Equitex completes Hydrogen Power Inc. acquisition

ENGLEWOOD, Colo., and WEST PALM BEACH, Fla., 17 March 2006. Equitex Inc. has completed its acquisition of Hydrogen Power Inc. (HPI). HPI is now a wholly owned subsidiary of Equitex which controls all of HPI's licensed intellectual property rights to patented hydrogen generation technology in the United States, South America, Mexico, and Canada.

ENGLEWOOD, Colo., and WEST PALM BEACH, Fla., 17 March 2006. Equitex Inc. has completed its acquisition of Hydrogen Power Inc. (HPI). HPI is now a wholly owned subsidiary of Equitex which controls all of HPI's licensed intellectual property rights to patented hydrogen generation technology in the United States, South America, Mexico, and Canada.

HPI is a Seattle-based company licensing a patented technology developed at the University of British Columbia for producing hydrogen gas in a process called Hydrogen Now.

The HPI Hydrogen Now patented system creates pure hydrogen from the reaction utilizing aluminum, whether raw or recycled, any type of water, and an environmentally friendly catalyst that produces no toxic byproduct.

Hydrogen Now can be used to generate hydrogen on-site and on-demand without electricity thus overcoming significant transportation and storage problems. The HPI process has the potential to create hydrogen at customized rates and pressures to power internal combustion engines or fuel cells.

During the next 12 months, HPI's plan is to develop its hydrogen generation technology for two important commercial applications. First, HPI plans to investigate the production of low volumes of hydrogen for low-power or micro applications of its hydrogen generation technology, such as soldier power, charging cell phones and running lap tops.

Second, HPI plans to investigate the production of hydrogen in large volumes for high-power or macro applications of its hydrogen generation technology, such as stationary back-up power for telecom, on-site power for lift trucks and other vehicles and general hydrogen fueling stations, particularly in less accessible areas.

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