Newsletter

May 1, 2001

Volume IV, Issue 39

Email : info@otcjournal.com
URL : http://www.otcjournal.com

To OTC Journal Members:

Energy Power (OTC BB: EYPSF) Lands Major New Business in April

The headline in today's San Diego Union Tribune read "Energy Supply Must Expand, Cheney Warns". Yesterday, Vice President Cheney, who is heading up the administration's task force on energy, made it clear the Bush administration intends to focus on increasing sources of energy to mitigate the current energy crisis as opposed to conservation. This is good news for energy stocks.

Based on today's news release just after the market closed, Energy Power, one of the OTC Journal's favorite stocks, is positioned perfectly to take advantage of the current demand for new sources of energy.

Coming off a great news release last Friday of an acquisition of a natural gas producing property in Alberta, today's news was even better.

Today, just after the market closed, Energy Power announced it's Atlantic Canada infrastructure build out division was awarded $3 million in new contracts during the month of April alone.

There is a major surge of oil and gas exploration activity going on in Atlantic Canada right now, and Energy Power is positioned to benefit greatly. The stock and the company seem to have momentum now, and we are looking for even more news in the near term.

Our price target of $5.50 this year looks low.

Here is the complete text of the news release for your review:

Tuesday May 1, 4:12 pm Eastern Time
Press Release

EPS Engineering & Offshore Division Awarded $3.0 Million Of Contracts

TORONTO--(BUSINESS WIRE)--May 1, 2001--Energy Power Systems Limited (EPS or the ``Company'') (OTCBB:EYPSF - news; CDNX:YPX - news; www.epsx.com) is pleased to announce that its Engineering & Offshore Division has been awarded $3.0 million dollars of infrastructure contracts in the month of April.

The contracts are for penstocks and pipeline work in Atlantic Canada's growing infrastructure development and are expected to be completed by the end of the first quarter of the Company's next fiscal year (after June 30). Sandra Hall, VP Corporate Affairs for the Company stated, ``We are pleased by the ongoing success of both our Engineering & Offshore Division and our Oil & Gas Division. Last week we announced the acquisition of an average 20% working interest in 3 producing gas wells in Alberta. Growing cash flow from both divisions funds growth in the Company overall.''

Energy Power Systems Limited operates through the co-ordination of its subsidiaries into an Oil & Gas Division, a Power Division and an Engineering and Offshore Division.

EPS issued and outstanding common shares: 5,163,419

Certain of the statements contained in this news release are forward-looking statements. While these statements reflect the Corporation's current beliefs, they are subject to uncertainties and risks that could cause actual results to differ materially. These factors include, but are not limited to, the demand for the Corporation's products and services, economic and competitive conditions, access to borrowed or equity capital on favourable terms, and other risks detailed in the Corporation's Form 20-F and Annual Report.

The Canadian Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

--------------------------------------------------------------------------------
Contact:

     Energy Power Systems Limited
     Sandra J. Hall, V.P. Corporate Affairs, 416/861-1484
     Fax: 416/861-9623
     http://www.epsx.com

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