HyPower Fuel Announces Purchase Term Sheet After Successful Biofuel Summit

  
    
  
  
    
      HyPower Fuel Inc. (PINKSHEETS: HYPF) Mr. Douglas Bender, President of 
      HyPower Fuel Inc., is pleased to announce the successful completion of 
      its recent Stakeholders Summit to consider the Company’s 
      biofuel opportunities. Mr. Bender reports that “I 
      am very pleased to advise that we have instructed HyPower’s 
      legal counsel to complete the Purchaser Term Sheet in accordance with 
      the terms and conditions agreed at the Biofuel Summit. The agreement on 
      the Term Sheet is the first major step in a three step process to the 
      construction of a large biodiesel plant. With the successful signing of 
      the Term Sheet and the receipt of the initial sizable deposit, the 
      feasibility phase will immediately be commenced. As the General Partner 
      under the Term Sheet, HyPower will retain and instruct an engineering 
      consulting firm to complete the Feasibility Study and develop the 
      Engineering/Procurement/Construction/Management (EPCM) Plan to be funded 
      by the Purchaser. With the completion of an acceptable Feasibility Study 
      and EPCM Plan, HyPower will immediately retain the general contractor 
      for the construction of the biodiesel plant.”
    
    
      Mr. Bender further explained that “HyPower is 
      at the forefront of the New Generation of biodiesel production 
      methods and this has resulted in our HyPower Biofuel Process being of 
      great interest to a number of sophisticated potential purchasers of 
      large biodiesel plants. The plants will be valued in construction costs 
      at between $10 million and $120 million per plant. Given the results of 
      our recent meetings and negotiations, we are confident that in the weeks 
      ahead HyPower will be announcing the commencement of a number of 
      Feasibility Studies.”
    
    
      About the HyPower Biofuel Process
    
    
      The HyPower Biofuel process is a cutting edge biodiesel technology that 
      has a number of competitive advantages over conventional biodiesel 
      production methods. The HyPower process uses essentially no catalysts or 
      water to produce biodiesel. All inputs are recovered or converted to 
      saleable products. The capital and operating costs and the environmental 
      footprint of the process should also be significantly less than 
      conventional methods of biodiesel production.
    
    
      About HyPower Fuel Inc.
    
    
      HyPower Fuel, Inc. is a category leading company in the energy 
      technology sector, focusing on providing innovative, clean alternative 
      energies through unique methods. Currently HyPower has hydrogen 
      insertion and production technologies and biodiesel production 
      technologies in development and/or in the product commercialization 
      stage. For more information please visit: www.hypowerfuel.com
    
    
      Safe Harbor
    
    
      This press release shall not constitute an offer to sell or a 
      solicitation of an offer to buy securities of HyPower Fuel Inc. Certain 
      statements in this release and other written or oral statements made by 
      or on behalf of the Company are “forward 
      looking statements” within the meaning of the 
      federal securities laws. Statements regarding future events and 
      developments and our future performance, as well as management’s 
      expectations, beliefs, plans, estimates or projections relating to the 
      future are forward-looking statements within the meaning of these laws. 
      The forward looking statements are subject to a number of risks and 
      uncertainties. The actual results the Company achieves may differ 
      materially from any forward-looking statements due to these risks and 
      uncertainties. These statements are based on our current expectations 
      and speak only as of the date of such statements. The Company undertakes 
      no obligation to publicly update or revise any forward-looking 
      statement, whether as a result of future events, new information or 
      otherwise.