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IST completes sale of two units in New York

Toronto, Ontario - February 24, 2006:

Innovative Steam Technologies (IST), has been awarded a contract by the Riverbay Corporation to supply two Once Through Steam Generators (OTSGs) for a power plant project in Bronx, New York.

Under the contract, which totals just over CDN$7 million, IST will supply two OTSG units to the Co-Op City Power Plant Project, a combined cycle cogeneration project in Bronx NY. The units will recover waste heat from the exhaust of two 13MW gas turbines and produce steam for a steam turbine that will generate electricity for the Co-Op City housing cooperative. Steam generated by the OTSGs will also be used for heating in the winter and cooling in the summer time via absorption chillers. Excess electricity will be distributed to the New York power grid.

Work on the new units has already begun and the installation is scheduled to be completed in the fall of 2006.

“We’re proud to be awarded this important project,” said Bob Dautovich, President of IST. “These are IST’s fourth units to be installed in the New York City area and we believe this project is part of a growing trend towards increased use of cogeneration in North America.”

Innovative Steam Technologies is the world leader in the design and fabrication of once-through-steam-generators.

IST completes sale of two units in New York

Toronto, Ontario - February 24, 2006:

Innovative Steam Technologies (IST), has been awarded a contract by the Riverbay Corporation to supply two Once Through Steam Generators (OTSGs) for a power plant project in Bronx, New York.

Under the contract, which totals just over CDN$7 million, IST will supply two OTSG units to the Co-Op City Power Plant Project, a combined cycle cogeneration project in Bronx NY. The units will recover waste heat from the exhaust of two 13MW gas turbines and produce steam for a steam turbine that will generate electricity for the Co-Op City housing cooperative. Steam generated by the OTSGs will also be used for heating in the winter and cooling in the summer time via absorption chillers. Excess electricity will be distributed to the New York power grid.

Work on the new units has already begun and the installation is scheduled to be completed in the fall of 2006.

“We’re proud to be awarded this important project,” said Bob Dautovich, President of IST. “These are IST’s fourth units to be installed in the New York City area and we believe this project is part of a growing trend towards increased use of cogeneration in North America.”

Innovative Steam Technologies is the world leader in the design and fabrication of once-through-steam-generators.