Engineering Power Systems Limited - Announcement.

Business Editors

TORONTO--(BUSINESS WIRE)--Nov. 9, 2000

Engineering Power Systems Limited ("EPS" or the "Company") (NASD Bulletin Board: EGPDF) (CDNX: YPS.) (www.epsx.com) announces today that it proposes to issue up to 8,000,000 units of the Company at $0.10 by way of private placements to arms length third parties.

Each until will consist of 1 common share and a 1/2 Series A common share purchase warrant exercisable at $0.13, expiring two years from the date of issuance, and a 1/2 Series B common share purchase warrant exercisable at $0.20 expiring two years from the date of issuance. The securities issued under the private placement will be subject to a four month hold period. The proposed private placement of units is subject to regulatory approval and the Series B warrants are subject to shareholder approval, which will be tabled at the next meeting of shareholders.

EPS is an Independent Power Developer and a contractor of infrastructure projects.

EPS issued and outstanding common shares: 12,671,107

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.

The Canadian Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.