AFS announces option grants

    CALGARY, Sept. 29 /CNW/ - Alternative Fuel Systems (2004) Inc. ("AFS " or
the "Company") (TSX Venture: AFX) announces that pursuant to the terms of its
stock option plan, it has granted options to purchase 422,000 common shares at
a price of $0.25 per share to certain of its directors, officers and
employees. The options vest 20% upon the date of grant and 20% every six
months thereafter (with full vesting after two years) and are exercisable for
a five-year period.

    AFS is a Canadian company providing innovative and cost-effective
solutions to the growing global problem of harmful exhaust emissions from
internal combustion engines. AFS has commercialized electronic engine
management systems enabling internal combustion engines to operate on a
variety of fuels. The Company is headquartered in Calgary, Canada and trades
on the TSX Venture Exchange under the trading symbol AFX.

    Neither the TSX Venture Exchange nor any securities regulatory authority
has in any way passed upon the merits of the transaction described in this
press release and any representation to the contrary is an offence.

    %SEDAR: 00020995E

For further information:

For further information: Jim Perry, President and CEO, Phone: (403)
516-6632, E-mail:

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