negotiate and execute definitive agreements governing its relationships with its major alliance partners; the development of competing technologies and the possibility of increased competition; fluctuating energy prices; uncertainties involving government policies and government regulations affecting the Company's business; and other factors identified in the Company's Annual Information Form and other reports filed with securities commissions in Canada and available at www.sedar.com. Forward-looking statements are based on the beliefs, opinions and expectations of the Company's management at the time they are made, and the Company does not assume any obligation to update its forward-looking statements if those beliefs, opinions or expectations, or other circumstances should change. %SEDAR: 00002531E -30- For further information: please visit our web site at www.globalte.com or contact Mark Kryzan, Director, Corporate Affairs at (403) 204-6100; To request a free copy of this organization's annual report, please go to newswire.ca and click on reports@cnw. GLOBAL THERMOELECTRIC INC. has 49 releases in this database.

To: Rocket Red who wrote (110976)	11/20/2002 2:05:11 PM
From: Jim Bishop	Read Replies (1) \| Respond to of 150070

Global Thermoelectric says may sell fuel cell unit Tuesday November 19, 7:11 pm ET CALGARY, Alberta, Nov 19 (Reuters) - Global Thermoelectric Inc. (Toronto:GLE.TO - News) said on Tuesday it may sell the fuel cell unit that had once made it a potential star in the alternative energy field. The Calgary-based company said that while it believed its solid oxide fuel cell (SOFC) technology system was becoming a scientific success, it would need "significant additional expenditures" to make it commercially viable. Investors who once warmed to fuel cell companies like Global Thermoelectric have battered those shares over the past two years amid fears the environmentally friendly technology will never get out of the development stage. Global Thermoelectric's shares closed at C$2.16 on Tuesday before its announcement, having risen above $44 in early 2000 when it was still in the early stages of developing its technology. The company said on Tuesday it has hired the investment firm Salomon Smith Barney to explore the possible sale of its SOFC division or to find a partner to develop the technology for commercialization. At least one analyst recently said one of Global's most valuable assets was actually its cash reserves, which the company estimated on Tuesday were about C$101 million, or C$3.42 per share. It has about C$208,000 in long-term debt. The company said on Tuesday it plans to use some of that cash to buy back up to 1.45 million shares, or about 5 percent of its common shares outstanding. Global Thermoelectric said it was also cutting costs by reducing staffing levels in non-core projects by 30 percent. It's statement on Tuesday did not estimate how many jobs would be lost or how much money it expected to save. The fuel cell industry has been hit by several shakeups. Plug Power Inc. (NasdaqNM:PLUG - News) announced this month that it would buy rival H Power Corp. (NasdaqNM:HPOW - News), while Ballard Power Systems (Toronto:BLD.TO - News) said it was trimming some development work to speed other products to market. Fuel cells produce energy through electrochemical reaction rather than mechanical action, such as with an internal combustion engine. $1=$1.58 Canadian)