LaVernia, TX, June 6, 2002

- PowerCold Corporation (OTCBB: PWCL) announced today that Alturdyne, Inc. introduced a series of new lightweight, cost-effective "micro" rotary engine generator sets at the West Coast Energy Congress that opened today in Anaheim, CA. PowerCold is expected to complete its earlier announced acquisition of Alturdyne shortly.

The Alturdyne A650 engine series is a family of Wankel-type rotary internal combustion engines that are easy to install and much lighter in weight than reciprocating units. Models are available with 20 KW, 40 KW, 60 KW and 80 KW capabilities.

Pictures of the A650 can be viewed at http://www.hawkassociates.com/powercold/photos.htm.

The rotary engines, which function with few moving parts, operate on multi-grade gasoline, alcohol, natural gas or propane and require a minimum of maintenance and extended 20,000 hour overhaul intervals. Starting is fully automatic and the engines are known for being compact, clean-burning and vibration free.

Frank Verbeke, president of Alturdyne, said, "The units we have provided so far have more than met expectations in terms of performance, cost-effectiveness and reliability. We are pleased to begin an active marketing plan."

PowerCold CEO Frank Simola said, "There is a tremendous need for these rotary engine gen sets because of their performance characteristics, ease of use and low life cycle cost. We believe that sale of these engines will be an enormous positive for Alturdyne and PowerCold. We look forward to incorporating these natural gas driven rotary gen sets into our Ultimate Comfort Systems for air conditioning of commercial buildings, providing a cost-effective alternative to expensive electric power and CHP systems."

Alturdyne was established in 1970 for the purpose of providing custom turbine engine power units to the industry. The company's product designs are usually unique packages with self-contained, automatic state-of-the art controls. Alturdyne currently employees approximately 80 people in its two San Diego manufacturing facilities. Another 20 sales and service people are located across the United States. Alturdyne is an approved vendor for all the "Baby Bell" companies, which are regulated to maintain standby power. Alturdyne derives over 50% of its revenues from emergency back-up generator sets sold to AT&T, Lucent, the seven Regional Bells, GTE and Sprint. Additional revenue is derived from sales of spare parts and contracts for service. Another 10 -15% of Alturdyne's business comes from engine driven chillers (air conditioning) and cogeneration systems. PowerCold has worked with Alturdyne for several years in the engine driven chiller business.

PowerCold markets energy efficient and environmentally safe equipment to reduce power costs by up to 50%. PowerCold's patented highly efficient NauticonÂȘ evaporative water-cooled condensers improve heating, air-conditioning and refrigeration efficiency and reduce power costs over typical commercial air-cooled condensers. Nauticon units qualify for the California power reduction rebates program. Combined with the company's patented Ultimate Comfort System heating, ventilation and air conditioning (HVAC) system, Nauticon gives PowerCold the ability to produce unmatched cost and operating savings in major segments of the HVAC market.

An investment profile on PowerCold may be found at www.hawkassociates.com/powercold/profile.htm.

Investors Call:
Econ Investor Relations, Inc. at 888-948-8632
Dawn Van Zant or Connie Linder
clinder@investorideas.com

Company Contact:
PowerCold Corporation - Frank Simola, at (215) 248-2836
PowerCold Website: www.powercold.com, E-mail: pwcl@powercold.com
Hawk Associates, Inc. - Frank Hawkins or Julie Marshall, at 305-852-2383
Website: www.hawkassociates.com, Email: info@hawkassociates.com