HOUSTON, Texas, Nov. 9, 2001 — XAIBE Inc. announced today that Lowell Nicholas has been elected as chairman of the board of directors.
Nicholas was initially elected to the XAIBE Inc. board of directors in May of 2001 and became chief executive officer in October of 2001. Nicholas is an investment banker with many years management expertise and experience. He has guided and facilitated equity funding for several young technology companies over the last 20 years.
PolarShield Inc. is a wholly owned subsidiary of XAIBE Inc. and is an energy management company holding worldwide licensing rights to the Polarized Refrigerant Oil Additive (PROA) patent No. 4,963,280. PolarShield manufactures and markets PolarShieldâ„- worldwide.
PolarShieldâ„- is designed to lower electrical costs for both commercial buildings and residences by reducing air conditioning costs through utilization of this patented refrigerant oil additive.
For further information, go to the company Web site at www.polarshield.com.