Groundbreaking Event of Voltamp's New Power Transformer Factory at Sohar

Honorable Mr.Qais Bin Mohamed Al Yousef - Chairman Voltamp Energy SAOG symbolically breaks ground at a ceremony on Monday, 22nd March 2010 at PEIE Industrial Estate, Sohar.

(Subsidiary of VOLTAMP ENERGY SAOG) has commenced Construction activities of their new green field, State of the art factory at Sohar for manufacturing Power Transformers.

The factory is designed to produce high quality Extra High Voltage(EHV) 132 KV class power transformers. Spread on a plot area of 80,000 sq meters, the initial covered area of the factory is over 14,000 sq m. When completed, it will be a truly world class facility and the only one of its kind in the GCC Region.

The layout permits expansion of the facility to enable manufacture of transformers of the higher voltage ratings with marginal additional investment.

All major equipment has already been ordered and is being globally sourced from renowned manufacturers. The factory is expected to commence production in Q1 of 2011. The total estimated cost of the factory is about RO 11 million.

The power transformers will be manufactured under license from TATUNG COMPANY of Taiwan. TATUNG is a well known, diversified international company which designs and manufactures a wide variety of industrial products. Tatung is a leader in the Power and Energy business and its products are exported all over the world including Japan, USA and Australia. Tatung Transformers, being manufactured for more than 40 years are known for their quality and reliablilty, as well as for the rugged construction, most suitable for the ambient conditions in the MENA region.

Voltamp commenced operations as a LLC company manufacturing electrical switchgear in 1987 and has continually improved its product offerings. It currently manufactures a wide range of transformers and switchgear. The company's products find acceptance in a wide range of sectors including utilities, oil & gas, infrastructure and construction. Voltamp has won the coveted His Majesty's Cup on four occasions as a distinguished company promoting Oman's economy. In mid 2008, Voltamp became an SAOG company and currently has over 28,000 share holders.

Voltamp's Vision is to be a growing contributor in the power sector in Middle East and Africa by offering diversified quality product and solutions thereby to maximize wealth to Stakeholders.

Board Decision on further Investment in Voltamp Manufacturing Co.Qatar

Decision of the Board of Voltamp Energy SAOG on further investment in Voltamp Manufacturing Company LLC, Qatar(VMCQ), a 51% subsidiary of Voltamp Energy SAOG taken by circulation on the evening of 13th January 2010.

The Board deliberated in detail the Management’s request for further investment of QR 15 Million in VMCQ. After careful examination of all facts noted the following:

* There was a delay in getting factory approval.
* The product of VMCQ is not yet approved in Qatar by the local utility company KAHRAMA and hence they are unable to sell in the local market currently.
* Accumulated loss as per provisional accounts of VMCQ as on 31.12.09 is QR 8,537,578. VMCQ has suffered substantial losses in last two years which has eroded the capital of the Company by 57%.

In view of the above, the Board decided not to invest further as the same will not be in the best interest of the Company and Voltamp Energy Shareholders and advised the representative directors on VMCQ Board to explore all options within the next couple of weeks to limit further losses to the Company.

However, the Board resolved that Voltamp Energy will honor its commitments to date.

The Executive Management would like to inform the Shareholders of Voltamp Energy SAOG that the Board of Directors has held its meeting No 1/2009 on January 15th 2009.,

Appointment of Chief Executive Officer

Mr. Alok Bhargava has been appointed as CEO of Voltamp Energy SAOG from 6th December 2008. He has 28 years of experience with four well known large companies in the power sector, mainly in the areas of General Management, EPC contracts, Business Development, after sales services and Projects Development / Implementation.

Adjournment of CGM

Due to lack of quorum in the first constitutive general meeting on 03/07/08, the Constitutive Committee of Voltamp Energy SAOG (Under Transformation) is pleased to invite all shareholders to attend the 2nd Constitutive General Meeting of the Company scheduled at 11 am on Thursday 24th of July 2008 at Business Hall, Capital Market Authority (CMA) Ruwi, Muscat to consider the Agenda same as previous meeting.