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Innovative Steam Technologies announces two new contracts, bringing 2004 sales awards to $42 million

Jan 31, 2005
a 70% increase from 2003 --

Toronto, Ontario – January 31, 2005: Aecon Group Inc. (TSX: ARE) today announced that its wholly owned subsidiary Innovative Steam Technologies (IST) was awarded two new contracts late in 2004, bringing IST's total 2004 sales awards to $42 million.

These 2004 sales award figures, which include service maintenance contracts as well as new unit sales, represent an increase of over 70% compared to 2003, and have positively contributed to IST's confirmed return to profitability in 2004.

Under the terms of the first contract, awarded by SNC-Lavalin Engineers and Constructors Inc., IST will supply two Once Through Steam Generators (OTSGs). The OTSGs will recover waste heat from two 45MW gas turbines in a cogeneration power plant at the Greater Toronto Airports Authority's Toronto Pearson International Airport. The 117 megawatt plant will provide electricity to the airport complex and steam and chilled water to the airport facilities for heating and air conditioning. The Cogeneration Plant, being built adjacent to the existing Central Utilities Plant, is expected to be in operation by September 2005.

Under the terms of the second contract, awarded by Maui Electric Company, Limited (MECO), IST will supply two OTSGs along with various mechanical components for a combined-cycle power plant located at the Maalaea Power Plant in Maui, Hawaii. These dual-pressure OTSGs are designed to recover waste heat from currently installed gas turbines to produce both high-pressure steam for power generation and low-pressure steam for process heating. The OTSGs will be delivered at the end of 2005. This contract will be IST's second and third units installed in Hawaii.

The final two sales awards bring IST's total reference list to 99 units sold world-wide.

Aecon Group Inc. is Canada's largest publicly traded construction and infrastructure development company. Aecon and its subsidiaries provide services to private and public sector clients throughout Canada and internationally.

The information in this news release includes certain forward-looking statements. These statements are based upon assumptions that are subject to significant risks and uncertainties. Although Aecon believes that the expectations reflected in forward-looking statements are reasonable, it can give no assurance that the expectations of any forward-looking statements will prove to be correct.