September 6, 2002
Albuquerque, New Mexico

Qynergy Corporation, a technology startup company based in Albuquerque, announced today that the company has received a significant investment from In-Q-Tel to develop Qynergy's electrical energy technology.  In-Q-Tel is a private venture group funded by the Central Intelligence Agency.

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"We look forward to working with Qynergy on this important and potentially revolutionary enabling electrical energy technology," said Gilman Louie, In-Q-Tel CEO. "In-Q-Tel's portfolio is made up of innovative and critically important commercial technologies that can address the most difficult technology challenges faced by both commercial enterprises and the national security community. Qynergy's proprietary technology offers great promise for leading edge applications for customers in the government and private sector."

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"We're excited about teaming with In-Q-Tel", said Paul Shirley, Qynergy's Chairman and CEO. "Over the course of the last year we've worked closely with Sandia National Laboratories and the University of New Mexico to move this ground-breaking technology from the bench into the commercial arena. During this time we have assembled one of the most experienced and capable technical and leadership teams to be found in the Southwest. And now by partnering with In-Q-Tel, we have taken a huge step towards securing the financial backing necessary to enable our vision of being a world leader in providing energy solutions."

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About the Company: Qynergy is a technology startup company based in Albuquerque, New Mexico with the vision of being the leader in cutting edge energy solutions based on their proprietary QynCell™ technology.  Qynergy is a "technology transfer" company whose technology originated at Sandia National Laboratories and the University of New Mexico.

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"Sandia is very pleased to contribute to Qynergy's pioneering technology base," said David Goldheim, Director of Corporate Business Development & Partnerships at Sandia National Laboratories. "The Qynergy team brings exceptional entrepreneurial talent to the table and is the right fit for leveraging Sandia's energy technology into commercial products that contribute to the nation's security and bring economic development to New Mexico. This is what 'tech transfer' is all about."

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The Technology: Qynergy owns the exclusive worldwide right to develop, manufacture and market QynCell™ devices. The QynCell™ is a revolutionary electrical energy device made possible by an exciting materials science breakthrough. This technology has several unique competitive advantages over other battery/portable energy devices:

• Long-lived batteries: the usable life of the device is potentially several decades, during which time the device does not require external charging.
  
 
• Miniature and Micro Applications: The QynCell™ technology is scaleable and thus can be miniaturized for Micro-Electro-Mechanical Systems (MEMS) MicroPower™ applications and small microelectronics, including "power-on-a-chip" applications. The MEMS Exchange, a manufacturing umbrella organization, projects annual       sales of nearly $100 B by 2010 in new industrial and medical products.

For additional information on Qynergy, please contact us at the address, phone, or email address above.