Bye Energy, Panacis Sign Agreement Companies Collaborate on Battery Storage, Control System for Electric Aircraft

DENVER, Colorado – November 22, 2010 – