CELEBRATION, Fla., April 12, 2010 (GLOBE NEWSWIRE) -- 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, issued an update on its administrative appeal before the Securities Exchange Commission ("SEC") of the Depository Trust Company ("DTC") wrongful and undeserved "chill" of the trading of its public stock. IPWG stated that the DTC has filed a Request for Oral Argument before the SEC.
In its Request, the DTC argues that oral argument is needed "to ensure that all the issues and their implications are fully explored so that the Commission's Decision is based on a full and complete understanding of the controlling operational and systemic concerns" and that "[t]he issue now before the Commission threatens to impact [the DTC's relationship with third parties] and the method and operation of the DTC."
IPWG has filed a response to the DTC's Request and has not opposed Oral argument on the issues. IPWG reiterated the detrimental harm being caused to IPWG and its shareholders by the DTC and disputed all claims and arguments presented by the DTC in its Request.
IPWG's CEO, John Benvengo, stated, "We look forward to a hearing before the SEC administrative panel and the opportunity for IPWG and its shareholders' voices to be heard. The DTC's actions will be completely aired before the SEC administrative panel and allow IPWG to fully state its grievances." Mr. Benvengo further stated, "We await further direction from the SEC and a decision on these motions for Oral Argument."
IPWG stated it will continue to keep its shareholders informed during this process.
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. 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. The forward-looking statements contained in this press release include statements regarding the expectation of housing and marketing carbon credits. 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. The company may experience significant fluctuations in future operating results due to a number of economic, competitive, and other factors, including, among other things, our reliance on third-party manufacturers and suppliers, government agency budgetary and political constraints, new or increased competition, changes in market demand, and the performance or reliability of our products. Additional information with respect to these and other factors, which could materially affect the company and its operations, are included the company's previous filings with the Securities and Exchange Commission.