Zongshen PEM Power Systems Inc. - No material change announcement

    RICHMOND, BC, Oct. 17 /CNW/ - Zongshen PEM Power Systems Inc.
("Zhongshen" or the "Company") wishes to confirm that the Company's management
is unaware of any material change in the Company's operations that would
account for the recent increase in market activity.
    Zongshen PEM Power Systems is a leading developer and manufacturer of
alternative energy power systems and applications. The Company has a
manufacturing plant in Wuxi, China producing electric bicycles for the China
and international market. In addition the Company is conducting research and
development on hydrogen fuel cell technology. Zongshen PEM Power Systems is an
affiliate of the Zongshen Industrial Group, one of China's largest
manufacturers of engines and motorcycles including Chongqing Zongshen Power
Machinery Co., Ltd. listed on the Shanghai Stock Exchange.

    The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this news release. This news
release may contain assumptions, estimates, and other forward-looking
statements regarding future events. Such forward-looking statements involve
inherent risks and uncertainties and are subject to factors, many of which are
beyond the Company's control that may cause actual results or performance to
differ materially from those currently anticipated in such statements.

For further information:

For further information: Joanne Yan, Director, zspem@zongshenpem.com;
Ali Mahdavi, Investor Relations, Tel: (416) 962-3300, Email:

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