Octillion Shareholders to Receive Shares of MicroChannel Technologies on a One-for-One Basis on August 22

Business Wire, August 8, 2007

MicroChannel Technologies, a Wholly Owned Subsidiary, Will File Registration Statement with SEC to Effect Spin Out of MicroChannel Shares to Octillion Shareholders

VANCOUVER, British Columbia -- In order to effect the spin out by Octillion Corp. of all of its shares of MicroChannel Technologies to Octillion shareholders of record on August 22, 2007, Octillion Corp. (Pink Sheets: OCTL) today announced that MicroChannel Technologies Corporation intends to file a registration statement with the Securities and Exchange Commission. The distribution of the MicroChannel shares to the Octillion shareholders will be completed as soon as practicable following the date on which the SEC declares the MicroChannel registration statement effective.

Each shareholder of Octillion as of record August 22 will receive one share of MicroChannel Technologies' common stock for each share of Octillion owned by such shareholders as of the record date.

"This is a 'win-win' situation for our shareholders," stated Mr. Harmel S. Rayat, Octillion's President and CEO. "In addition to maintaining their current equity position in Octillion, all shareholders of record on August 22 will get another equivalent percentage equity interest in MicroChannel Technologies. The spin out will permit both Octillion and MicroChannel Technologies to independently pursue the development of their respective technologies, without infringing on each others financial and management resources."

"Following the spin out of its MicroChannel Technologies' stock," Mr. Rayat continued, "Octillion will continue its efforts in developing leading edge solar energy technologies, including the development of the first-of-its-kind transparent glass window capable of generating electricity, while MicroChannel Technologies, led by a management team headed by Dr. Kaiyo Nedd, will continue its research and development of proprietary nerve regeneration technologies."

Although there is currently no trading market for the common stock of MicroChannel, and such a market may not develop or be sustained, MicroChannel intends to have its common stock quoted on the OTC Bulletin Board or the Pink sheets upon the effectiveness of its registration statement. In order to do this, a registered broker/dealer must file a Form 15c-211 to allow the broker/dealer to make a market in MicroChannel's common stock. At the date hereof, MicroChannel has not discussed such a filing with any such broker/dealer and is not aware that any broker/dealer has any such intention. Therefore we cannot provide our shareholders with any assurance that MicroChannel's common stock will be quoted for trading on the OTC Bulletin Board or a listing service or stock exchange, or if so quoted or listed, that a public trading market will develop.

Persons interested in receiving email alerts of ongoing press releases and financial filings of either Octillion Corp. or MicroChannel Technologies may elect to do so at www.octillioncorp.com/alerts.html.> MicroChannel Technologies Corporation

Under the auspices of Dr. Kaiyo Nedd, MicroChannel is developing technologies and products for peripheral and optic nerve damage and nerve regeneration, as well as potentially other innovative medical and health care technologies. Dr. Nedd is a regarded speaker for the pharmaceutical industry and conducts a series of lectures to physicians on current therapeutic issues, as well as conducting leading edge clinical therapeutics research in HIV, diabetes and hypertension.

Along with being a practicing physician, Dr. Nedd is also a clinical teacher for foreign medical students. Dr. Nedd holds a Bachelor of Science degree (Cell Biology and Genetics) from the University of British Columbia and a Doctor of Medicine from Howard University in Washington, DC.

The research being performed by MicroChannel Technologies involves using a patented combination of physical, chemical and biological cues at the "cellular" level to facilitate peripheral nerve regeneration. This technology was co-invented by Dr. Surya Mallapragada, an Iowa State University scientist, named one of the world's top 100 young innovators in 2002 by Technology Review, a technology magazine published by the Massachusetts Institute of Technology.

This methodology involves etching linear micro sized grooves onto a biodegradable substrate into which preferred cues, such as Schwann cells, stem cells and laminin, are added. The combination of micropatterned substrates and cues resulted in accelerated nerve elongation rates, and excellent nerve alignment along the substrate grooves, in in vitro studies and restored nerve functionality in animal studies. This technology has also resulted in the issuance of a US Patent entitled "Patterned Substrates and Methods for Nerve Regeneration" (US Patent # 6,676,675).

Additional research and animal studies were published in a peer-reviewed research paper entitled "Synergistic Effects of Micropatterned Biodegradable Conduits and Schwann Cells on Sciatic Nerve Regeneration" in the Journal of Neural Engineering. In this study, a 1 cm segment of rats' sciatic nerves, which deliver nerve messages to the hind legs, were removed. After the initial surgery, the paws (toes) curled up completely and the animals were unable to walk.