MagIndustries Corp.
TSX : MAA

MagIndustries Corp.

February 21, 2008 18:49 ET

MagEnergy INGA II Update

TORONTO, ONTARIO--(Marketwire - Feb. 21, 2008) - MagIndustries Corp.(TSX VENTURE:MAA), through its wholly owned energy division, MagEnergy Inc., is active in the refurbishment of key elements of the INGA II hydroelectric facility in the Democratic Republic of Congo (DRC). MagEnergy's involvement has been structured through a two phase Public Private Partnership agreement with the DRC electrical utility SNEL. Phase I, a program of emergency repairs to several turbines and the refurbishment of one previously non-functioning 168MW turbine is expected to be concluded by June 2008.

MagEnergy also continues to work toward the final ratification of its Phase II program to rehabilitate an additional four turbines at the INGA II hydroelectric facility, restoring them to operation over a five year program. MagEnergy received an important expression of support for the Phase II program from DRC Prime Minister, Antoine Gizenga in a letter dated February 13, 2008. MagEnergy welcomes this high level political encouragement but also recognizes that there are remaining steps in the political and bureaucratic processes in the DRC that must be completed before MagEnergy can report the inauguration of the Phase II rehabilitation project.

MagIndustries Corp. is a Canadian company whose common shares are listed on the TSX-V Exchange and trades in Canadian currency under the symbol "MAA". The Company has 195,169,016 shares outstanding on an undiluted basis, More information on the Company is available at its website, www.magindustries.com.

Except for historical information, this press release contains forward-looking statements, which reflect the Company's current expectation regarding future events. These forward-looking statements involve risks and uncertainties, which may cause actual results to differ materially from those statements. Those risks and uncertainties include, but are not limited to, changing market conditions, and other risks detailed from time-to-time in the Company's ongoing filings. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. In light of these risks, uncertainties and assumptions, the forward-looking events in this press release might not occur.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

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