KFX subsidiary Pegasus closes purchase of Pavilion power segment

DENVER, Aug. 2, 2001 – KFx Inc. announced today that its majority owned subsidiary, Pegasus Technologies, Inc., closed on the purchase of the power optimization business segment of Pavilion Technologies, Inc.

“We at Pegasus are extremely pleased and excited by the closure of this transaction,” said Gary Nicholson, CEO of Pegasus Technologies. “Our complementary technologies offer the potential for optimized performance for an even broader client base. The market in this specialized field is growing now that Pegasus products are achieving such good results.”

“We are pleased to close this acquisition and are looking forward to expanding and implementing the overall business plan for the growth of Pegasus’ business,” said Theodore Venners, KFx Chairman, President & CEO.

About KFx/Pegasus

KFx Inc. provides total fuel solutions for the power industry. Its patented, K-Fuel® process converts low heating value coal into clean, high- energy fuel. KFx Inc.’s web site address is www.kfx.com. Pegasus Technologies, Inc., a subsidiary of KFx Inc., is the industry leader in neural network-based IT applications for the power generation market. The NeuSIGHT® suite of combustion optimization applications from Pegasus reduces emissions and increases the efficiency of fossil fueled electric generating units. The Pegasus Technologies, Inc. web site address is www.pegasustec.com.

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