RESEARCH REPORT
POWERBALL INTERNATIONAL, INC.

from STOCKFIRST and The Investor Online
www.theinvestoronline.com/research/prbl111301.htm

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Powerball International, Inc.
Symbol: PRBL
Recommended: 11/13/01
Price at 11/13/01: $4.60
Target: $12.64 for FY 2003
52 Week Range: $1.50 - $9.25
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* Financial Summary

Powerball International, Inc. (the "Company") was formed in July
1997 for the purpose of raising capital to invest in a joint venture to
develop certain technology relating to the production of hydrogen,
to generate hydrogen for sale, and to market hydrogen generating
equipment and products. During 2000 the Company acquired the
remaining interest in the joint venture, Powerball Technologies,
LLC, ("Tech") which is now operated as a wholly owned subsidiary
of the Company.  The Company, through Tech, is involved in
research and development efforts of commercializing the
technology.

Powerball expects that initial revenues will be generated primarily by
the construction of a commercial sodium plant in Green River,
Wyoming.  Additional revenues may be derived from the licensing
of the Technology and/or manufacturing and sale of hydrogen
generation systems. Powerball had no revenues for the three and six
months ended June 30, 2001 and 2000, respectively, and has had
no revenues since July 9, 1997.

For the three and nine months ended September 30, 2001,
Powerball had total operating expenses of $146,455 and $433,550,
respectively, compared to $126,831 and $293,026 For the three and
nine month period ended September 30, 2000.  The increase in
operating expenses is attributable primarily to a substantial increase
in research and development costs of $32,201 and $215,391,
respectively, offset by small decreases in general and administrative
expenses ($8,070 and $8,508, respectively) and professional fees
($1,613 and $10,612, respectively).  The increase in research and
development costs reflects the Company's acquisition of 100%
ownership of Powerball Technologies, LLC ("Tech") in the second
quarter of fiscal 2000, and consequent responsibility for all the
research costs associated with Tech.

As a result of the merger, Tech is the wholly owned subsidiary of
the Company, and all the expenses of Tech are consolidated with
those expenses of the Company. The Company expects that it will
continue to incur operational losses for the next twelve months,
primarily as a result of expenditures related to the operation of the
Pilot Sodium Plant in West Valley City, Utah and the general
overhead thereto.  The Company believes that the Pilot Plant will
demonstrate successful completion of the milestones set for it before
the end of 2001.  Once continuous operation and product quality
have been verified in the Pilot Plant and Industrial Revenue
Development Bond funding obtained, construction may begin on
the commercial sodium facility in Wyoming that will produce initial
revenues.
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* Share-Related Items

Recent Price (11/13/01): $4.60
Market Capitalization: $15.18M
Shares Outstanding: 14.7M
Float: 3.3M
Daily Volume (10-day avg): 3.4K
Delayed Quote: http://quote.yahoo.com/q?s=prbl.ob&d=v1

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* Business Description

 - Powerball Technologies is focused on innovative hydrogen
distribution technologies. At the heart of its technology is the
proprietary hydride pellets or Powerballs(TM) which dramatically
increase the storage density and distribution efficiency for hydrogen
through incremental and on-demand production of hydrogen for a
wide range of applications from industrial hydrogen to portable fuel
cell systems.

 - A revolutionary technology for the production of sodium metal
from sodium hydroxide using natural gas energy is being
demonstrated in a pilot plant facility. Sodium metal as produced by
this recycling plant will be used in the manufacture of sodium
hydride which can be pelletized and individually encapsulated with
polyethylene plastic for the highly dense yet safe storage and
distribution of hydrogen.

 - Hydrogen gas is produced incrementally and upon demand
through the use of a patented portable hydrogen generator system.
The plastic coated pellets are sliced open one at a time within the
generator to provide hydrogen as needed. A gallon of sodium
hydride is capable of producing 1,307 gallons of hydrogen gas,
which is an equivalent hydrogen storage density more than 6.4 times
greater by volume than a compressed hydrogen tank storing
hydrogen at 3,000 psi.

 - Since the powerball fuel pellets can be delivered and utilized at
near room temperature and pressure, the usual problems and costs
for highly pressurized hydrogen or cryogenically stored hydrogen
can be safely eliminated. Additionally, the pellets are considerably
more energy dense and can provide hydrogen for an end user at a
cost less than through the more traditional means of delivering
hydrogen.

