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Cool Chips Press Release Dated 24 March 2004

COOL CHIPS plc ON TARGET FOR COOLING POWER

Gibraltar
24th March 2004
Cool Chips plc (COLCF)

Cool Chips plc announces it is meeting targets for the manufacture of quantum thermotunneling devices having a work function capable of pumping 3-5 Watts of heat across a surface area of one square centimeter.   The production process shows a consistently high yield within the target parameters.

Scientists at the company’s in-house research facility report that the devices, consisting of two wafer-like surfaces separated by a nanoscale gap, demonstrate work functions of 0.9 eV (electron volt) or better.   The lower the work function, the easier it is for electrons to pass across the gap, carrying heat from one side of the device to the other.   Using the company’s proprietary thin-film deposition techniques, production of experimental wafers with highly conformal surfaces is showing a 90% success rate.

Cool Chips plc President Isaiah W Cox said: “These results indicate that the Cool Chips technology is the only solid-state heat management solution able to meet the high demands of tomorrow’s products.   From cooling next generation micro-processors to maintaining stable operating temperatures for critical aerospace applications, Cool Chips must be considered the leading breakthrough technology in the field.”

Cool Chips™ technology is based on principles of quantum mechanics by which electrons “tunnel” across a small gap of less than 10 nanometers, carrying heat with them in the form of kinetic energy.

The gap acts as an efficient insulator, so heat cannot flow back to its source.   This insulating characteristic makes Cool Chips potentially much more efficient than other technologies, including conventional compressors.   Full details are available on the Cool Chips plc web site at http://www.coolchips.gi together with the text of all issued patents.

Work on Cool Chips began in 1996 and has required several advances in nanoengineering, including the invention of electrodes with conformal surfaces and a gap of less than 10 nanometers, as well as the reduction in work function.

Cool Chips are expected to have thousands of applications ranging from aerospace to electronics cooling to air-conditioning, and will increase the versatility and availability of cooling, refrigeration, and air conditioning worldwide.

For further information contact:

Chris Bourne: +44 (0)208 571 5216
pr@coolchips.gi
http://www.coolchips.gi

About Cool Chips plc

Cool Chips plc was formed in 1996 to develop and market the Cool Chip™ -- a wafer-thin disc designed to produce cooling or refrigeration through the use of quantum electron tunnelling across a nanometer-scale gap.

Cool Chips plc (COLCF) based in Gibraltar, is a majority-owned subsidiary of Borealis Exploration Limited (BOREF) and had 7,997,138 shares outstanding at its fiscal year-end, 31 March 2003.

The technology is protected by an extensive portfolio of patents, both issued and pending.   More information, including the full text of issued patents, is available on the Cool Chips plc web site at http://www.coolchips.gi

Disclaimer: The disclaimer can be found at http://www.coolchips.gi/fwdlook.shtml




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