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To: Derrick Welch who wrote (18531)	7/29/1999 4:18:00 PM
From: findstock	Respond to of 25711

Man, HOW DID WE MISS ONE? Engineering Power Systems to develop $180.0 million India Power Project TORONTO, July 29 /CNW-PRN/ - Engineering Power Systems Limited (the Corporation, or EPS) (NASD Bulletin Board: EGPDF) (CDN:EPSL) (www.epsx.com) is pleased to announce that EPS has joined with Seaking Limited (Seaking) of Bombay, India et el to develop, procure, finance, construct, own and operate and maintain a barge mounted, combined cycle power generation facility of 195 (net) megawatts (210 gross mw) and sell electric energy generated therefrom to the Karnataka Electricity Board (KEB) of Karnataka, India, (the Karnataka Project). Euro-India Power Canara (Private) Limited (EIPCL), a limited liability, Special Purpose Company formed and incorporated in India under the Indian Companies Act, 1956 has executed a Power Purchase Agreement (PPA) with KEB to implement the Karnataka Project. Seaking, EPS and EPS subsidiary Atlantic Seaboard Industries Limited (ASIL) have been defined as ''Sponsors'' of the Karnataka Project according to terms of the PPA. The Karnataka Project is expected to provide a secure source of electric energy for industrial growth in Karnataka. The term of the PPA is initially for 7 years with two optional 5 year extensions. A Fuel Linkage letter has been issued by Ministry of Petroleum & Natural Gas for the allocation of naptha and a Fuel Supply Agreement has been signed with India Oil Corporation. The anticipated project cost has been budgeted at USD $180.0 million and commercial operation of the power plant is expected in the early months of the year 2,001. India is a priority power market for EPS. In a previous release EPS announced a 2 x 105 mw barge mounted power project under development in Andhra Pradesh, India. The addition of the Karnataka Project doubles the gross capacity of megawatts under development by EPS and associated companies from 210 megawatts to 420 megawatts. EPS is a vertically integrated developer 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 developing a 2 x 105 mw barge mounted power project in Andhra Pradesh, India. Number of common shares issued: 12,137,107 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. SOURCE Engineering Power Systems Limited CO: Engineering Power Systems Limited