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OTC Journal
September 25, 1999	Volume II, Issue 43

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

To OTC Journal Members:

Engineering Power (OTC BB: EGPDF) News Release

Engineering Power is a company that we believe is involved in one of the most exciting and potentially profitable projects we have ever encountered. Just before the market closed on Friday, Engineering Power issued a press release which we believe provides a key component in the future success of the Power Barge contracts. If they can successfully fullfill their two existing contracts in India for Power Barge installations, the company could skyrocket from about $35 million to $400 million in annual sales. We will cover the press release later in this edition. If you never read the original profile and wish to do so, Click Here, and you will be taken directly to it. The stock has a history of surging in price on good news releases, only to fall back and trade quietly. Perhaps this news will propel it to new highs.

Market Comment:

After a fairly lengthy two month sell off on very low volume, micro cap stocks are starting to behave quite a bit better. Our parent company, 1st Net Technologies (OTC BB: FNTT) has been sliding down on light volume for nearly three months. Earlier this week we saw a bottom at $2.75, and the stock is now trying to rebound at is trading in the $3.375 range as we write this. NetSol International (OTC BB: NTWK), our biggest winner of 1999 hit an all time high of $5.50 recently on continued good news.

The larger cap stocks have continued to sell off this week as interest rate fears continue and the dollar loses ground. Despite that fact, the small and micro cap stocks feel as if they are finally trying to rebound.

Our contributing editor, Dr. Richard Geist, Harvard PhD, has written an excellent column this month on an issue that is on many investors minds this year, the Psychology of Market Corrections. Click Here if you wish to link directly to the article, or visit our home page and click on Dr. Geist's button.

Envoy Mail Multi Media Presentation

Those of you who follow 1st Net know that we have a relationship with InterVu (NASDAQ: ITVU) which allows us to use their technology for live multimedia streamed broadcasts over the Internet.

1st Net's newest product, Envoy Mail will be featured in a live Internet video broadcast on Tuesday, September 28th at 10:30 AM PST. If you wish to view the broadcast, simply go to www.envoymail.com and enroll in through the small pop up window that appears in the upper left hand corner of your computer screen.

This presentation is important for two reasons. First, if you are a shareholder of 1st Net, you will want to learn more about this new and innovative information management tool. If you are interested in new Internet related technologies, this presentation will be a glimpse into the future of live, video/audio streaming media on the Internet.

Engineering Power Systems, Ltd (OTC BB: EGPDF)

Engineering Power issued their first press release in quite some time just before the market closed yesterday. The stock start behaving quite well just prior to the close, suggesting that this news may propel the stock back up to a reasonable level.

We have always felt that this company had one of the most exciting business plans we have ever encountered, and investors with a long term outlook could see huge returns with a five year window in time.

Currently enjoying annual sales in the $35 million range (CDN), this company could rocket to nearly $400 million in sales if it is successful in deploying Power Barges for the two contracts they have in India. Once operational, the Power Plants will contribute on going profits. If you never read our original profile on this Company, now would be a good time to do so. Click Here to read it.

This stock has a history of trading up dramatically on news releases to the $3 range, and then retreating on light volume to the $1.75 range. Perhaps this time the stock will grow some legs and stay in the $3 range if it trades well next week.

Today's news release confirms the definitive agreement to purchase a company which will enhance their power barge projects and add a substantial amount of revenue and profits to the income statement. Moreover, although we have no confirmation from management, we surmise that this acquisition is a critical component in completing the bond offering the company announced back on May 19th.

On May 19th Engineering Power announced the engagement of a US Investment Banking Firm to complete a $25 million bond offering. Click Here to read the press release. Although not specifically mentioned, we have always believed that the Investment Banking firm is Everen Securities. Engineering Power retained Everen as their Investment Banking firm in 1998.

We believe that this acquisition is a key component in the completion of the bond offering which will allow Engineering Power to make the next major step towards launching these projects.

Engineering Power is purchasing Innovative Steam Technologies, a company which has some unique power generation technology. Moreover, the press release reveals that this technology is installed in 20 different locations world wide and has 1.7 million hours of successful operation. This technology should become a critical component in the technology built into their Power Barges.

