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NEWS RELEASE - May 30, 2002 FIRST AMERICAN SCIENTIFIC CORP. (FASC-OTC, BB) announces that AGES has entered into a contract with Hollywood Park Racetrack of Inglewood, California, to provide a preliminary engineering study to build an electrical co-generation system designed to operate on racetrack waste. C. Kantonen, Chairman of First American Scientific Corp., (FASC) is pleased to announce that Alternative Green Energy Systems Inc. (AGES), a subsidiary of FASC and Hydro Quebec Capitech (HQC) has been commissioned by Hollywood Park Racetrack, a Churchill Downs Corporation owned facility, to prepare an engineering study for building a self contained co-generation plant using the KDS Combustion System fuelled by race track waste, mainly biomass and horse manure. The plant will be capable of generating 5 - 7 megawatts of electricity, sufficient to power and heat the entire Hollywood Park Racetrack and Entertainment Complex. Hollywood Park Racetrack currently produces over 40,000 tons of waste/biomass annually which will be converted to electrical energy under the proposal. The key to the process is First American's patented KDS Micronex disintegration system which can convert the racetrack's waste into a clean burning fuel. The consistent, fine dry powder will be combusted in a specially designed AGES biomass dust suspension burner and boiler to produce approximately 50,000 lbs of steam at high pressure for heat and to turn a turbine to generate electrical power. The study will include an assessment of the overall electrical load requirements, the cooling water requirement, the steam heating requirement, overall fuel requirement, an analysis of existing space available for the proposed new facility to be located on the racetrack grounds, and preparation of preliminary designs and budgets. Upon completion of the study, a formal quotation and purchase order for the project will be presented for final evaluation and approval. The self-supporting system will eliminate all energy costs and transportation and environmental costs associated with animal waste accumulation and disposal. Return on investment is estimated at two years, or less if the excess power can be able to be sold into the California grid. According to Mr. Bill Barber: " Our meeting at Churchill Downs in Louisville, Kentucky, owners of Hollywood Park, was extremely successful. Demand to find alternative sources of energy are a high priority, not only in the USA, but also throughout the entire world. Now, with the assistance and backing of Hydro Quebec's research funding, AGES and FASC engineers have developed a clean burning alternative fuel source from wood and animal waste. The racetrack installation will be the first application to showcase this technology that has the potential to revolutionize the way the world handles its waste and produces electricity." Certain information and statements included in this release constitute forward-looking statements within the meaning of Federal Private Securities Litigation Reform Act of 1995. ON BEHALF OF THE BOARD OF DIRECTORS |