VANCOUVER, June 29 /PRNewswire-FirstCall/ - VRB Power Systems Inc.
(TSX-V:VRB) (the "Company") is pleased to announce that further to the press
release dated May 24, 2005, the Company has received TSX Venture Exchange
approval for the transfer and cancellation of its outstanding performance
based escrow shares, previously owned by Federation Group Ltd.. The
cancellation of these shares has now been completed by Pacific Corporate Trust
Company which has reduced the issued and outstanding share capital of the
Company by 5 million shares.
To facilitate the completion of this transaction, the Company negotiated
the purchase of these shares for $200,000 CAD while retaining a judgment claim
against Federation Group Ltd. for $226,980.86 CAD.
About VRB Power
Based in Vancouver, B.C. Canada, VRB Power Systems Inc. ("VRB Power") is
an electrochemical energy storage company that has commercialized the patented
Vanadium Redox Battery Energy Storage System ("VRB-ESS") and has acquired the
intellectual property rights and assets comprising the Regenesys Energy
Storage System ("RGN-ESS") for the purpose of developing similar but larger
scale flow battery systems. Both technologies represent a new enabling
capability to effectively store electricity on demand. They can provide direct
economic benefits to utilities and end users in terms of improved power
quality, reliability and energy efficiency. They are particularly well suited
to load levelling (peak shaving), electrical power arbitrage, grid stability
enhancements, capital deferment and Remote Area Power Supply (RAPS)
applications. The company is primarily focused on stationary power sources
such as utility substations, commercial buildings, production facilities,
telecommunication operations, cellular radio sites, and renewable resource
generation such as wind farms - creating the ability to provide "firm"
capacity. As a "green" technology, the VRB-ESS is characterized by a very low
ecological impact and is unlike most other conventional energy storage systems
that rely on toxic substances such as lead, zinc or cadmium. VRB Power is
publicly listed on the TSX Venture Exchange ("VRB") and the OTC Pinksheets
("VRBPF").
Warning: The Company relies upon litigation protection for
"forward-looking statements"
"The TSX Venture Exchange does not accept responsibility for the
adequacy or accuracy of this release"
Vince Sorace
President, VRB Power Systems Inc.
For further information please contact:
VRB Power Systems Inc. at 604-697-8820.
Or visit the company's web site at: http://www.vrbpower.com
SOURCE VRB Power Systems Inc.
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