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Borealis Press Release Dated 27 November 2001

PRESS RELEASE

Chorus Motors plc
Gibraltar 27 November 2001

BOREALIS ANNOUNCES CHORUS MOTOR LICENSE FOR BECKETT ELEVATOR

Chorus Motors plc, a subsidiary of Borealis Exploration Limited (BOREF), has entered into a licensing agreement with Beckett Elevator International Limited, also of Gibraltar.   Under the agreement, Beckett obtains an exclusive worldwide license for the use of Chorus™ technology in the elevator market, and will design a radically new hoist motor for the global elevator market jointly with Chorus Motors plc.

Dermot E. Camack, president of Beckett Elevator, says “Beckett’s mission to meet and exceed the exacting requirements of today’s elevator marketplace will be well served by adopting this new technology.   We are confident that elevators using the Chorus™/Beckett Technology will increase the reliability of tomorrow's elevators.”

Chorus Motors president Isaiah W. Cox says “We are delighted to be working with Beckett and Dermot E. Camack.   Beckett is an old and trusted name in the elevator business and our respective skills should enable us to take a commanding share of the worldwide elevator market.”

Characteristics of the Chorus™ Motor include very high start-up torque and greater efficiency, within standard operating temperature limits.   Tests have shown marked improvements over conventional AC motors.   See the Chorus Motors plc web site at www.chorusmotors.gi for more information.

Beckett Elevator Limited, an associated company, is one of the most successful elevator manufacturers in Canada.   Founded in 1953, it maintains the highest standard for quality with modern equipment and advanced technology.   Since 1986, Beckett Elevator Limited has concentrated on supplying both partial and complete systems to the elevator industry and continues to invest a large portion of its operating budget in research and development to maintain its strong position in the marketplace.

Borealis Exploration Limited (BOREF) is a research and development company founded in 1968 and based in Gibraltar in the European Union.   It has 4,942,197 shares outstanding.   Borealis’ business is reinventing the core technologies used by basic industries, including electric motors, steelmaking, electrical power generation, cooling and refrigeration.

For further information please contact:

Chorus Motors plc

Chris Bourne
Director of Public Relations
email: pr@chorusmotors.gi
Tel: +44 020 8571 5216
Fax: +44 020 8455 8701
www.chorusmotors.gi

Forward Looking Statement at
http://www.borealis.com/ForwardLookingStatement.htm

Beckett Elevator Limited
Beckett Elevator International Limited

Dermot E Camack
President
email: admin@beckettelevator.com
Tel: +1 416-752-9045
www.beckettelevator.com


Last Updated on November 27, 2001.


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