Hydrogen Power International, Inc. Subsidiary Hydrogen Power, Inc. Announces Successful Conversion of Ford Ranger Truck to Run On Hydrogen

ENGLEWOOD, Colo. & WEST PALM BEACH, Fla.--(BUSINESS WIRE)--June 7, 2006--Hydrogen Power International, Inc. (Pink Sheets:EQTX), formerly Equitex, Inc. (the "Company" or "HPII"), announced today that its subsidiary, Hydrogen Power, Inc. ("HPI"), has successfully completed the first phase of converting an internal combustion engine vehicle to a hydrogen hybrid, ultimately to be powered by AlumiFuel(TM) for on-board hydrogen production. The conversion marks a milestone in the Company's efforts to address the automotive and transportation sectors with its hydrogen production technology.

HPI's advancements in the Seattle-based laboratory production facility have been rapid since proving both HPI's Hydrogen Now(TM) technology and AlumiFuel powder as viable and controllable entities. Hydrogen Now is HPI's patented hydrogen production process that involves a chemical reaction between water, aluminum, and an environmentally friendly catalyst to cleanly and efficiently produce hydrogen on-site and on-demand. High energy density AlumiFuel technology, a product derivative of the Hydrogen Now process, powers the chemical reaction. It extracts and releases the energy from the aluminum once the water is added. AlumiFuel's potential employability extends to a wide range of applications, but HPI is currently focused on its applications in the transportation and automotive markets.

Key problems faced by other hydrogen conversion methods for internal combustion engine ("ICE") vehicles, such as cost, storage, and safety, are addressed by AlumiFuel technology. First, water is added to AlumiFuel in a reactor to generate heat and hydrogen gas on-board and on-demand. Hydrogen is produced only as needed, addressing safety concerns and improving efficiency (supplementing the core efficiency advantages of the process, which requires no additional energy for the compression of hydrogen or energy consumption for the creation of hydrogen).

The container requirements of the AlumiFuel reactor enhance its appeal, initially established by the cost and availability of the technology's feedstock, aluminum. The vessel used for hydrogen production weighs heavily in the cost of a hydrogen-powered vehicle. Instead of the typical 10,000psi tank of other methods, HPI's reactor and tank are more cost-effective because pressures are less than 150psi.

Hybrid vehicles, with lower emissions and an improved fuel economy, have a rapidly growing demand and are increasing market traction. More than 205,000 hybrid-electric cars were sold in the U.S. during 2005, which represents more than a 200% increase over the 2004 hybrid sales, according to the Electric Drive Transportation Association. By 2008, the number is projected to reach 770,000, and 11.5 million hybrids by 2020. Most hybrids on the road and in production use gas and electricity for propulsion. HPI's technology does not require electrolysis for hydrogen production, amplifying the safety, efficiency, and economic benefits. Hybrid electrical vehicles require a large and costly generator system, completely by-passed using HPI's method.

In order to get the wheels in motion using AlumiFuel on board an ICE vehicle, HPI's first mission was to convert an ICE vehicle to a hydrogen hybrid. These preliminary steps are complete, and HPI scientists announced that the 2006 Ford Ranger XL truck has been converted to run on hydrogen under a dual fuel system that allows the driver to select either gasoline or hydrogen. Dependent on preference or fuel availability, the rotation between the two fuel sources is achieved instantly and seamlessly. The installation of the supplementary hydrogen production system involved the addition of a second set of injectors, high-pressure hydrogen tanks, regulator, a hydrogen control system, and other available off-the-shelf products. The conversion system is adaptable to more than 90% of current American-made vehicles, and with slight modifications can be made to work with virtually any modern vehicle.

The system is also environmentally friendly. HPI's hydrogen-hybrid system emits no greenhouse gases.

Although the conversion of ICE vehicles has become more frequent over the last decade, significant problems have impeded its widespread adoption. HPI intends to address these problems - mainly cost, storage, and safety - by taking its successful conversion to the next level using AlumiFuel technology. The completion of Phase I of the "H2Go" Project has been yet another green light on the road to commercialization potential in the automotive market, where HPI's on-board and on-demand technology is well suited. HPI's management estimates there are more than 200 million automobiles and a like number of other vehicles in the U.S., putting the size of this market at more than $3 billion.

Given the ease of storage and distribution, as well as its customized production capability, HPI's AlumiFuel and Hydrogen Now technology are intended to bypass infrastructure and cost barriers to commercial adoption. With the hydrogen-power conversion on the Ford Ranger complete, HPI's next step will be to integrate the AlumiFuel powered reactor with the truck to provide an on-board, on-demand hydrogen supply.

Hydrogen Power International, Inc. (formerly Equitex, Inc.) is a holding company now operating through its wholly owned subsidiary Hydrogen Power, Inc. of Seattle, Washington (www.hydrogenpowerinc.com) and its majority-owned publicly traded subsidiary FastFunds Financial Corporation (OTCBB:FFFC) of Minnetonka, Minnesota. Hydrogen Power has licensed and has developed a patented technology for producing hydrogen gas in a process called Hydrogen Now(TM). FastFunds Financial recently sold a majority of its operating assets and currently has limited business operations.

The statements included in this press release concerning predictions of economic performance and management's plans and objectives constitute forward-looking statements made pursuant to the safe harbor provisions of Section 21E of the Securities Exchange Act of 1934, as amended, and Section 27A of the Securities Act of 1933, as amended. These statements involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. Factors which could cause or contribute to such differences include, but are not limited to, factors detailed in Hydrogen Power International, Inc./Equitex's Securities and Exchange Commission filings; failure of registration statements to be declared effective; completion of due diligence, shareholder approval, regulatory approvals and certain other pre-closing conditions for all incomplete merger or acquisition transactions; the loss of contracts or failure to acquire new contracts; success of any legal actions; failure to successfully implement newly developed product lines including projected increases in revenues or earnings; delays or the inability to obtain regulatory approvals for previously announced acquisitions; the inability to initiate or complete any contemplated restructuring, offering, acquisition, disposition or other transaction; adverse financial performance by Hydrogen Power International, Inc./Equitex or any of its subsidiaries; failure to obtain or maintain regulatory approval for products and services offered by Hydrogen Power International, Inc./Equitex or its subsidiaries; failure to complete the development and commercialization of alternative energy products or services; adverse equity market conditions and declines in the value of Hydrogen Power International, Inc./Equitex common stock; and the unavailability of financing to complete management's plans and objectives. The forward-looking statements contained in this press release speak only as of the date hereof and Hydrogen Power International, Inc./Equitex disclaims any intent or obligation to update these forward-looking statements.