SOURCE: symPowerco Corp.

January 24, 2008 08:30 ET

SymPowerco Provides Update on Share Exchange and Dividend

LAS VEGAS, NV--(Marketwire - January 24, 2008) - SymPowerco Corp. (PINKSHEETS: SYMW), formerly Ethanoil and Gas Corp. (PINKSHEETS: EGCP), today advises shareholders that the company's name change to symPowerco Corp. has been completed as of Friday, January 18, 2008 with the company's stock now trading on the Pink Sheets with the symbol, "SYMW".

The share exchange is mandatory and clearing firms (DTC participants) were notified by NASDAQ via DTC to exchange the EGCP shares for SYMW shares and to issue the 10% dividend. Therefore, if a shareholder's shares are electronic, that is, deposited in an account with a brokerage firm, the 10% dividend will be credited electronically through the back office of the DTC participant (brokerage firm) from which the client purchased the stock. Although the new symPowerco shares and the dividend should be automatically deposited in shareholders' accounts, it is the responsibility of the shareholders to verify that these shares have been properly credited to their accounts. All costs associated with the share exchange are the responsibility of the shareholder.

Shareholders who are in possession of Ethanoil and Gas share certificates must forward the share certificates directly to the transfer agent in order to collect the 10% dividend. Once tendered for exchange, the old EGCP share certificate(s) will be canceled and the new SYMW certificate(s), with the 10% dividend included, will be issued and forwarded to the shareholders. The address for the transfer agent is:

Standard Transfer & Trust Co., Inc.
2980 S. Rainbow Blvd #220H
Las Vegas, NV 89146

To qualify for the dividend, investors must have owned Ethanoil and Gas shares on December 15, 2007, the official Date of Record for the dividend. Shareholders have 60 days from January 18, 2008 (until March 18, 2008) to exchange their shares and acquire the dividend shares. The transfer fees for this exchange are the responsibility of the shareholder and are $5.00 per certificate cancelled and $25.00 per certificate issued.

Stated company President, John Davenport, "With our new name, symPowerco Corp. is now positioned to implement what we believe to be a robust and exciting business plan. We thank our shareholders for their patience and we look forward to an exciting future under our new symPowerco banner."

SymPowerco Corp. (PINKSHEETS: SYMW) is an independent energy technology company focused on the development of long-term, sustainable energy solutions through the cultivation of innovative strategies that directly respond to the most recent developments in the energy and technology sectors.

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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