ADVANCED ENGINE TECHNOLOGY

Advanced Engine Technologies, Inc. develops and commercializes the OX2 internal combustion engine. The Company acquired the worldwide rights for the OX2 engine pursuant to a four-party agreement among the Company, OX2 LTD, OX2 Intellectual Property Inc. and Advanced Engine Technology PTY Ltd., which became effective in May 1999. The Company also assumed responsibility for worldwide maintenance and for future research and development on the OX2 engine. As of June 30, 2004, the Company's operatio... ns consisted of engineering, testing, marketing and development of the OX2 combustion engine for commercial applications and raising any necessary capital investments. Management does not expect to generate significant sales revenue during the fiscal year ending June 30, 2005. Accordingly, planned principal operations have not commenced.

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