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Technology Stocks : Intermagnetics (IMG) -- Ignore unavailable to you. Want to Upgrade?

To: Gerald Thomas who wrote (2875)	9/18/1998 9:07:00 AM
From: Gerald Thomas	Read Replies (1) \| Respond to of 3448

PowerCold Corporation Enters Into an AgreementWith Intermagnetics General Corporation September 18, 1998 08:41 AM CIBOLO, Texas--(BUSINESS WIRE)--Sept. 18, 1998--PowerCold Corporation PWCL announced today that Intermagnetics General Corporation IMG purchased for $1,000,000 an aggregate of 1,250,000 shares of the Company's Series A Preferred Stock, par value $0.001 per share; and PowerCold granted Intermagnetics General Corporation a purchase option to acquire up to 50% of the fully diluted equity of the Company. The purchase option is exercisable at a per share price of the lesser of $3.00 or a market price calculation of the common stock, for an option term no later than March 31, 1999. Various restrictions are also imposed on certain PowerCold Shareholders' ability to transfer or dispose of their stock as well as allowing Intermagnetics General Corporation to nominate individuals as directors of the Company. Copies of all definitive Agreements referencing the above will be filed with the SEC. Frank L. Simola, CEO of PowerCold, stated " we are very excited to have the financial support of Intermagnetics General and their related industry support for the refrigeration business." Intermagnetics is the largest integrated U.S. developer and manufacturer of low-temperature and high-temperature superconducting magnets, wire and cable, as well as associated low-temperature refrigeration equipment, and radio-frequency (RF) coils, the combination of which is essential to successful application of superconductivity such as Magnetic Resonance Imaging (MRI). The Company is dedicated to the development and commercialization of applied superconductivity and refrigeration systems to the electric energy industry. The Company also supplies permanent magnet systems, materials separation equipment and FRIGC(R) refrigerants as replacements for ozone-depleting refrigerants. PowerCold Corporation is a solution provider of energy efficient products for the multi-billion dollar refrigeration, air condition and power industries. The company's focus is to pursue synergistic business alliances for its technology with major utilities and related companies, and to provide customers with products and systems that allow them to benefit from current changes occurring in the natural gas and electrical utility marketplace. PowerCold Companies include: Technicold Services, Inc. - provides refrigeration engineering consulting services. RealCold Products, Inc. - designs and packages refrigeration and freezer systems. Nauticon, Inc. - manufactures and markets evaporative heat exchange systems. PowerCold recently signed an agreement to acquire 80% of Channel Ice Technologies - a proprietary, patented multi purpose freezing system. PowerCold also owns a 30% equity interest in Rotary Power International, Inc., which manufactures and markets rotary power engines. For Additional Information: Frank Simola 210-659-8450 E-Mail address: franks@ucsc.com Internet address: www.powercold.com