GP Batteries International Limited

Press Release

For Immediate Release

GP BATTERIES ANNOUNCES ACQUISITION OF TMF LEAD ACID
BATTERY TECHNOLOGY FROM BOLDER TECHNOLOGIES
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20 December 2001 - Main board listed GP Batteries International Limited ("GP Batteries") today announces that it has acquired the Thin Metal Film ("TMF ") Lead Acid battery production facility from Bolder Technologies Corporation ("Bolder"). The total consideration, which includes cell manufacturing equipment, inventory, as well as intellectual properties comprising trademark and over 40 US and foreign patents, issued or pending, is about US$2.5 million.

Bolder, headquartered in Golden, Colorado, had invested more than US$60 million over the past eight years in developing the TMF Lead Acid technology. Its first commercial product SecureStart^TM was launched in 1999 with output from a pilot production line. Due to the high cost of operation and the absence of fresh sources of fund, Bolder filed for relief under Chapter 11 of the U.S. Bankruptcy Code in April 2001. It was subsequently under judicial management to sell off its assets under tender. GP Batteries was awarded the tender as the highest bidder. The purchase will be funded through internal resources.

Based on the last results announced by Bolder, the net book value of the relevant assets acquired exceeds US$10 million.

The new TMF Lead Acid technology acquired from Bolder will enable the Group to offer a superior emergency starter battery for the automobile industry. In the longer term, the technology has numerous possibilities in high-powered applications as well as the emerging hybrid electric vehicles and 36-volt automotive batteries.

"We are very excited with this new acquisition from Bolder as the technology will provide tremendous potential for growth." said Mr. Andrew Ng, Chairman and Chief Executive of GP Batteries, "With our proven record in mass scale product commercialisation and a low cost operating environment in Asia, we are confident that we will make the TMF Lead Acid technology a commercial success."

After the acquisition, the Company plans to set up a research and development center in Singapore.

For enquiries, please contact:

- Ms Tan Peck Hwa of Asia Business Channels Pte Ltd, H/P: 9635 4996
- Mr KL Tsang of GP Batteries International Limited, Tel: 862 2088

Background Information on GP Batteries

GP Batteries International Limited ("GP Batteries") is principally engaged in the development, manufacturing and marketing of batteries and battery related products.

GP Batteries has been listed on the main board of the Singapore Exchange Securities Trading Limited since March 1991 and is currently a component stock of the BT Singapore Regional Index.

GP Batteries' major production facilities are located in Hong Kong, China, Singapore, Taiwan, Malaysia, Denmark and Poland, supported by marketing and trading offices in Singapore, Hong Kong, Taiwan, China, South Korea, Malaysia, Thailand, Australia, Sweden, Poland, France, Germany, Italy, the United Kingdom, Canada and the United States. The Group currently employs over 7,000 people and occupies a total floor area of over 154,000 square metres.

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