SOURCE: International Power Group, Ltd.

December 24, 2008 10:25 ET

International Power Group, Ltd. Signs Letter of Intent for US$8 Million to Fund Its AddPower Technology

CELEBRATION, FL--(Marketwire - December 24, 2008) - International Power Group, Ltd. (OTCBB: IPWG) today announced that it has received a letter of intent from a German corporation to procure funding in order to complete development of, and commercialize, the Company's waste-heat-to-energy AddPower Technology. The letter of intent calls for total funding of US$8 Million. The major points of the LOI are as follows:

        1. The company will introduce to IPWG funding sources that will
           invest up to US$8 Million in return for an aggregate share of
           51% ownership in an entity to be established to market AddPower
           units.

        2. Subsequent to the funding, IPWG will retain AddPower marketing
           rights for North, South and Central America, and the Caribbean,
           along with a 49% ownership interest in with the AddPower entity
           to be formed; and

        3. The US$8 Million in funding will be used to complete development
           of AddPower waste-heat-to-energy units ranging in capacity from
           250 Kilowatts to 4 Megawatts.

In addition, International Power Group has also received a second LOI from a British corporation. Unfortunately, due to non-disclosure agreements currently in place, the names of both companies cannot yet be released. IPWG Board of Directors is currently considering both opportunities.

John Benvengo, the Company's CEO and COO, indicated that, "While the letter of intent is not a binding agreement, we are very confident in the ability of both of these companies in providing IPWG with needed funding to bring our exciting AddPower Technology to market as a commercially viable product."

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