Prague, Czech Republic – 1 March 2004 – Mavel, a.s., a manufacturer of turbines and related technology for small hydro-electric power plants, elected Peter R. Loewenguth to its five-member Management Board at a special meeting of shareholders today.

He joins Management Board Members Ing. Jiri Veis (Chief Executive), Ing. Martin Sintak (Director of Sales), Ing. Jan Sip (Production Director) and Ing. Jeanne Hilsinger (Financial Director). Mr. Loewenguth replaces outgoing Board Member Ing. Peter Urban, former Chief Executive of Tatra, who has relocated to Canada.

Mr. Loewenguth will serve as the non-management Member of the Board and, with Ing. Hilsinger, represent the interests of Mavel investors CzechTech Investments LLC and Accel Group LLC.

Mr. Loewenguth is currently President of the CMC Graduate School of Business (“CMC”) located in Celakovice, Czech Republic. CMC offers two MBA programs; a Weekend MBA Program with De Paul University of Chicago and an Executive MBA Program with Thunderbird Garvin School of International Management. CMC also offers non-degree executive education with its own personnel and its affiliate University of Michigan’s Williams Davidson Institute.

Prior to joining CMC, Mr. Loewenguth lived in New York and worked as Vice President of St. Johns University, Senior Account Executive at MetLife and Vice President of Camack Associates. Mr. Loewenguth, 46, resides in Prague with his wife and two sons.

Mavel a.s. was founded in 1990 as a hydro-engineering firm and added manufacturing capability in 1993. Currently, Mavel provides engineering and all technology, including Kaplan, Francis and Pelton turbines, for hydroelectric power plants from 2 kW to 20 MW.