 - An exciting future potential use for powerball fuel pellets is for
the supply of hydrogen to fuel cell vehicles. To supply hydrogen
fuel as powerball plastic coated hydride pellets is unique. More
conventional methods for supplying a fuel to a vehicle usually
require that a hydrocarbon is pumped from the ground, refined and
then burned onboard the vehicle to provide energy. There are a
number of problems with a "business as usual" approach to fuel
supplies for vehicles.

1. More than 1/2 of all transportation fuel for vehicles is currently
imported from other countries, which makes the USA potentially
vulnerable to and dependant upon other foreign countries.

2. As hydrocarbons are burned onboard vehicles either by reformers
or by combustion engines, the CO2 emissions are exhausted into the
atmosphere. More than 6200 million metric tons of carbon as CO2
waste is exhausted into our air each year. The incredibly large
amounts of CO2 waste are beginning to have costly environmental
impacts on our planet.

3. As hydrocarbon fuels are transferred from refineries into trucks,
from trucks into tanks at fuel stations, and from fuel stations into
vehicles, a large amount of hydrocarbon emissions are produced
which contribute to unhealthy air with negative impacts on health to
millions of people living in cities around the world.

4. Hydrocarbon fuels are produced by the earth at a rate more than
1,000,000 times slower than we are consuming them which means
that hydrocarbons are a non-renewable resource.

 - Powerball fuel pellets can be produced using a variety of energy
sources. Powerball's current recycling plant is powered by natural
gas. When natural gas is used to produce powerballs, CO2 is
produced. Conveniently, CO2 from a central plant can be stored,
unlike CO2 produced onboard a vehicle which cannot be stored and
must be exhausted into the atmosphere. Even more exciting is that
solar energy, wind energy, hydroelectric energy, or even fusion
power (if developed) could be used to produce powerballs. Since
powerballs are merely an energy storage medium, and not an energy
source, whatever energy source is available can be used to produce
the coated fuel pellets. Powerball technology, if used on a large
scale nationally, would enable the USA to produce its own fuel for
vehicles without having to rely on other nations for oil. We have
large supplies of natural gas in the USA which can be used to
produce NaH powerballs from waste NaOH. Additionally, as
powerballs are shipped, stored, or transferred from tank to tank,
there would be zero harmful hydrocarbon emissions. Polyethylene
coated pellets cannot evaporate and neither NaOH solution or water
produces harmful emissions.

 - The cost for producing powerballs from waste NaOH and
recycled polyethylene ball shells is greatly reduced by producing
very large volumes of pellets. Powerball is focused on the
production of hydride pellets in large volumes from waste NaOH.
As the technology is improved and as the production volumes
increase, the powerball pellets will represent an inexpensive
alternative source of hydrogen for hydrogen customers who
currently receive hydrogen in bulky and expensive compressed
hydrogen tube trailers. Eventually, as very large volumes of fuel
pellets are produced, the pelletized fuel along with ordinary tap
water could one day become the infrastructure fuel of choice for
fuel cell vehicles.

Web site: www.powerball.net

For more see Expanded Business Description -
www.theinvestoronline.com/research/prblbusdesc.htm
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* Analyst Summary

"The Powerball concept allows for cheap, easy and safe storage of
hydrogen, and requires very little in the way of specialized storage.
There are no special temperature or compression considerations that
need to be worried about."

-- Princeton University Chemistry Department


The concept behind Powerball Technologies is to tame energy, (so
to speak) and to store one powerful element - sodium (or sodium
hydride) - in order to later get Hydrogen on Demand.

Powerball(TM) fuel pellets store and produce hydrogen on demand.
Each gallon of powerball fuel pellets produces hundreds of gallons
of hydrogen upon contact with water on an as-needed basis.
Powerball fuel pellets offer a safe, compact, and inexpensive
alternative to the delivery, storage and use of compressed or liquid
hydrogen for a wide range of applications which require a clean
source of hydrogen.

