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Home About Us Stock Information Market Information  Newsletters Press Releases Announcements Email	PRESS RELEASE : May 21, 2003 STARTEC ENERGY ANNOUNCES SECTION 29 UNIT SHIPMENT COLUMBUS, Ohio - May 21, 2003 - Startec Energy, Inc. (Startec), a Startec Inc. company, announced that Startec, and the limited liability company, in which it is a member, successfully shipped its Section 29 Tax Credit SynFuel Processing System owned by the limited liability company. The unit, known as the "I System," was shipped to a site adjacent to the Big Sandy River in Kentucky, according to Don Cullen, President and CEO, Startec. The shipment follows the recent announcement that Startec had reached an agreement with Komar Industries concerning exchange of ownership in the three Section 29 Tax Credit SynFuel Processing Systems owned by the limited liability companies. Startec Energy also previously 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 continues to proceed smoothly and on schedule," said Steve Rickmeier, president of I Synfuels, LLC and formerly of GE Capital. "The shipment of the I unit is the next natural stage in the transaction." The eventual 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.