Zongshen PEM Power Systems Inc. Announces Private Placement of up to 9,000,000 Units and Grant of Stock Options

    RICHMOND, BC, June 14 /CNW/ - Zongshen PEM Power Systems Inc. (TSXV: ZPP;
the "Company") is pleased to announce that it has arranged a non-brokered
private placement of up to 9,000,000 units at a purchase price of $0.57 per
unit, for total gross proceeds of up to $5,130,000. Each unit will consist of
one common share and one-half of one common share purchase warrant. Each whole
common share purchase warrant will enable the holder to purchase one common
share at a price of $0.89 for a period of 18 months from closing.

    Proceeds of the financing will be used for working capital.

    The Company also announces that it has granted incentive stock options to
directors, officers and employees for the purchase of a total of 2,405,000
common shares of the Company at a price of $0.71 each until June 14, 2012. The
options are being granted pursuant to the terms of the Company's stock option

    The TSX Venture Exchange has not reviewed and does not accept
    responsibility for the adequacy or accuracy of the content of this news

For further information:

For further information: Zongshen PEM Power Systems Inc., Mary Ma,
Controller, (604) 233-1115, info@zongshenpem.com

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