Altek Power Corp - Management Confirm Positive Outlook on Fort Macleod Power - Project

- ATPI announced a 100-megawatt (MW) power project in March 2001 and received a development permit from the Town of Fort Macleod in April 2001 for ten acres of land that has been purchased from the Township. ATPI also has available to it additional acreage adjacent to its site that may be used in future expansion of the plant beyond 100 MW. The site is conducive to expansion given its proximity to gas supply and transmission lines. It is also an attractive site given the market credits available in the area based on high demand. Many inquires have been received by ATPI with respect to the purchase of thermal heat from the plant which, when implemented, give the company an additional revenue stream. Fort Macleod is relatively close to the United States border which proximity will be desirable should existing power transmission be extended to the United States.

Two major issues in the development of the power project are provincial approvals and financing. Management estimates that provincial permits will be completed in September 2001. All appeal periods have now expired and management has not been advised of any objections having been made to development of the plant. Altek, TAPI, and ATPI are mutually working towards the project financing in co-ordination with two Canadian securities dealers and various strategic investment groups. The majority of the project financing is expected to be composed of debt financing which in turn will keep the dilution to Altek as small as possible.

Phase One of the Fort Macleod Power Project is expected to provide capacity production of approximately 58 MW, with construction expected to commence immediately upon receipt of necessary provincial approvals and the financing. In August 2001, a 96,000 square foot airplane hangar and fenced compound was leased in Fort Macleod to store the primary power generation equipment until all permits are in place and construction can commence.