Press releases

ISE Corporation Appoints S. David Freeman to its Board of Directors

SAN DIEGO, CA, June 14, 2004 — ISE Corporation (ISE) today announced the appointment of S. David Freeman, Chairman of the Hydrogen Car Company, to its Board of Directors. Freeman replaces Admiral William Owens, who resigned from ISE's Board in May after being named CEO of Nortel Networks.

S. David Freeman has had a five-decade career in both the electric and water utility industries. In January 2001, in response to the California energy crisis, Mr. Freeman was appointed by Governor Gray Davis to serve as the Chairman of the California Consumer Power and Conservation Financing Authority and as Governor Davis' senior energy advisor. Previous to this, Mr. Freeman was nominated by Los Angeles Mayor Richard Riordan to serve as General Manager of the Los Angeles Department of Water and Power, a position he held from 1997 to 2001. Under Mr. Freeman's leadership, Los Angeles avoided the blackouts that gripped the rest of California during this period.

Prior to this, Mr. Freeman served as Governor Pete Wilson's appointee to head the California Independent System Operator and the California Power Exchange (ISO/PX) Trusts. Mr. Freeman's previous experience includes Chief Executive Positions at the largest power authorities in the world, including the New York Power Authority, the Tennessee Valley Authority (TVA), the Lower Colorado River Authority, and the Sacramento Municipal Utilities District (SMUD). An engineer and lawyer, Mr. Freeman has also served as energy advisor to President Jimmy Carter and energy consultant to the U.S. Senate Commerce Committee.

"I am extremely excited to be joining the exceptional team at ISE," Mr. Freeman stated upon his appointment. "As a world leader in heavy duty hybrid technology and an innovator in the use of hydrogen as a fuel, ISE has enviable business prospects, as well as the potential to help change the world through conversion of vehicles to clean and renewable fuels," added Freeman.

These sentiments were echoed by ISE Chairman Michael Simon, who stated, "Mr. Freeman is the perfect addition to ISE's Board as our company makes the transition to large scale manufacturing and distribution of our ThunderVolt electric and hybrid-electric drive systems."

ISE Corporation, based in San Diego, is a leading supplier of hybrid drive systems and components for heavy-duty vehicles such as buses, trucks, trams, airport equipment, and military vehicles. ISE is a world leader in electric, hybrid-electric, and fuel cell technologies, and the U.S. distributor for Siemens ELFA® electric and hybrid-electric drive components.

For more information on ISE Corporation and its high-performance, environmentally friendly vehicle products, please contact Mr. Tom Bartley, Director of Marketing at phone/fax (619) 287-8785/8795 or visit the company's Web site at www.isecorp.com.