Global Environmental Energy Corp

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Life Energy & Technology Holdings Inc. Sells Health-Pak New York and Announces a Record Date for ``Spin-Off'' July 23, 2003

UTICA, N.Y.--(BUSINESS WIRE)--July 23, 2003--Please replace BW5486, (NY-LIFE-ENERGY-&-TECH) Life Energy & Technology Holdings Inc. Announces a Spinout of Health-Pak, Inc., a Wholly Owned Subsidiary, with the following revised release.

LIFE ENERGY & TECHNOLOGY HOLDINGS INC. SELLS HEALTH-PAK NEW YORK AND ANNOUNCES A RECORD DATE FOR "SPIN-OFF"; LETH TO PAY STOCK DIVIDEND TO SHAREHOLDERS

Life Energy & Technology Holdings, Inc. ("Life Energy") (OTCBB: LETH - News; Deutsche Borse DE: LFT) announced today it will spin-off Health-Pak New York, a wholly owned subsidiary of Life Energy, in a Management buyout led by Anthony and Michael Liberatore.

Life Energy & Technology Holdings Inc. (as Health-Pak Inc.), was incorporated in the State of Delaware on Dec. 28, 1987 and renamed Life Energy & Technology Holdings Inc., upon reverse merger in November 2000. Health-Pak, Inc. had a wholly owned subsidiary, a New York Corporation known as Health-Pak New York, which has benefited from Chapter 11 protection under the United States Bankruptcy Laws since September 1999.

As of July 17, 2003, Anthony and Michael Liberatore, who ran and operated Health-Pak New York for Life Energy since November 2000, resigned their positions as Officers of Life Energy thus avoiding any conflict of interest, and subsequently led a successful Investor Group in a Management buyout of Health-Pak New York from Life Energy.

During a Special Meeting of the Board of Directors of Life Energy on July 22, 2003, it was resolved to spin off Health-Pak as part of a plan of reorganization submitted for a plan confirmation to the Bankruptcy court in New York. Life Energy's Board made this decision as the business of Health-Pak, which manufactures medical disposables, is incompatible with and unrelated to Life Energy's core business as a waste to energy company. Health-Pak will be spun off to existing Health-Pak management, investors and Life Energy shareholders, pro-rata, in the nature of a stock dividend distribution. Shareholders of Life Energy entitled to participate in the spin off distribution will receive one share of Health-Pak for each 10 shares of Life Energy owned as of the record date.

Life Energy has established September 8, 2003 as the record date for the spin off. Only shareholders of record in Life Energy on the record date will be entitled to participate in the stock dividend distribution. Following the record date, shares of Life Energy common stock will trade "ex-dividend."

Health-Pak New York, Inc. intends to commence trading on the appropriate public exchange. Final details of the transaction will be announced at a future date.

Life Energy plans to announce to current shareholders complete details of the transaction in the very near future.

About Life Energy & Technology Holdings Inc. (http://www.le-th.com)

Life Energy is rapidly becoming a leader in the environmental infrastructure and electricity co-generation markets. Life Energy's unique proprietary technology, EcoTechnology(TM), supplies energy through a profitable and environmentally safe process. The Biosphere Process(TM) System, a central part of the EcoTechnology(TM) system, safely and efficiently processes traditional and non-traditional waste materials into electricity and other beneficial by-products. The Biosphere Process(TM) assists in solving the global waste problem by converting into clean, green electricity such waste materials as: Municipal Solid Waste (MSW), agricultural, effluent, medical, industrial, shale oil, sour natural gas and many other traditional and non-traditional waste materials.

About Health-Pak New York (http://www.health-pak.com)

Health-Pak manufactures disposable apparel for medical, clean room and industrial safety applications.

Biosphere Process(TM) System & Biosphere are copyright trademarks of the Life Energy Partnership 1995 and Company

EcoTechnology(TM) is a copyright trademark of the Life Energy Partnership 1995 and Company

This release contains statements that constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements appear in a number of places in this release and include all statements that are not statements of historical fact regarding the intent, belief or current expectations of the Company, its directors or its officers with respect to, among other things: (i) the Company's financing plans; (ii) trends affecting the Company's financial condition or results of operations; (iii) the Company's growth strategy and operating strategy; and (iv) the declaration and payment of dividends. The words "may," "would," "will," "expect," "estimate," "anticipate," "believe," "intend," and similar expressions and variations thereof are intended to identify forward-looking statements. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, many of which are beyond the Company's ability to control, and that actual results may differ materially from those projected in the forward-looking statements as a result of various factors.
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Contact:
For Life Energy & Technology Holdings, Utica
Michael Liberatore, 315-724-8370
Email: [e-mail]

Visit the LETH Website for more information

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Life Energy & Technology Holdings, Inc
7637 Leesburg Pike
Building 200
Falls Church, VA 22043
Phone: 866-616-LIFE(5433)
Fax: [phone]
Web site: http://www.le-th.com
E-mail: [e-mail]