SOURCE: AquaCell Technologies, Inc.

May 29, 2007 08:00 ET

AquaCell Technologies Announces the Closing of the Acquisition of GPM

AquaCell Acquires Patents to Revolutionary Solar Powered Air Conditioner

AquaCell to Manufacture and Sell Solar Powered Air Conditioner

RANCHO CUCAMONGA, CA--(Marketwire - May 29, 2007) - AquaCell Technologies, Inc. ("AquaCell") (PINKSHEETS: AQUA) today announced that it has closed the acquisition of GPM, Inc. GPM manufactures the world's only patented solar powered air conditioner.

James Witham, AquaCell's Chief Executive Officer said, "This acquisition, the culmination of eight months of combined effort on the part of AquaCell and GPM, solidly positions AquaCell in the emerging alternative energy space." Mr. Witham continued, "Having an air conditioner powered through the energy of the sun has far reaching applications for daily cooling requirements for homes and industry, including modular buildings, as well as for emergency backup cooling, such as senior citizen housing and remote telecommunication facilities."

AquaCell's solar powered air conditioner uses less than 25% of the power of traditional air conditioners of the same size. Using DC (direct current) power, AquaCell's solar powered air conditioner can be powered by only two photovoltaic (solar) panels, freeing the user from the electric utility grid. It is the only climate control equipment in the world that takes direct, renewable DC input to power its internal 24-volt operating system. Use of the air conditioner eliminates the risk of loss of air conditioning due to power shortages and blackouts.

The initial versions of the solar air conditioner have been purchased by the US military, corporations and international real estate developers. In connection with the acquisition, the manufacturing will be relocated from Texas to Southern California.

Kevin Spence, AquaCell's President and CFO said, "We are extremely excited to enter the alternative energy space with an affordable solar powered air conditioner." Mr. Spence continued, "The solar powered air conditioner provides climate control at a fraction of the cost of powering traditional air conditioners. We are excited to be a part of the effort to reduce greenhouse emissions by taking users off of the power grid."

Since announcing the letter of intent, AquaCell has received numerous purchase requests and interest from varied market segments that have been seeking green solutions to reduce energy dependence, pollution and global warming, while at the same time dramatically reducing energy costs.

Brighton Capital, Ltd. of Los Angeles, CA, assisted and advised AquaCell Technologies in the connection with the identification and negotiation of the acquisition with GPM. Brighton Capital has also been retained by AquaCell to identify other possible acquisition candidates in the renewable/alternative energy space.

About AquaCell Technologies, Inc.

AquaCell Technologies, Inc. is based in Rancho Cucamonga, CA. Historically, its AquaCell Media, Inc. subsidiary installed its patented self-filling Aquacell 1000 Bottled Water Cooler Systems free of charge into various locations generating revenue through the sale of advertising. AquaCell's direction will now be focused on the acquisition and growth of GPM and other similarly related businesses in the renewable/alterative energy space.

Safe Harbor. Statement Under the Private Securities Litigation Reform Act of 1995.

Certain statements in this press release constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performances or achievements expressed or implied by such forward-looking statements. Forward-looking statements include, but are not limited to, statements about: our ability to continue relationships with customers; our ability to offer our products at competitive prices; and our ability to use the most current technology for our products.

Contact Information

  • Contact:
    Karen Laustsen
    (909) 987-0456, Ext 29