CELEBRATION, Fla., Mar 27, 2006 -- BUSINESS WIRE

 

International Power Group Ltd., (Pink Sheets:IPWG) announced today that the company has received written confirmation from Mr. Cesar Mancillas Amador, Mayor of Ensenada, Mexico of his government's approval of the initial process to construct and operate two Waste-To-Energy plants. Mr. Mancillas Amador stated, "We grant this response in which our Municipal Government favorably considers the installation and launching of the operation of two plants, the first one to be installed in the town of "La Mision" and the second in the town named "Vicente Guerrero". Mr. Amador further stated that "International Power Group only has to comply with the norms and legal dispositions applicable to this industry and once the norms and legal dispositions are complied with, my Government will grant all the facilities to obtain the use of soil and other permits and authorizations that this Municipal Government can provide." Ensenada is a region of Mexico that is located 70 miles south of the Mexican-California border, a 90-minute drive from San Diego, California.

Peter Toscano, CEO of International Power Group stated, "The approval of the Government of Ensenada is a major accomplishment in fulfilling our goal of beginning construction (four to six months) of a twelve module Waste-to-Energy plant in La Mision, and a three module Waste-To-Energy plant in Vicente Guerrero, Mexico. Based on the waste disposal contracts that we currently have in place, we anticipate that the revenues generated from our La Mision plant can exceed $300 million (USD) in its first full year of operation."

About International Power Group, Ltd:

International Power Group (IPWG) is a waste-to-energy company operating a proprietary technology that not only handles waste management in a more environmentally friendly manner, but also converts the energy generated from the process into meaningful amounts of cost effective electricity. Substantial amounts of purified drinking water can also be extracted from the process.

The Company will be contracting with governments to secure tipping fees for the removal of waste and will be processing the materials in company owned and operated plants. The Company will build these plants - estimated at $250 million each - in areas that can benefit from the electricity and water production by-products of the process.

The Company's revenue streams include the tipping fees, fees for electricity, and fees for purified water. The Company will not be paying to receive the waste and will have costs limited to plant construction and operation only.

Safe Harbor Act Disclaimer: 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. 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, 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.

SOURCE: International Power Group Ltd.

News Provided By