Newsletter

You can unsubscribe from this list at any time by Clicking Here and HITTING SEND. You can also unsubscribe by going to http://listserv.stellarstocks.com and entering your email address there while selecting unsubscribe.


Stellarstocks Newsletter
May 19, 1999	Volume II, Issue 19

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

To Stellarstocks Subscribers:

Engineering Power Press Release

On Friday we released our May profile: Engineering Power (OTC BB: EGPDF). On Monday the stock traded a record 589,900 shares, and appreciated about 33% in one day. More importantly, yesterday the stock made another high for 1999 of $3.05, and settled back to close at $2.75.

Today, Engineering Power announced that a major US Investment Banking firm will do a best efforts bond financing for $25 million. We spoke directly with Jim Cassina, the President of Engineering Power about the press release this morning.

He told us that US securities laws prevented him from providing any more details about the offering, but once the debt offering was completed, he could provide more information about current events at the Company.

We don't think it's much of a stretch to guess that Everen, their current Investment Banker, is placing the offering with several institutional investors.

More importantly, we believe that the market will respond extremely well when we learn the Use of Proceeds for the $25 million the notes will bring to the Company. Mr. Cassina told us that we would learn all these details once he could legally release the information.

We know this- major US Investment Banking firms do not raise $25 million for companies that don't have an excellent potentially profitable use for the money.

It appears to us that both the Company and the stock are moving in the right direction. Investors with a little patience could be rewarded for their long term view.

If you didn't have a chance to read the profile we released on Friday, Click Here, and a web page will open with that edition.

Here is the full text of the press release issued by Engineering Power today:

PRESS RELEASE

$25.0 Million Senior Notes

Toronto May 19, 1999. Engineering Power Systems Limited (the Corporation, or EPS) (NASD Bulletin Board: EGPDF) (CDN:EPSL) (www.epsx.com) is pleased to announce that EPS has engaged an United States investment banker to attempt, on a best efforts basis, a private placement to accredited investors of senior notes in the aggregate principal amount of US $25.0 million with warrants to purchase common stock.

EPS is a vertically integrated builder, owner and operator of independent power projects and an infrastructure contractor that operates through majority owned subsidiaries; M&M Engineering Limited, of St. John’s, Newfoundland, mechanical contracting and fabrication, Atlantic Seaboard Industries Limited, of Port aux Basques, Newfoundland, marine refurbishment and fabrication, Merlin Engineering AS., of Kristiansand, Norway, design engineering and contracting and EPS/Oakwell Power Limited, an Indian Special Purpose Company.

The securities offered will not be registered under the United States Securities Act of 1933. These securities may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements. This Press Release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under laws of any such state.

Number of common shares issued: 12,137,107

- 30 -

For further information contact: James C. Cassina, President, Telephone: (416) 861-1484

Certain of the statements contained in this news release are forward-looking statements. While these statements reflect the Corporations 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.

Links to Free Downloads

Disclaimer

The Stellarstocks.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 22,857 shares. SSP Management reserves the right to exercise its options at anytime, and may sell shares of Engineering Power anytime at its sole discretion. This should be viewed as a potential conflict of interest. The Stellarstocks.com critiques may contain forward looking statements relating to the expected capabilities of the companies mentioned herein.

THE READER SHOULD VERIFY ALL CLAIMS AND DO THEIR OWN DUE DILIGENCE BEFORE INVESTING IN ANY SECURITIES MENTIONED. INVESTING IN SECURITIES IS SPECULATIVE AND CARRIES A HIGH DEGREE OF RISK. THE INFORMATION FOUND IN THIS PROFILE IS PROTECTED BY THE COPYRIGHT LAWS OF THE UNITED STATES AND MAY NOT BE COPIED, OR REPRODUCED IN ANY WAY WITHOUT THE EXPRESSED, WRITTEN CONSENT OF THE EDITORS OF STELLARSTOCKS.com.

We encourage our readers to invest carefully and read the investor information available at the web sites of the Securities and Exchange Commission ("SEC") at http://www.sec.gov and/or the National Association of Securities Dealers ("NASD") at http://www.nasd.com. We also strongly recommend that you read the SEC advisory to investors concerning Internet Stock Fraud, which can be found at http://www.sec.gov/consumer/cyberfr.htm. Readers can review all public filings by companies at the SEC's EDGAR page. The NASD has published information on how to invest carefully at its web site.