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Home About Us Stock Information Market Information  Newsletters Press Releases Announcements Email	PRESS RELEASE : May 02, 2003 STARTEC ENERGY ANNOUNCES AGREEMENT REGARDING SECTION 29 UNITS COLUMBUS, Ohio - May 2, 2003 - Startec Energy, Inc. (Startec), a Startec Inc. company, announced that Startec, and the limited liability companies, in which it is a member, have reached an agreement with Komar Industries concerning exchange of ownership in the three qualified (known as the H, I, and P units) Section 29 Tax Credit SynFuel Processing Systems owned by the limited liability companies. Further, Startec Energy announced that it has signed an agreement with I Synfuels, L.L.C., a Delaware limited liability company, which will arrange the monetization and will operate the I system that was acquired by Startec in the exchange. "The project is moving forward on schedule," said Steve Rickmeirer, president of I Synfuels, LLC and formerly of GE Capital. The closing of the sale is subject to the following conditions precedent among others, many of which are beyond the control of Startec, including: Satisfaction of buyer's financing conditions;  Relocation of the fuel processing system;  Placement of the fuel processing system into production and the achievement of certain production minimums; and  Receipt of a favorable IRS private letter ruling (PLR). If established, an income stream is expected to continue through the year 2007, depending upon production milestones and other criteria. For additional information email the company at startecenergy@aol.com.