Energy & Engine Technology Corporation Announces Exclusive Alliance with Mr. Richard MacCoon To Head New Aircraft Division

Business Wire, Feb 19, 2002

Business Editors

DALLAS--(BUSINESS WIRE)--Feb. 19, 2002

Energy & Engine Technology Corporation (OTCBB:EENT) announces today that its new aircraft division has entered into an exclusive alliance agreement with Richard P. MacCoon, better known in general aviation circles as MR. RPM, to develop turbocharger power packages for general aviation aircraft.

Mr. MacCoon has thirty years experience in developing new innovations for the aircraft industry, including new Federal Aviation Administration (FAA) (www.faa.gov/) Supplemental Type Certificate (STC), turbocharger retrofit systems, improved aerodynamics and airframe modernization (16 total). EENT has acquired the exclusive worldwide rights to Mr. MacCoon's innovative products and programs under development. Mr. MacCoon is a Director at EENT and will function as President of the new aviation and power division of the company. More information on Mr. MacCoon is located at (www.mrrpm.com).

Turbochargers are needed because aircraft piston engines lose power the higher they fly due to lower atmospheric pressure at higher altitude. These new turbocharger systems compress the air, allowing piston-powered aircraft to maintain full Horse Power (HP) at higher altitude. The benefits are increased speed (15 to 35 MPH), more payload, safer high altitude performance over mountains, and increased value of the aircraft.

Over 20 years ago, Mr. MacCoon designed a turbo charging system for aircraft and obtained approval for the initial installation of turbocharger systems for piston-powered aircraft and obtained a STC. With the advancement in technology Mr. MacCoon has now developed the next generation of turbocharger systems. The initial product will be a turbocharger power system (orders pending FAA approval) for Aero Commanders (www.dfrc.nasa.gov/gallery/photo/Aerocommander/). FAA approval of the STC is expected in June, 2002. You may follow our approval, development, and manufacturing progress by checking in weekly at www.eetcorp.net.

The potential U.S. market for turbocharger retrofit is 207,125 (FAA Registration for piston aircraft per 2/14/02). EENT initial market efforts will be directed to Aero Commanders followed by other aircraft valued in the $225,000 to $650,000 range. Owners of these planes will readily recognize the cost vs benefit advantage of the retrofit. Examples and numbers of the other aircraft models are: 14,642 Raytheon Beech Aircraft (NYSE:RTN), 16,865 Textron Cessna Aircraft (NYSE:TXT), 762 Aero Commanders originally manufactured by Rockwell International (NYSE:ROK), and 4,647 New Piper Aircraft. EENT's target market totals 36,916 aircraft of the total 207,125 or 17% of these aircraft in use today.

Financial projections based on retro-fitting only 3,600 aircraft (10% of the targeted market and 1.7% of the potential market) indicate estimated sales of nearly $70,000,000.00 over a 7 year period. Cost of the FAA/STC turbocharger retrofit power package will range from $18,000 for single engine to $36,500 for a twin-engine aircraft.

The turbocharger power packages are offered as a kit that can be shipped world wide and installed by and FAA approved mechanic. The customer will have the choice of having EENT do the installation or any approved mechanic of his choice. EENT will, for a fee, supply a service representative to assist the mechanic.

In addition, the Company's web site has now been completely updated to include the different divisions of the Company. Additional information will be posted to keep current with the growth of the Company.

Willard G. McAndrew III, President and CEO

For Investor relations, please contact:

Investor Contact: Mark Whittaker

Vice President - Investor Relations

(704) 987-0770

E-mail: mark@eetcorp.net

The Private Securities Litigation Act of 1995 provides a "safe harbor" for forward-looking statements. Certain information included in this communication (as well as information included in oral statements or other written statements made or to be made by Energy & Engine Technology Corporation) contains statements that are forward-looking, such as statements relating to the future anticipated direction of the high technology and energy industries, plans for future expansion, various business development activities, planned activities, planned capital expenditures, future funding sources, anticipated sales growth and potential contracts. Such forward-looking information involves important risks and uncertainties that could significantly affect anticipated results in the future and, accordingly, such results may differ from those expressed in any forward-looking statements made by or on behalf of Energy & Engine Technology Corporation. These risks and uncertainties include, but are not limited to, those relating to development and expansion activities, dependence on existing management, financial activities, domestic and global economic conditions, changes in federal or state tax laws, and market competition factors.