Consolidated Energy Announces Completion of Funding Agreement With London-Based Investment Company

Consolidated Energy Announces Completion of Funding Agreement
With London-Based Investment Company 


MIAMI, Oct. 8  /PRNewswire-FirstCall/ -- Consolidated Energy & Technology
Group, Inc. (OTC Pink Sheets: CGGE) is pleased to announce that it has recently
completed an agreement with a London-based investment company for the purchase
by the investment company of 4,000,000 of Consolidated Energy common shares in
exchange for 4,405,286 ordinary shares of the investment company valued at 1
pounds sterling per share or US$8,000,000 at the closing date exchange rate.

The investment company has been established specifically to invest in US micro
cap companies with long-term growth potential and has had its shares admitted
to trade on the London Stock Exchange as an investment trust. The value of its
shares will fluctuate with the market.

The investment company has entered into a "lock-up" agreement with Consolidated
Energy pursuant to which it has agreed not to trade the Consolidated Energy
shares it has received as a result of this transaction for a period of two
years from the closing date.

Fifty percent of the investment company shares received by Consolidated Energy
will be held in escrow for two years following their issuance and in the event
the per share market price of the Consolidated Energy common stock at such time
is less than $2 the investment company shall be entitled to receive out of
escrow a percentage of the shares equal to the percentage of such decline. The
remaining shares held in escrow shall be released to Consolidated Energy at
such time.

Consolidated Energy is a holding company in the business of acquiring and
developing proven technologies which seek to provide sought-after solutions to
current environmental problems in our modern world, with special emphasis on
alternative energy, waste management and land remediation.

Consolidated Energy intends to manufacture, market, install and maintain
products that provide solutions in the waste sector and at the same time use
these resources to provide alternative energy and other products.

Further information about Consolidated Energy can be found at
http://www.cetg-inc.com/ .

  Contact:
  Seamus Lagan
  CEO
  Consolidated Energy & Technology Group, Inc.
  011-353-868-375-910



NOTE: Statements made by Consolidated Energy & Technology Group, Inc. that are
not purely historical are forward-looking statements within the meaning of the
"safe harbor" provisions of the Private Securities Litigation Reform Act of
1995. Such statements involve a variety of risks and uncertainties, including,
without limitation, statements with respect to the Company's strategy and
prospects. These statements are made based upon information available to the
Company at the time, and the Company assumes no obligation to update
forward-looking statements. Readers and investors are cautioned that the
Company's actual results may differ materially from those described in the
forward-looking statements due to a number of factors including, but not
limited to, (1) demand for the Company's products and services; (2) the
Company's ability to develop and launch its markets; (3) changes in the current
and future business environment, including interest rates and capital and
consumer spending; (4) the impact of competitive products and pricing; (5)
reliance on key strategic alliances; (6) the availability of funding and
skilled personnel; (7) the regulatory environment; (8) risks associated with
start-up businesses; and (9) the impact of yet unknown competitors,
technological obsolescence, problems with technology, problems with shipment,
inadequate supplies and business opportunities. 

DATASOURCE: Consolidated Energy & Technology Group



CONTACT:  Seamus Lagan, CEO of Consolidated Energy & Technology Group,

Inc., +011-353-868-375-910



Web site:  http://www.cetg-inc.com/ 

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