We have always felt this Company was grossly undervalued in the $2 range. With 12 million shares issued and outstanding, the stock is trading at less than one times annual sales. With $400 million in potential business on the table represented by two contracts, it would seem that the stock deserves a higher multiple. There currently is no real following for the stock, but that could change dramatically with the completion of the bond offering.

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

Friday September 24, 3:16 pm Eastern Time
Company Press Release

BFC Construction Corporation's Innovative Steam Technologies Division Sold to Engineering Power Systems Limited

TORONTO--(BUSINESS WIRE)--Sept. 24, 1999--BFC Construction Corporation (BFC) (TSE/ME/ASE: BFC, AMEX: BNC ) and Engineering Power Systems Limited (EPS) (NASD Bulletin Board: EGPDF) (CDN: EPSL) (www.epsx.com) are pleased to announce the signing of an agreement, negotiated at arms length, for the sale of Innovative Steam Technologies (IST) to Engineering Power Systems Limited for CDN.$12.5 million in cash and the assumption of certain liabilities.

The proposed sale, subject to certain conditions being satisfied at closing, is scheduled to be completed on or before January 14, 2000.

IST designs and manufactures an 'Once Through (heat recovery) Steam Generator (OTSG)' product line for industrial and power generation sectors with applications ranging from 5 megawatts to 230 megawatts. The OTSG provides the heat recovery system for combined cycle power plant configurations. First commercially installed in 1982, the OTSG is a continuous flow heat exchanger that converts all feed-water into clean, dry, superheated steam. Over fifty OTSG units have been sold by IST and its predecessor company since its establishment in 1982. To date, OTSGs have been installed in 20 different locations around the world and have accumulated over 1.7 million hours of operations.

EPS is a vertically integrated Independent Power Developer and a contractor of infrastructure projects that is implementing its power division to provide electrical energy from barge mounted power plants in India and other developing countries.

BFC Construction Corporation is Canada's largest publicly traded construction company. For nearly a century, BFC has been delivering the highest standards in construction innovation and integrated project solutions enabling customers to achieve their goals. BFC's areas of specialty include civil, building, nuclear, industrial and utilities construction, engineering, procurement and construction management expertise to the petroleum and petrochemical industries.

EPS Issued and outstanding common shares: 12,137,107

For further information: Meier Miller, Vice President Finance and Chief Financial Officer, BFC Construction Corporation (416) 754-8735, S. J. Hall, Director, Engineering Power Systems Limited, (416) 861-1484

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.
--------------------------------------------------------------------------------
Contact:
     BFC Construction Corporation
     Meier Miller, Vice President Finance
     and Chief Financial Officer, 416/754-8735
                 or
     Engineering Power Systems Limited
     S. J. Hall, Director, 416/861-1484

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Disclaimer

The OTCjournal.com Newsletter is an independent electronic publication committed to providing our readers with factual information on selected publicly traded companies. All companies are chosen on the basis of certain financial analysis and other pertinent criteria with a view toward maximizing the upside potential for investors while minimizing the downside risk, whenever possible. All statements and expressions are the sole opinions of the editors and are subject to change without notice. This profile is neither an offer nor solicitation to buy or sell any securities mentioned. This newsletter is owned by SSP Management, Inc, a wholly owned subsidiary of 1st Net Technologies, Inc ("1st Net"). While we believe all sources of information to be factual and reliable, in no way do we represent or guarantee the accuracy thereof, nor the statements made herein. The editor, members of the editor's family, and/or entities with which they are affiliated, may own stock in and have other financial dealings with the companies who appear in the publication. To that degree, this newsletter should not be regarded to be an independent publication. SSP Management has received the following compensation from Engineering Power Systems: 125,000 options, exercisable at $1.75. As part if the Agreement, Engineering Power has paid $83,750 in fees for Web-Site development, proprietary database management systems, and Internet Marketing Technologies which have been provided by 1st Net, the parent company of SSP Management. To date, SSP Management has exercised 47,857 options, and as of the date of the release of this profile holds 21,857 shares. SSP Management reserves the right to exercise its options at anytime, and may sell shares of Engineering Power anytime at its sole discretion. The OTCjournal.com critiques may contain forward looking statements relating to the expected capabilities of the companies mentioned herein.

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