EXHIBIT 99.2
Annexed hereto is the Press release of EC Power, Inc., dated November 16, 2004,
announcing its acquisition of FBC Technologies, Inc.
[LOGO OF EC POWER, INC.]
EC Power, Inc.
41 Watchung Plaza, Suite 386
Montclair, NJ 07042
Tel: (212) 399-6682 Trading Symbol: ECPW.PK
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PRESS RELEASE
FOR IMMEDIATE RELEASE
EC POWER COMPLETES ACQUISITION OF WASTEWATER
TREATMENT COMPANY FBC TECHNOLOGIES
Revenue Contribution Of Up To $7 Million Anticipated In 2005
Montclair, NJ, November 16, 2004 - EC Power, Inc (Pink Sheets: ECPW), which is
focused on acquiring and growing international companies with proprietary clean
energy and environmental technologies, today announced it has completed its
previously announced acquisition of privately held FBC Technologies, Inc., an
emerging leader in the fast growing wastewater treatment business.
FBC, founded in 1999, operates from a 13,000 square foot facility in upstate
LeRoy, N.Y., and has developed a unique family of low cost, easily maintained
and installed products which reduce odors, reduce BOD, remove ammonia (even in
cold waste water) and boost oxygen content. The company's products have been
installed in a wide variety of municipal treatment and industrial plants in nine
states, Canada and Israel. These include its floating Bio2Bloc and O2ctopus
systems and a turbine - based aerator process called O2X-Box.
Mr. Klaus Siebert, founder and CEO of FBC stated, "Since our start in 1999 we
have made steady progress in building the company, based on innovative, customer
oriented proprietary technology. As part of EC Power, we envision an ability to
expand more rapidly and to achieve our key goals of becoming one of the dominant
suppliers to smaller wastewater treatment plants handling 500,000 gallons per
day or less and developing the scope and personnel to address the large west
coast market."
"A further significant opportunity exists" Mr. Siebert said, "to utilize EC
Power fuel cell expertise to expand in the high growth alternative power arena,
turning waste into methane gas and electricity."
Mr. William E. Potter, Chairman of EC Power stated, "We're extremely pleased to
have completed this transaction and to have Klaus on board as Vice-Chairman of
the company. We believe that with more than $10 million in outstanding
proposals, FBC's revenue contribution in the year ahead could be more than
triple its anticipated $1 million in sales in 2004. Actually, our stretch target
is $6 to $7 million with new financing in place and the successful
commercialization of its "Biodigester" waste to energy conversion system in a
joint venture with the world leader in this technology based in New Zealand."
About The Company
EC Power, Inc. (Environmentally Clean Power) is based in Montclair, NJ and
traded on the Pink Sheets (ECPW). Founded in 1998, the company is focused on
becoming a leader in selected niches of the related clean energy/environmental
technology fields of wastewater treatment, alternative energy, renewable energy
and environmentally friendly mass urban transit. With the completion of the
merger with FCB Technologies (wastewater treatment and alternative energy), the
repositioning of the company's fuel cell subsidiary, and the successful
acquisition of a leading international mass urban surface transit manufacturer -
coupled with a planned year end completion of up to $10 million in new financing
- - the company will be well positioned to achieve growth based on already
commercialized, revenue generating proprietary technology. Additional
information about EC Power is now available on its website: www.ecpowerinc.com.
Forward Looking Statements
Statements herein concerning the company's or any target's business outlook or
future economic performance, anticipated profitability, revenues, expenses, or
other financial items; and statements concerning assumptions made or
expectations as to any future events, conditions, performance or other matters,
are "forward-looking statements" within the meaning of Section 27A of the
Securities Act of 1933. Forward-looking statements are subject to risks,
uncertainties and other factors which could cause actual results to differ
materially from those contained in such statements. Such risks, uncertainties
and factors include, but are not limited to, future capital needs, changes and
delays in product development plans and schedules, the completion of
acquisitions, customer acceptance of new products, changes in pricing or other
actions by competitors, and general economic conditions. Prospective investors
in the Company should be aware that there can be no assurance of any return and
that an investment in the Company involves a significant degree of risk and
should be considered only by persons who can afford the loss of their entire
investment. In the light of the significant uncertainties inherent in the
forward looking statements included herein, the inclusion of such information
should not be regarded as a representation by the Company or any other person
that the objectives and plans of the Company will be achieved in any specific
time frame or at all.
For more information please contact:
Ken Donenfeld, DGI Investor Relations, 212-425-5700 or info@dgiir.com
Worldwide Financial Marketing, Inc. USA, Broker Relations, 866-360-9998 or
info@wwfinancial.com
Michel Morin, EC Power, 212-399-6682 or info@ecpowerinc.com