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Borealis Press Release Dated 31 October 2001

PRESS RELEASE

(Applies to: BOREF)
Gibraltar 31st October 2001

BOREALIS UNVEILS RADICAL NEW TECHNOLOGIES

Borealis Exploration Limited (BOREF) a research and development company developing significant new technologies for established industries, is developing a portfolio of new technologies that provide an opportunity forindustry to re-energize markets in the current economic downturn.

Borealis is releasing, for the first time, photographs of its proprietary Cool Chip™, Power Chip™ and Chorus Motor™ technologies, which the company believes will play a dominant role in bringing about this resurgence - a new Industrial Revolution.   These photographs show working laboratory prototypes that demonstrate the technologies in question.   The company is in discussion with market leaders to license these technologies for commercial use.

The new photographs can be seen at http://www.borealis.gi/technology/photos.shtml.

Most of the core technologies that underlie the modern industrial world were invented in the last half of the 19th Century.   While these technologies have been greatly improved in the century-plus since their invention, they have not been fundamentally changed.

What Borealis has done is to take key discoveries in science from the last 100 years and apply them to the 19th century basic industries.   By rethinking basic technologies in light of recent scientific advances, Borealis has been able to reinvent some of the world's core industrial technologies to make them more useful and more efficient for the 21st Century.

Cool Chips™ are small solid-state devices that pump heat to provide refrigeration, air conditioning, or localized cooling.   They are projected to bemore efficient than any competing technologies, as well as significantly smaller and lighter.

Power Chips™ are small solid-state devices which create electric power by harnessing heat flow.   Potential applications include power generation, electric and hybrid-electric vehicles, waste heat recovery, converting solar energy, and geothermal power production.

The Chorus™ Motor uses new controllers and windings to substantially increase the efficiency of AC motors.   Characteristics include very high start-up torque and greater efficiency, within standard operating temperature limits.   Suitable applications include traction motors, elevators, locomotives, marine engines and electric or hybrid-electric vehicles.

The Borealis Industrial Revolution is thus the reinvention of some of the basic technologies of the industrial economy by exploiting the scientific advances ofthe last century to create new technologies that are more efficient, use lessenergy and fewer materials, protect the environment, and better serve the modern world.

Borealis Exploration Limited, based in Gibraltar, has 4,942,197 shares outstanding.

For further information please contact:

Chris Bourne

Director of Public Relations

Tel: +44 020 8571 5216
Fax: +44 020 8455 8701

email: pr@powerchips.gi
Forward Looking Statement at http://www.borealis.gi/ForwardLookingStatement.htm


Last Updated on October 31, 2001.