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Maglithion

Durable

Versatile

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Powersmith

TOOLS FOR THE MASSES – NEW CORDLESS TOOL SYSTEM DELIVERS POWER AND VERSATILITY IN AN AFFORDABLE SINGLE-BATTERY PLATFORM

Innovative, 12 volt Lithium-Ion products feature ergonomic, lightweight, compact design with long battery life and high performance—ideal for homeowners and the DIYer.

WILLIAMSTON, S.C. – October 14, 2008 – Richpower Industries, Inc today announced the immediate availability of its innovative cordless tool system, PowerSmith Mag-Lith-Ion™. Introducing a whole new level of power and versatility in a single-battery platform, PowerSmith Mag-Lith-Ion responds to what consumers have been seeking for years: compact, lightweight cordless tools, longer battery life, and the power to tackle their home projects.

PowerSmith Mag-Lith-Ion combines the durability and weight advantage of magnesium with the long runtime and power of 12 volt Lithium-Ion battery technology. The result is a compact, integrated tool system that doubles the work output compared to older Nickel Cadmium (NiCad) products while offering a large tool selection at very competitive prices.

David LeVesseur, Senior Merchandise Manager for Northern Tool & Equipment, said, “These PowerSmith Mag-Lith-Ion tools are the best we have seen of the new Lithium-Ion cordless products. We like the power, the compact design, and the fact that they offer a complete line, with great retail pricing.”

Dave Bruce, Director of Product Development for Richpower Industries, said, “Lithium-Ion cordless products are quickly taking over the market from NiCad and Nickel-Metal-Hydride, thanks to their increased power, runtime and the largest energy-to-weight ratio. While other products on the market are either underpowered or overpriced, the 12 volt PowerSmith Mag-Lith-Ion line provides the ideal balance of size, performance and value. The line is offered with a choice of tools and battery combinations that allows customers to purchase only what they need. This eliminates all the tools, batteries and chargers we all have around the house that never seem to match up or be charged when we need them.”

With typical usage, PowerSmith Mag-Lith-Ion tools will have double the runtime compared to previous-generation cordless products, and will stay charged in storage for up to 18 months or more.

In this initial release, the PowerSmith Mag-Lith-Ion line includes nine tools that all operate off of the same battery. Two kits outfitted with selected tools and batteries are also included in the program, along with six accessories.

An additional eight tools will be available in time for Father’s Day 2009 with many more to come throughout the year. The entire PowerSmith Mag-Lith-Ion line is sold in North America through a network of distributors across the United States and Canada.

Richpower Industries Inc. is the North American Sales and Marketing arm of the Jinpan Electric Tool Company. Jinpan is one of the largest Power Tool manufacturers in China. Information about the full line of PowerSmith Mag-Lith-Ion products and systems is available by calling 888-552-8665 or visiting www.maglithion.com

Copyright 2008, Richpower Industries, Inc.

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PRESS RELEASE

Richpower Industries, Inc

736 Hampton Road

Williamston, SC 29621

For Immediate Release