SOURCE: International Power Group, Ltd.

International Power Group, Ltd.

February 19, 2009 11:46 ET

International Power Group Ltd.'s Swedish Subsidiary Enters Into United Kingdom Joint Venture to Commercialize Add-Power Technology

CELEBRATION, FL--(Marketwire - February 19, 2009) - International Power Group (OTCBB: IPWG) today announced that its wholly-owned subsidiary, IPWG Sweden AB, has entered into a binding joint venture Heads of Agreement with Magnum Capital Partners of the United Kingdom for the purpose of commercializing the Add-Power technology. The agreement contemplates the parties entering into a more definitive agreement within 60 days; the terms of the joint venture Heads of Agreement are considered, by its terms, binding upon both parties. The joint venture company, Add-Power UK, Ltd., will be 80 percent owned by IPWG Sweden, and 20 percent owned by Magnum Capital Partners. Add-Power UK, Ltd. already has procured the involvement of the New and Renewable Energy Centre ("NaREC") of the United Kingdom to develop the Add-Power technology by scaling up the design of the existing 250kW demonstrator to a 1 MW device. NaREC receives its funding from One North East, which is a UK governmental agency. Additional details will be released soon.

To view a copy of the press release issued by NaREC on February 13, 2009, please click on the following link: http://www.narec.co.uk/main/st2874.

About NaREC

NaREC is an independent, cross-disciplined research and development platform serving the energy industry worldwide. It was established in 2002 as a Centre of Excellence for new and renewable energy technologies. NaREC's capabilities and assets are the result of over £30 million of investment from One North East, the North East's Regional Development Agency, and the European Regional Development Fund.

NaREC is a leading research and development platform for new, sustainable and renewable energy technologies. Its unique range of development, testing and consultancy services work to support the evolving energy industry and transform innovative new technologies into commercial successes.

In partnership with industry, NaREC is achieving new breakthroughs in the design, deployment and commercialization of sustainable energy technologies, shaping the future through innovation.

About International Power

International Power Group is a leader in the development and implementation of new cutting-edge technologies that maximize recycling values while providing environmentally safe disposal of solid waste and hazardous materials. Through the application of these new technologies, solid wastes and hazardous materials can be minimized to their maximum extent while producing significant secondary benefits such as clean energy and clean water. Founded in 2004, IPWG is a publicly traded company, listed on the US OTC market, and has established offices in the US, England, Sweden, Mexico and Egypt.

IPWG brings extensive expertise and capabilities to the Joint Venture in the areas of Waste to Energy ("WTE") project development, power generation and systems engineering services and developmental project management.

Contact Information

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