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 [phone], S. J. Hall, Director, Engineering Power Systems Limited, [phone]

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.