Newsletter

May 15, 2001

Volume IV, Issue 43

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

To OTC Journal Members:

Market Comment

Today the FED dropped interest rates another 1/2 point, and maintained their aggressive stance on preventing recession. This is the best possible scenario for stocks. We will publish a special edition tomorrow covering varying views on where we go from here.

News On Energy Power Systems LTD (OTC BB: EYPSF)

The OTC Journal was hit with a big surprise from Energy Power today. In a news release which came out at 2:30 Eastern Time, the first formal coverage from a brokerage firm was issued.

Willow Cove Investment Group, an NASD member firm, initiated coverage with a Long Term Buy, Speculative Rating. This is the first analyst coverage of the stock, which means Wall Street is beginning to take notice. This should bode well for the long-term appreciation of Energy Power, in addition to opening doors for institutional participation. With this kind of growing interest from the brokerage community, we maintain our $5.60 price target in the near-term.

We will work to reach the analyst to bring you the full text report, and provide his comments for your review.

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

Tuesday May 15, 2:24 pm Eastern Time
Press Release
SOURCE: Willow Cove Investment Group Inc.

Willow Cove Investment Group Inc., Initiates Coverage On Energy Power Systems Limited With a Long Term Buy, Speculative Rating

BELLEVUE, Wash., May 15 /PRNewswire/ -- Willow Cove Investment Group Inc., initiates coverage on Energy Power Systems Limited (OTC Bulletin Board: EYPSF - news) with a Long Term Buy, Speculative rating.

Comments:

EPS recently filed an application for listing on the American Stock Exchange (AMEX), which bodes well for bringing larger, institutional investors into the stock and also puts the Company in a significantly higher profile and more reputable perception with Wall Street.

Over the past number of weeks, the Oil & Gas Division has announced two acquisitions of producing natural gas properties in Western Canada.

The Engineering and Offshore Division has recently announced contracts totaling $5.5 million in the east coast, and continues to gain significant traction.

The Company has a well-balanced business model and is positioning itself well to exploit future growth opportunities. Both the Oil and Gas Division and the Engineering and Offshore Division are experiencing significant cash flow growth, which should support its developing Power Division in Asia.

The global outlook for energy, gas and oil looks extremely strong for companies in exploration and production. We anticipate that this state of affairs should continue for the foreseeable future. EPS is particularly well positioned with its Canadian presence and thirty-year operating history, to compete and win contracts in a highly competitive environment.

We believe that the energy and gas opportunity for investors is tremendous. EPS represents a diversified investment opportunity across the energy and power sectors, with its newly founded Oil and Gas Division offering investors significant and aggressive growth opportunities and upside potential and the Engineering Division is also positioned to exploit the surging exploration and development activity in Atlantic Canada, which is taking place in its own backyard.

We are impressed with EPS's strategy and the market opportunities that it is targeting. We anticipate that the Company will continue to look for build- out opportunities in each of its divisions that will continue to fuel its growth, both organically and through acquisition. The recent application for listing on the American Stock Exchange should give the Company a significant boost in terms of visibility and bodes well for increased participation and interest from the investment community. We are rating the stock a LONG TERM BUY (speculative).

Willow Cove Investment Group Inc. is a member of the National Association of Securities Dealers, CRD Number 107824.

ADDITIONAL INFORMATION ON THE SECURITIES MENTIONED IN THIS REPORT IS AVAILABLE ON REQUEST. This report is for your private information, and we are not soliciting any action based upon it. This report contains forward-looking statements, and actual results will vary from those presented. This report is not to be construed as an offer to sell or the solicitation of an offer to buy any security in any jurisdiction where such an offer would be illegal. The material is based on information that we believe to be reliable, but we do not represent that it is accurate or complete, and it should not be relied upon as such. Opinions expressed are our current opinions as of the date appearing on this material only. This report may never be updated even if material events occur that may cause our opinions to change. We and our affiliates, officers, directors, and employees, including those persons involved in the preparation of this material may, from time to time, have long or short positions in, and buy or sell the securities mentioned herein. InverSel, Inc. received non- contingent professional fees as compensation for the preparation of a corporate due diligence report on Energy Power Systems Limited. No part of this report may be copied or redistributed without prior written consent of Willow Cove Investment Group and InverSel, Inc.

For further information, please contact Michael Losse of Willow Cove Investment Group Inc., 877-877-4565.

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