ZCL Composites Inc. Acquires Mocoat Services Inc.

May 7, 2002

Edmonton, Alberta May 7, 2002.... ZCL Composites Inc. is pleased to announce that it has completed the acquisition of 100% of the shares of Mocoat Services Inc. pursuant to an arm's length transaction.

The purchase price was $1,250,000, made up of cash of $50,000 paid on closing, 909,090 shares of ZCL at a price of $1.10, and the balance of $200,000, subject to final adjustments, payable on October 31, 2002 in cash or shares of ZCL at the option of the vendors.

Mocoat Services Inc. operates from facilities in Nisku and Calgary, Alberta and has been providing preventative corrosion services to the oil and gas industry in Western Canada since 1968. The company manufactures a proprietary patent-pending tank lining or internal secondary containment system ("SCS") which is installed in new and existing storage facilities either in the field or in their shop. The SCS provides secondary containment that can be continuously monitored, as well as flexible and durable corrosion protection. The President of Mocoat, Mr. Brian Heath, will continue to manage the subsidiary and its 25 employees.

"This acquisition significantly enhances our opportunities to establish ZCL's tank lining technologies as the preferred method of upgrading single wall tanks across North America, both aboveground and underground. Mocoat's proprietary technology complements and adds considerable strength to our core business in this key market which has tremendous growth potential," said Ven Côté, President & CEO of ZCL. "We now also have a stronger presence in the Western Canadian upstream marketplace. Mocoat services a number of major oil and gas companies that are well known to and current customers of ZCL. We are in a position to offer these companies a much broader product line and service capability."

ZCL Composites Inc. trades on the Toronto Stock Exchange under the symbol "ZCL" and is Canada's largest manufacturer of fiberglass underground storage tanks. ZCL's complete fuel storage systems marketed under the "Prezerver" trademark carry a $2 million warranty against pollution.

For further information, please contact:

Venence G. Côté President & CEO ZCL Composites Inc. (780) 466-6648 ven.cote@zcl.com

Tony G. Barlott V.P. Finance & CFO ZCL Composites Inc. (780) 466-6648 tony.barlott@zcl.com