December 28, 2009 (FinancialWire) — International Power Group, Ltd. (OTC: IPWG), a provider of waste to energy solutions, including waste to energy development and waste to energy technologies, has completed the formation of its joint venture Corp., Green Energy Eastern Europe Group, s.p.a. z.o.o. (GEEEG). IPWG’s Waste to Energy plant, just outside of Radom, in Koryciska, Poland, will be managed and operated through GEEEG.

In addition, in accordance with the Memorandum of Undertaking and Term Sheet entered into on September 25, 2009, and mandates from IPWG’s financial partners, IPWG has successfully finalized the documentation we believe to be necessary to close on the construction credit facility for the Poland Waste to Energy Power Plant. This documentation, the obtainment of which is a condition to closing of the credit facility, is now being furnished to our financial partners in anticipation of them setting a closing date on the credit facility.

IPWG has further entered into a letter agreement with Volga International, an international construction management company, to operate as General Contractor with regard to the construction of the Poland WTE plant.

IPWG further noted that with regard to its dispute with the Depository Trust Company (DTC), IPWG has submitted additional briefing to the Securities and Exchange Commission (SEC) in regards to its appeal of the DTC’s actions as to IPWG securities and in response to the SEC request of the DTC and IPWG. This additional briefing was requested in an Order issued by the SEC on December 16, 2009. IPWG continues its appeal to the SEC of the DTC’s action and awaits a decision on its Motion for a Stay of the DTC’s chill on transactions in IPWG’s securities.

International Power Group, Ltd. is a leader in the development and implementation of new cutting-edge technologies that maximize recycling values while providing environmentally safe disposal of solid waste and hazardous materials.

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