HyPower Fuel Inc. (PINK SHEETS: HYPF) -

HyPower announced today that has entered into preliminary agreements with a number of shareholders to repurchase approximately 1.5 million outstanding shares at prevailing market prices. HyPower's Board of Directors had previously approved a share repurchase/buyback plan of up to $500,000 of its common stock over the next year. Shares so purchased will be cancelled and removed from the outstanding share count. Acquisitions of stock under the repurchase plan will be made at times and at prices prevailing in the open market or in privately negotiated transactions as permitted by securities and business laws. The repurchase program will be funded by the Company's available cash and may continue as long as management determines it to be fiscally feasible and may be discontinued at any time.

Mr. Douglas Bender, President and CEO of HyPower, stated that "This repurchase is the first of a number of buybacks we expect to accomplish. We believe that the buyback, in combination with our pending acquisitions, will further enhance HyPowers value in the markets."

About HyPower Fuel Inc.

HyPower is a category leading company in the energy technology sector, providing innovative, clean alternative energies through unique methods. Currently HyPower has hydrogen insertion/production and biodiesel technologies in development and/or in the product commercialization stage. For more information please visit: www.hypowerfuel.com and/or contact us at: hypower@hypowerfuel.com

Safe Harbor - This press release shall not constitute an offer to sell or a solicitation of an offer to buy securities of HyPower Fuel Inc. Certain statements in this release and other written or oral statements made by or on behalf of the Company are "forward looking statements" within the meaning of the federal securities laws. Statements regarding future events and developments and our future performance, as well as management's expectations, beliefs, plans, estimates or projections relating to the future are forward-looking statements within the meaning of these laws. The actual results achieved may differ materially from any forward-looking statements due to these risks and uncertainties. These statements are based on our current expectations and speak only as of the date of such statements.

Contacts: Newstrack Communications (587) 987-8585

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