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CALGARY, July 17, 2002 -- Global Thermoelectric Inc. announced the resignation of Jim Perry the company's President and CEO for personal reasons, effective immediately.

The company expresses its appreciation to Perry for his efforts over the last five years in guiding the company to its current position as a leading developer of solid oxide fuel cell (SOFC) technology.

The company will make an announcement concerning the appointment of a President and CEO shortly.

Global Thermoelectric Inc. is a developer of SOFC products. The company is also a manufacturer and distributor of thermoelectric power generators for use in remote locations.

Global is developing SOFC products that are compatible with natural gas and propane. The company is prototyping systems to address residential and remote applications. Global is listed on The Toronto Stock Exchange (stock symbol: GLE).

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