Global Water Technologies announces sale of its operating subsidiaries

Global Water Technologies Inc. has agreed to sell to Camden Holdings Inc. its wholly owned subsidiaries.

GOLDEN, Colo., Feb. 17, 2003 -- Global Water Technologies Inc., a full-service cooling water treatment company utilizing advanced technologies and engineered solutions to provide process cooling water to power plants, process industries, HVAC and municipalities worldwide, announced that it had consummated a transaction with Camden Holdings, Inc. a private investment banking firm based in Beverly Hills, California, to acquire its three wholly owned subsidiaries: Psychrometric Systems, Inc. (PSI); Global Water Services, Inc. (GWS) and Applied Water Technologies, Inc. (AWT).

Under the terms of the transaction, Camden Holdings, Inc. acquired the stock, assets and liabilities of the subsidiaries, along with certain assets and liabilities of Global Water Technologies, Inc (GWT).

Following this transaction, GWT is exploring its future options, including discussions with possible merger candidates.

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