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BOREF, COLCF, CHOMF & Power Chips Press Release Dated 3 Sept 2003


Borealis Exploration Limited
Gibraltar, 3 September 2003



Professor Giulio Pontecorvo, a world-recognized expert on the linkages among economics, science and the environment, has been elected to the boards of directors of Borealis Exploration Limited and its majority-owned subsidiaries, Chorus Motors plc, Cool Chips plc and Power Chips plc.

Dr.   Pontecorvo is Professor of Economics Emeritus at Columbia University in New York City.   He has been director of the Center for International Business Cycle Research, director of the Program for Studies of the Modern Corporation and director of the Columbia Energy Forum, all based at Columbia University.   He has also served on many scientific and environmental boards, including the Council on Ocean Law, the Environmental Impacts of Resources Management Panel of the National Research Council and the executive committee of the Law of the Sea Institute.   Professor Pontecorvo has advised the United Nations, the World Bank and other multilateral organizations on a variety of economic and environmental issues.   He has published widely on economic, financial and environmental topics.

Isaiah W. Cox, President of the Borealis Companies, said, “Giulio Pontecorvo is one of the world’s most knowledgeable experts on the nexus of economics, energy and the environment -- just where our research is focused and our companies operate.   Giulio has been a Borealis shareholder and a supporter of our research work for many years, and we are delighted that he has agreed to join our boards of directors.”

Professor Pontecorvo said, “Technological change is the basis of economic development and improvements in our standard of living. Borealis is at the forefront of new technology, and therefore it is a privilege to be a part of their work.”

Borealis Exploration Limited (BOREF) is a scientific research and development company inventing fundamental new technologies for basic industries, and operating through several subsidiaries.   Chorus Motors plc (CHOMF), which can be found at, has developed the Chorus Motor(R), a significantly improved electric motor that provides much higher torque at lower cost for traction applications such as electric vehicles.   Cool Chips plc (COLCF), found on the web at, has developed the Cool Chip(TM), a wafer-thin quantum tunneling device that pumps heat to produce cooling or refrigeration more efficiently than any existing technology.   Its sister company, Power Chips plc, located at, has developed the Power Chip(TM), a similar quantum tunneling device that produces electrical power more efficiently and at lower cost than does any other existing or emerging technology.   Borealis and its subsidiary companies are incorporated in Gibraltar.   Information about the parent company is available at .

For more information, contact:

Chris Bourne
Head of Public Relations, the Borealis Family of Companies
+44 (0)2 8571 5216

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