NEWS RELEASE
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ENERGY POWER SYSTEM'S ENGINEERING & OFFSHORE DIVISION
ORDER BOOK EXPANDS BY C$6.2 MILLION
Toronto, Canada - August 9, 2002 - ENERGY POWER SYSTEMS LIMITED
(AMEX: EGY &
Frankfurt Stock Exchange: EPW) (www.epsx.com) ("Energy Power" or the "Company")
announced today that its Engineering & Offshore Division, M&M Engineering
Limited and M&M Offshore Limited have been awarded contracts and orders
approximating C$6.2 million with projects under development by some of Atlantic
Canada's leading industrial companies, including, NORTH ATLANTIC REFINING
LIMITED, CORNER BROOK PULP AND PAPER LIMITED AND
NEWFOUNDLAND AND LABRADOR
HYDRO.
The contracts with North Atlantic Refining Limited include Sulphur Recovery Unit
modifications, oil tank repairs and alterations, Sootblower installation and
miscellaneous fabrication work to be completed at The Come By Chance Refinery.
The project with Newfoundland and Labrador Hydro is to replace Bay D'Espoir
Surge Tank Heater Piping.
The scope of work to be performed for the Corner Brook Pulp and Paper 15 mega
watt cogeneration project will consist of labor, supervision and materials for
the fabrication, installation, flushing and hydrostatic testing of high pressure
piping.
The Company's Engineering and Offshore division is also participating in onshore
fabrication and maintenance work for Hibernia and Terra Nova offshore oil
platforms.
About North Atlantic Refining Ltd. (NARL)
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NARL operates the 105,000 barrels per day Refinery at Come-By-Chance,
Newfoundland. The strategic location on the main North Atlantic shipping route
allows NARL to bring crude oil from overseas and new offshore oil fields in
Atlantic Canada and ship refined petroleum products anywhere in the world. NARL
holds the largest refinery dock in North America with extensive tank facilities
and is only 3 sailing days from New York.
AboutNewfoundland and Labrador Hydro.
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Newfoundland and Labrador Hydro (Newfoundland Hydro) is the parent company of
the Hydro Group of Companies comprising Newfoundland Hydro, Churchill Falls
(Labrador) Corporation Limited, Lower Churchill Development Corporation Limited,
Gull Island Power Company Limited and Twin Falls Power Corporation Limited into
one of the fourth largest utilities in Canada in terms of installed generating
capacity. The massive underground powerhouse at Churchill Falls is rated at over
5400 MW.
About Corner Brook Pulp and Paper
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Corner Brook Pulp and Paper Limited is a vital force in the economy of western
Newfoundland. Construction of the mill began in 1923 with the first paper
produced in 1925. The Company employs approximately 700 people at the mill
located in Corner Brook and the Deer Lake Power Company and CBPP Woodlands
employs approximately 800 people in their harvest operations in almost 50
Newfoundland communities, while another 200 seasonal forestry workers operate in
the summer and fall.
About Energy Power Systems Limited
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Energy Power is an energy source and service company operating as an Engineering
& Offshore Division and an Oil & Gas Division.
There are approximately 10.5 million shares issued and outstanding in the
capital of the Company.
For further information contact:
Scott T. Hargreaves, CA, CFA
Chief Financial Officer
Telephone: (416) 861-1484
www.epsx.com
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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 debt or equity capital on favorable terms, and other risks detailed in
the Corporation's Form 20-F and Annual Report.