CYMBET CORPORATION
RECEIVES MAJOR FUNDING

ELK RIVER, MINN., May 7, 2001 -- Victor Weiss, Chairman of CYMBET Corporation (originally incorporated under the name of Integrated Power Solutions Inc.) announced receipt of a $4.5 million private placement of equity securities from two overseas venture capital investment groups, one international group of individual investors and one from Israel.

The Israeli investor is the Millennium Materials Fund 2, whose major participants are the European conglomerates; Siemens AG, Bayer AG, Henkel, DSM (Holland), Schott Glass, Bekeart (Belgium) and Clal Industries (Israel).

Merchant Venture Investments (MVI) is an international equity pool of more than 400 individuals investing jointly in buy-outs and development situations. MVI has offices in Finland, Germany, Italy, Norway, Singapore, Sweden and Switzerland. The investment in CYMBET is managed by MVI’s Finnish office.

CYMBET Corporation was co-founded by Mark Jenson and Genesis Business Centers, Ltd., (Harlan Jacobs) as a development stage company to develop a low cost unique manufacturing process for an advanced solid state lithium ion rechargeable battery. CYMBET Corporation was incorporated in January of 2000 under the name of Integrated Power Solutions and entered the Incubator program of Genesis Business Centers, Ltd. In June 2000 the company entered the Elk River Incubator Program sponsored by the Elk River Economic Development Authority and managed by Genesis. The initial Board of directors and officers included Victor Weiss, Chairman, Mark Jenson, CEO, Harlan Jacobs, Tom von Kuster, and Brian Shiffman.

The new Board of directors and officers are:

	Victor Weiss		Chairman
	Mark Jenson		CEO/President
	Oren Gafri		Director
	Kalevi Puonti		Director
	Brian Shiffman		V.P./ CFO/Secretary

The battery chemistry was developed over a 12 year period at Oak Ridge National Laboratories and has significant advantages over the best rechargeable batteries in the market. An important characteristic of the CYMBET battery is that it is a true solid state technology that results in an extremely large number of recharge cycles (70,000) with minimal loss of capacity. The manufacturing technology allows batteries to be incorporated on a wide variety of substrates and in a large range of sizes and form factors.

CYMBET Corporation has licensed 15 patents from Oak Ridge National Laboratory and has a series of 7 of its own patents pending for major process and manufacturing improvements. CYMBET is working with and is seeking additional companies to be strategic partners and potential customers in end use applications that include: ultra thin battery on a chip or board, cell phones, smart cards, Blue Tooth, PDA , remote wireless sensors, implantable and non invasive medical devices. In addition the CYMBET proprietary manufacturing process will allow for the development of processes for the super capacitor and fuel cell markets.

CYMBET Corporation is expanding to a new building and facility in Elk River Minnesota on May 1 2001, CYMBET Corporation, 18326 Joplin St. NW, Elk River, MN 55330 contact Brian Shiffman at 763-633-1783 or Victor Weiss 763-633-1781

Close Window