SOURCE: International Power Group, Inc.

December 30, 2008 13:14 ET

International Power Group, Ltd. Announces Plan to Locate AddPower Technology in Nevada Corporation and Conduct Future IPO

CELEBRATION, FL--(Marketwire - December 30, 2008) - International Power Group, Ltd. (OTCBB: IPWG) today announced that its Board of Directors has approved a plan to locate the Company's AddPower low temperature turbine waste-heat-to-energy technology into a wholly owned Nevada Corporation subsidiary. Under this plan, which will require shareholder approval, each record date shareholder in International Power will receive one share of the new Nevada subsidiary (AddPower, Inc.) for every ten shares of International Power, and an initial public offering of shares in AddPower, Inc. will follow.

Said International Power's new Chairman, Dr. Daniel Conte, "We are working hard to enhance shareholder value by restructuring the Company and placing primary emphasis on commercializing our crown jewel AddPower technology. The placement of AddPower in a wholly owned United States subsidiary will give us much needed flexibility as we continue to negotiate with entities that have expressed keen interest in the assisting with the commercialization of our technology. More details of our restructuring plan will be announced in the near future, and we thank our shareholders for their continued and unwavering support."

FORWARD-LOOKING STATEMENTS: This press 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 (the "Exchange Act"), and as such, may involve risks and uncertainties. For a discussion of such risks and uncertainties that could cause actual results to differ from those contained in the forward-looking statements, see "Risk Factors" in the Company's Annual Report on Form 10-KSB, as amended, for the most recently ended fiscal year. Forward-looking statements, which are based on certain assumptions and describe future plans, strategies, and expectations, are generally identifiable by the use of words such as "believe," "expect," "intend," "anticipate," "estimate," "project," or similar expressions. These forward-looking statements relate to, among other things, expectations of the business environment in which the Company operates, projections of future performance, potential future performance, perceived opportunities in the market, quotation on the OTC Bulletin Board and statements regarding the Company's mission and vision. The Company's actual results, performance, and achievements may differ materially from the results, performance, and achievements expressed or implied in such forward-looking statements.

Contact Information

  • CONTACT:
    International Power Group, Ltd.
    John Benvengo
    CEO
    407-566-0318
    www.i-pwg.com