IPWG International Power Group Ltd (CE)

International Power Group, Ltd. (Pink Sheets:IPWG), a leading provider of waste-to-energy solutions, including waste-to-energy development and waste-to-energy technologies, reported today that it expects to announce shortly the receipt of the initial traunch of funds from the investment group that has provided the credit facility to IPWG for its construction of its Koryciska, Poland WTE facility.

John Benvengo, IPWG's President and Chief Executive Officer stated, "We have received confirmation from the investment group providing the credit facility that the delayed €5,000,000 is in transit to us from overseas and we expect to announce that we have in fact received the funds very shortly. We remain anxious to move forward with this project in Koryciska, Poland, the first of several worldwide WTE facilities planned by IPWG."

Mr. Benvengo continued, "The Board of Directors continues to believe it is a uniquely inopportune time to consider a sale of the Company to any individual and/or group, especially in a 'going private' type transaction which would cash out the shareholders now at today's depressed values, when the Company, we believe, is on the cusp of greatness. For this reason, as well as others, the Board has rejected the recent overtures by an investor group led by John Gildea and Paul Sweeney to take control of the Company to effect a going private transaction which in our opinion completely fails to provide fair value to our shareholders. For that reason, in recent days there has been a flurry of wildly misleading and libelous e-mails regarding the Company, its Board and outside advisors, none of which have any merit whatsoever. We will not be distracted by this misinformation campaign, but rather intend to continue to focus on meeting our goals and objectives to the shareholders.

"We also have been threatened, including personally, by Messrs. Gildea and Sweeney, but rest assured we will not be cowered in our defense of the interests of our shareholders. It is our plan, as announced previously, to have Houlihan Smith complete their fairness review of the Company and then use their extensive contacts to generate interest in a range of strategic transactions that would best suit the interests of our shareholders, as opposed to a shot-gun wedding with Gildea, et al. on the very eve of our funding."

The Company also announced the departure of Alessio Rovitti from his position with the funding group prior to his acceptance of a position on the Company's Board of Directors. The funding group is entitled to appoint a replacement for Mr. Rovitti, however, the group's representative has advised us that: (1) they will not be making that appointment currently; (2) that they have "full confidence in IPWG"; and (3) referred to Peter Toscano and John Benvengo as "the pillars of IPWG" . To that end, Mr. Toscano has taken Mr. Rovitti's seat on the Board of Directors, as well as been appointed COO of the Company to oversee day-to -day operations and work closely with the funding group and the Polish government to assist in the completion of the Koryciska, Poland project.

In addition, the Company announced that it was hopeful that a negotiated settlement could be achieved with the DTC that will address how to rectify the unregistered non-exempt shares that were distributed.

About International Power Group, Ltd.

International Power Group, Ltd., is a leader in the development and implementation of new cutting-edge technologies that maximize recycling values while providing environmentally safe disposal of solid waste and hazardous materials. Through the application of these new technologies, solid wastes and hazardous materials can be minimized to their maximum extent while producing significant secondary benefits such as clean energy and clean water. Founded in 2004, IPWG is a publicly traded company, listed on the Pinksheets.

FORWARD-LOOKING STATEMENTS

This document contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The forward-looking statements are based on current expectations, estimates and projections made by management and include statements regarding receiving the €5,000,000, completing the Koryciska, Poland WTE facility and resolving outstanding issues with the DTC. The Company intends for the forward-looking statements to be covered by the safe harbor provisions for forward-looking statements. Words such as "anticipates," "expects," "intends," "plans," "believes," "seeks," "estimates," or variations of such words are intended to identify such forward-looking statements. All forward-looking statements in this press release are made as of the date of this press release, and the company assumes no obligation to update these forward-looking statements other than as required by law. Such statements are subject to risks and uncertainties that could cause actual results to vary materially from those projected in the forward-looking statements, including the risks that the receipt of the funding will be further delayed, that the project (and others) will be timely completed and that the DTC chill can be lifted. These statements relate only to events as of the date on which the statements are made, and our future results, levels of activity, performance or achievements may not meet these expectations. We do not intend to update any of the forward-looking statements after the date of this document to conform these statements to actual results or to changes in our expectations, except as required by law.

CONTACT:  International Power Group, Ltd.
          John Benvengo, CEO/President
          407-566-0318
          www.i-pwg.com