TSX Approves Zongshen PEM Power Systems Inc.'s Normal Course Issuer Bid

08:00 EST Monday, November 10, 2008

TSX:ZPP

VANCOUVER, Nov. 10 /CNW/ - Zongshen PEM Power Systems Inc. ("ZPP" or "the Company") (TSX:ZPP), announced today that it has received the approval of The Toronto Stock Exchange ("TSX") to make a Normal Course Issuer Bid (the "Bid") to purchase through the facilities of the Exchange, from time to time, as it considers advisable, up to 3,065,211 of the issued and outstanding Common Shares (being approximately 5% of the 61,304,230 Common Shares outstanding at November 3, 2008).

The Bid will commence on November 17, 2008 after the filing of the Company's third quarter financial statements and terminate on the earlier of (i) November 16, 2009, (ii) the date on which ZPP acquires all of the shares sought pursuant to the Bid or (iii) the date the Company provides notice of the termination of the Bid. The price which ZPP will pay for any shares purchased by it will be equal to the prevailing market price of such shares on the Exchange at the time of purchase. Any shares acquired by ZPP pursuant to the Bid will be cancelled.

Under the Bid, the Company will not purchase more than 21,472 shares on any trading day (representing 25% of the average trading volume since the Company graduated onto the TSX), subject to block purchase exceptions and any temporary relief granted by the TSX.

The Board of Directors of ZPP believes that the Bid is in the best interests of ZPP and that the Bid constitutes a desirable use of ZPP's funds.