Cube Psytech Holdings Inc. T.P

Financing Closes

[musing]

Highlights are excees demand and Richardson Ventures picks up another 1/2 million shares. Can't add anything to what we have collectively said in the past. I continue to be both optomistic and impressed by the step by step developments. RailPower Closes $3.2 Million Private Placement 7/3/03 RailPower Technologies Corp., a leader in specialized energy technology systems, announced that it has successfully closed its recently announced private placement. Due to excess demand, the amount of the private placement has been increased to C$3.2 million from the C$3.0 million originally announced. Under the terms of the private placement, RailPower has issued 1,600,000 Units at a price of C$2.00 per Unit. Each Unit is comprised of one Common Share and one Common Share Purchase Warrant. Each Warrant entitles the holder to acquire one additional Common Share at a price of C$2.25 per share for a period of 18 months from the date of closing. The Common Shares and Warrants are subject to a four-month hold period, expiring November 4, 2003. Of the total amount of the offering, C$2.2 million was raised through Bob Wilfur, of First Capital Management Ltd., of Calgary. First Capital will receive a finder's fee equal to approximately 6.5% of that amount. The remaining C$1.0 million was provided by Richardson Ventures Inc., a subsidiary of James Richardson & Sons, Limited. No finder's fee or commission is payable with respect to their investment. About RailPower RailPower Technologies Corp. (www.railpower.com) is a leader in specialized energy technology systems for transportation and power generation. In addition to its patented locomotive technologies, it has a patent pending in respect of its rDirect power conditioning technology for distributed and remote power generation technologies. CONTACT: TEL: [phone] Simon Clarke, Executive Vice President FAX: [phone] Corporate Development RailPower Technologies Corp., ext.206 E-mail: [e-mail] TEL: [phone] Jay Hussey, Investor Relations FAX: [phone] The Equicom Group Inc., ext. 225 E-mail: [e-mail]