January 8, 2004

News Release: Dynetek Industries Ltd. Announces Contract for Hydrogen Storage Systems Bound for Australian Demonstration Project

Dynetek Industries Ltd. ('Dynetek'), a leader in developing, producing and marketing lightweight compressed hydrogen storage cylinders and compressed natural gas storage (CNG) cylinders, announced today it will deliver in the first quarter of 2004 three on-board hydrogen fuel storage systems for fuel cell buses bound for Perth, Western Australia. Dynetek is providing the fuel storage solution using its certified 350bar (5000psi) hydrogen fuel storage system. Dynetek continues to work with Vancouver - based Ballard Power Systems who will provide their latest generation heavy-duty fuel cell engines to EvoBus for integration into Mercedes-Benz Citaro buses. 'We are honored to be working again with both Ballard Power and DaimlerChrysler in helping lead the way in adoption of zero-emission fuel cell technology,'said Robb Thompson, Dynetek's President and CEO. 'In addition to these three fuel cell buses for demonstration in Perth, Dynetek also previously delivered the fuel storage systems for 30 Mercedes-Benz Citaro buses which are part of a two-year demonstration program in 10 European cities.'

The Perth buses will operate as part of the Transperth public transport system by Path Transit. The purpose of the two-year demonstration program is to determine the critical technical, environmental, economic and social factors that need consideration in the introduction of hydrogen fueled fuel cell buses. The Perth program is also structured to examine what government and private sector systems are needed to support a hydrogen-based energy system.

Dynetek develops, manufactures and markets Advanced Lightweight Fuel Storage Systems(TM) for storing compressed natural gas (CNG) for low emission CNG vehicles and compressed hydrogen for zero emission fuel cell vehicles. The Dynetek fuel storage system is marketed under the DyneCell(R) brand name.

Ballard Power is a leader in developing, manufacturing, and marketing zero-emission proton exchange membrane fuel cells for use in transportation, electricity generation and portable power products.

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For further information: Robb Thompson, President and Chief Executive Officer, (403) 720-0262 or 888-396-3835 (toll free in North America), www.dynetek.com

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