BEDFORD, Mass., June 29 /PRNewswire-FirstCall/ -- Magplane Technology, Inc. (OTC:MAGP), focused on commercializing proprietary magnetic levitation (maglev) technologies, has completed an initial assessment of the rare earth permanent magnets produced in Inner Mongolia, China. The magnets from Inner Mongolia are the strongest permanent magnets produced world-wide and are used to provide lift and propulsion forces used in Magplane's passenger and pipeline transportation systems. Magplane has confirmed that the production capabilities and quality of the Inner Mongolia permanent magnets will meet the requirements of the Magplane system. "We require permanent magnets that meet our specific requirements for strength, physical dimensions, and other parameters necessary for use in Magplane's proprietary maglev design. The magnets are installed in a particular configuration to provide precise lift and propulsion forces," said Dr. Bruce Montgomery, CTO of Magplane. Inner Mongolia has the world's largest deposits of rare earth elements used to make very strong permanent magnets used in a variety of applications in communications and other high-tech industries. The market for these magnets is growing and Inner Mongolia is very excited to work with Magplane to develop new uses for their magnets. The Baotou Research Institute for Rare Earth has expressed their confidence in Magplane as one of the industrial partners in the Inner Mongolia joint venture. About Magplane Technology, Inc. Founded by a group of MIT engineers, Magplane Technology, Inc. (MTI) is the developer of the Magplane system, an innovative magnetic levitation (maglev) transportation system that offers significant advancements over other high-speed trains and light-rail transit systems. Magplanes can achieve speeds up to 500 km/hour for inter-city travel and nearly silent operation for urban mass transit systems. The Magplane system has also been adapted for use in a unique pipeline application that can reduce the cost and pollution from diesel trucks used in transporting material from mining operations. Most recently, Magplane signed agreements with Inner Mongolia initially worth $80 Million to build commercial pipeline infrastructure for transporting the region's coal production. For more information, visit http://www.magplane.com/. Statements regarding financial matters in this press release other than historical facts are "forward-looking statements" within the meaning of section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and as that term is defined in the Private Securities Litigation Reform Act of 1995. The company intends that such proclamations about the Company's future expectations, including future revenues and earnings, technology effectiveness and all other forward-looking statements be subject to the safe harbors created thereby. Since these statements involve risks and uncertainties and are subject to change at any time, the Company's actual results may differ materially from expected results. CONTACT: For Investor Relations Rick McCaffrey OTC Financial Network 781-444-6100x621 http://www.otcfn.com/magp At the Company: Jason Mill Magplane Technology, Inc. DATASOURCE: Magplane Technology, Inc. CONTACT: Investor Relations, Rick McCaffrey of OTC Financial Network, +1-781-444-6100, ext. 621, , for Magplane Technology, Inc.; or Jason Mill of Magplane Technology, Inc., Web site: http://www.magplane.com/

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