Global Water Technologies Awarded $2.7 Million Contract To Supply Cooling Water System For Siberian Power Plant

GOLDEN, CO — August 28, 2000 -- Global Water Technologies, Inc. (OTCBB:GWTRD), a company utilizing advanced technologies and engineered solutions to provide process cooling water to industry and municipalities, worldwide, today announced that its wholly owned subsidiary, Psychrometric Systems, Inc. (PSI) was awarded a $2.7 million contract to supply two water cooling towers for the Mutnovsky Geothermal Power Plant, located in southern Siberia which is being financed by the European Development and Reconstruction Bank.

Commenting on the contract, George Kast, President and CEO stated, "We believe this will be the first of many projects that will be awarded to us from this region. The growing need for new power will require cooling water to operate these facilities. This project will supply power to several regions that historically did not have a reliable source of power."

The cooling water system supplied by PSI will cool 50,000 gallons of water per minute. PSI will supply its proprietary fiberglass structure that is designed to withstand the severe weather conditions encountered in this region. PSI is the world's leader in FRP composite material utilized in water cooling towers.

ABOUT GLOBAL WATER TECHNOLOGIES:
Global Water Technologies, Inc.'s global strategy is to invest in and develop business opportunities in the world's largest industry – WATER. In support of this strategy, GWT has three synergistic subsidiaries that represent this strategy and business. The first wholly owned subsidiary, Psychrometric Systems, Inc. (PSI), provides process cooling water primarily through the design, engineering and project management of water cooling towers to industrial and manufacturing clients worldwide. Applied Water Technologies, Inc. (AWT) another subsidiary of GWT, provides our customers with proprietary environmentally-sound water treatment systems and services which are designed to meet the growing need for cooling water treatment and re-use worldwide. Global Water Services, Inc. (GWS), another wholly owned subsidiary of GWT, provides total cooling water solutions and service programs to our customer base, including cooling water systems and water treatment services. Global Water Technologies, Inc. trades on the over-the-counter bulletin board under the symbol "GWTRD".

This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and section 21E of the Securities Exchange Act of 1934, as amended. Such statements are subject to risks and uncertainties that could cause actual results to vary materially from those projected in the forward-looking statements. The Company may experience significant fluctuations in future operating results due to a number of economic, competitive and other factors, including, among other things, the size and timing of customer orders, changes in laws, new or increased competition, delays in new products, production problems, changes in market demand, market acceptance of new products, seasonal in product purchases, and changes in foreign exchange rates. These factors, and other factors, which could materially affect the Company and its operations are included in the Company's filings with the Securities and Exchange Commission and are incorporated herein.

FOR MORE INFORMATION:
Please refer to our web site: www.gwtr.com or contact:

Michael Freiermuth, Investor Relations Coordinator
Global Water Technologies, Inc.
Phone: 303/215-5144
Fax: 303/215-0595