RE: NEWS better layoutThe merger and the issuance of securities of the Corporation in connection with the merger is subject to TSX Venture Exchange approval, any other regulatory approvals that may be required (including the filing of any required registration statement) and the satisfaction of other conditions, including obtaining any required third party consents and required shareholder approvals. In this regard, PEV anticipates that completion of the merger will require entering into arrangements satisfactory to it with Nova Scotia Business Inc concerning the discharge of PES Canada Inc obligations to NSBI.No security holder of PES, other than PEV, owns over 10% of the voting securities of PES. The merger is not expected to result in any change of control of the Corporation, but will result in the interest of Network Capital Partners, Inc. ("NCP") in the Corporation being diluted. NCP is the owner of 28,644,302 common shares of the Corporation and $250,000 principal amount of convertible debenture of the Corporation. NCP is also the owner of 442,476 shares of Series A-1 Preferred Stock, 333,333 shares of Series B Preferred Stock, 166,666 warrants to purchase Series B Preferred Stock and US$422,964 principal amount of convertible debentures of PES. Paul Simmonds, a director and senior officer of the Corporation, and Bruce Simmonds, a former director and Chairman of the Corporation, are directors, senior officers and minority shareholders (less than 10%) of NCP. PEV also reports that Phil Sustronk has stepped down as director of PEV.