SOURCE: symPowerco Corp.

October 21, 2008 07:30 ET

SymPowerco Issues Government Grant Update

LAS VEGAS, NV--(Marketwire - October 21, 2008) - SymPowerco Corporation (PINKSHEETS: SYMW) CEO John Davenport today announces that the company's application for a series of development grants from a major North American Government Agency has entered the final application stage after having passed through a rigorous academic and industrial peer review. The first draft of the application was submitted by the company's majority-owned subsidiary, Polygenic Power Systems (PPS), in July, 2008.

Governments across North America are making grant moneys available for projects that meet various alternative power, energy and environmental criteria. SymPowerco's management believes that it is in the shareholders' interests for the company to make application for these grants, wherever appropriate.

Grant applications require the preparation and submission of extensive information including the current state of the technology, projected research and development objectives, projected costs of achieving these objectives, analysis of manufacturing requirements and analyses of the markets for which the technology is intended.

Stated SymPowerco CEO John Davenport, "It is in the interests of all of us that solutions are found to the energy and environmental crises we are facing. Funding is being made available for worthwhile projects that hold the promise of solving these problems. We believe that our Flowing Electrolyte Direct Methanol Fuel Cell is such a project and we will continue to pursue funding at the various available levels."

SymPowerco Corporation develops advanced fuel cell and power delivery systems for the rapidly growing personal transportation and portable power system markets being created by today's energy and environmental challenges.

Except for historical information contained herein, the matters set forth above may be forward-looking statements that involve certain risks and uncertainties that could cause actual results to differ from those in the forward-looking statements. Words such as "anticipate," "believe," "estimate," "expect," "intend" and similar expressions, as they relate to the Company or its management, identify forward-looking statements. Such forward-looking statements are based on the current beliefs of management, as well as assumptions made by and information currently available to management. Actual results could differ materially from those contemplated by the forward-looking statements as a result of certain factors such as the level of business and consumer spending, the amount of sales of the Company's products, the competitive environment within the industry, the ability of the Company to continue to expand its operations, the level of costs incurred in connection with the Company's expansion efforts, economic conditions in the industry and the financial strength of the Company's customers and suppliers. The Company does not undertake any obligation to update such forward-looking statements. Investors are also directed to consider all other risks and uncertainties.

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