IPWG International Power Group Ltd (CE)

International Power Group, Ltd. (Pink Sheets:IPWG), a provider of waste to energy solutions, including waste to energy development and waste to energy technologies, announced today that on February 24, 2010, it had executed the Fund Agreement outlined in the Term Sheet of September 25, 2009 and referenced in its press release of September 29, 2009, for a total of up to 250,000,000 EURO for the construction of the Waste to Energy plant in Koryciska, Poland (the "Project").  The funds are to be issued in traunches in accordance with the Project construction milestones.  The Funds have a term of 10 years at a rate of interest equal to Euribor plus 3%.  Interest and loan principal are not due until the Project is completed. 

The Agreement provides that the first traunche will be for an amount not to exceed 10% of the aggregate authorized funds.  The Company will receive a management fee of 5,000,000 Euros payable at the time of the funding of the first traunche.  The total funding commitment of 250,000,000 Euros is in accordance with various conditions and covenants, as set forth in the Fund Agreement.

IPWG's CEO, Mr. John Benvengo, said, "We are excited to have accomplished this major task and to have the support of a valued ally.  Our future looks very bright and we believe we are now closer to achieving our goal of completing the 'green' development we have been planning for the last several years and becoming the leader in WTE development worldwide."

Mr. Benvengo further stated, "As I discussed during our shareholders meeting in October of 2009, IPWG has ventured into "new beginnings" and this accomplishment and milestone reflects our commitment to the new beginning at IPWG for the benefit of our shareholders."

About International Power Group, Ltd.

International Power Group, Ltd. is in the business of 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 Pink Sheets.

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 funding of future traunches under the Fund Agreement and achievement of the 'green' development. All forward-looking statements in this press release are made as of the date of this press release, and IPG assumes no obligation to update these forward-looking statements other than as required by law.  The forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those set forth or implied by any forward-looking statements and include the risks that the development of the waste system in Poland may not proceed as anticipated or that the financing will remain in place for the duration of the project

CONTACT:  International Power Group, Ltd.

          John Benvengo, CEO/President

          407-566-0318

          www.i-pwg.com