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» November 5, 2001

Advanced Engine Technologies Files Proxy Statement With SEC

LOS ANGELES, Nov. 5 /PRNewswire/ -- Advanced Engine Technologies, Inc. (OTC Bulletin Board: AENG - news) today announced that it has filed a proxy statement with the Securities and Exchange Commission for its annual shareholder meeting. The meeting will be held at 10:00 A.M. on Tuesday, Nov. 20, 2001 at the Los Angeles Airport Hilton Hotel, Los Angeles. Shareholders will be asked to consider and vote on several issues and proposals as outlined within the proxy statement, including re-election of the board of directors. Upon completing the formal business portion of the meeting, AET will provide a working demonstration of the OX2 engine at its testing facility in Gardena, Calif. The proxy statement was mailed to all shareholders of record as of Oct. 24, 2001 on Oct. 25, 2001.

Investor inquiries can be directed to the company at (310) 914-9599. To update the investment community and all interested parties about the progress of the OX2 engine, Advanced Engine Technologies has established a hotline at (310) 323-2895.

Additional information pertaining to the OX2 engine can be accessed through the company's Web site at www.ox2engine.com.

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995
This release may contain forward-looking statements involving risks and uncertainties that may cause actual future events or results to differ materially and adversely from those described in the forward-looking statements. Important factors that may cause such a difference for AET include, but are not limited to, whether our engine products are made viable, whether a market for our products develops, our ability to retain key management, our ability to hire and retain the technical personnel necessary to build our products, the availability of funding for future operating requirements, our ability to effectively predict or react to rapid technology changes that could render our products obsolete, product development delays, dependence on suppliers, our potential exposure to product liability and other tort claims if our products fail, our ability to protect our intellectual property, intellectual property disputes, and other factors discussed in AET filings from time to time with the Securities and Exchange Commission. AET cautions that the foregoing list of important factors is not exclusive. AET disclaims any obligation to revise or update any forward-looking statement that may be made from time to time by or on its behalf.

SOURCE: Advanced Engine Technologies, Inc.

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