Powerball fuel pellets are not an energy source. The Company will
never drill a hole in the ground and discover a large reserve of
hydrogen or hydride pellets. Instead, fuel pellets can be used as an
efficient energy carrier. The hydride pellets can be produced using
energy from diverse energy sources all over the world such as
biomass, natural gas, wind energy, hydroelectric power, and solar
energy. Because they are safe and energy dense they can be
distributed to buses, boats, houses, and hydrogen users by rail, sea,
or highway. Powerball fuel pellets offer new options for the
distribution of energy that do not rely on oil pipelines or electricity
transmission lines. Even a disruption in a natural gas pipeline, for
instance, would not preclude the distribution of powerball fuel
pellets via trucks, trains or ships to where energy is needed.

Additionally, when powerballs are used to provide hydrogen to
vehicles or stationary applications there are no point-of-use
hydrocarbon emissions or CO2 emissions. When powerballs are
transferred from one tank into another tank, there are also zero
emissions. Therefore, powerball fuel pellets are a responsible and
environmentally friendly energy carrier.

Powerball is currently in the  research and development stage in
preparation for commercializing the technology.  Revenue and profit
projections show sales commencing in FY2003.  The projections
show steady growth from $22.9M in FY2003 to $33.6M in FY2004
to $37.0 in FY2005.  Net profits forecasts are equally impressive;
$2.6M in FY2003, $5.4M in FY2004, $6.6M in FY2005.

The associated Earnings Per Share project to $0.79 for FY2003,
$1.64 for FY2004, and $2.00 for FY2005.  We place Powerball in
the Energy sector.  Utilizing the associated 16 to 1 Price to Earnings
ratio for this sector, we target PowerBall's price to:

  o $12.64 for FY2003, a 174% return on investment from price at
recommendation

  o $26.24 for FY2004, a 470% return on investment from price at
recommendation

  o $32.00 for FY2005, a 595% return on investment from price at
recommendation

Note: To meet the suggested target prices, the Company would have
to trade at least at the Energy sector multiples and the Company
would have to achieve earnings and revenue estimates provided by
management for this report. A divergence either up or down from
the projections could materially affect the target prices.

For more see Expanded Market Analysis -
www.theinvestoronline.com/research/prblmarkets.htm

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* Technical Analysis

Daily Opinion: BUY
The Bullish (up) move is accompanied by increased volume (154%
of average), suggesting a continuation higher on the next bar.

Short Term Opinion: HOLD
On a short-term technical basis, the trend is Bullish (up) and the
stock is above its 50-day moving average at 3.42 which also
confirms its Bullish (up) trend. The stock is extremely overbought
according to the Stochastic indicator (84.10), so look for a possible
pullback.

Long Term Opinion: HOLD
On a long-term technical basis, the stock (PRBL) is trading below
its 200-day moving average which implies it is in a negative trend.
The stock has broken down through support at 5.56, so look for
new support at 4.34.

The stock has support at 4.34 and 4.09. If the stock breaks down
through support at 4.34 then it will probably continue lower to 4.09.
The stock has resistance at 5.10 and at 5.56. If the stock breaks up
through resistance at 5.10 then it will probably continue higher to
5.56. The 200-day moving average is at 5.10. This will also act as
resistance.

Please go to
http://tio.buysellorhold.com/isapi/delstockgif.dll?sym=prbl&EDate=
11/13/2001&CType=6&tempnum=2 to see complete Technical
Analysis, including chart.

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* Financial Reports

November 14, 2001 - Quarterly Report -
http://edgar.sec.gov/Archives/edgar/data/1048237/00010128950150
0143/0001012895-01-500143.txt

August 14, 2001 - Quarterly Report -
http://www.sec.gov/Archives/edgar/data/1048237/0001012895-01-5
00101.txt

May 15, 2001 - Quarterly Report -
http://www.sec.gov/Archives/edgar/data/1048237/0001012895-01-5
00076.txt

April 17, 2001 - Annual Report -
http://www.sec.gov/Archives/edgar/data/1048237/0001012895-01-5
00068.txt

November 9, 2000 - Quarterly Report -
http://www.sec.gov/Archives/edgar/data/1048237/0001012895-00-5
00116.txt

____________________________________

* Contact Information

Powerball Technologies:
information@powerball.net
2095 West 2200 South,
West Valley City, Utah 84119
(801) 974-9120

Visit the Company Website at www.powerball.net.

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Please go to www.theinvestoronline.com/research/prbl111301.htm
to see the complete The Investor Online Research Report.

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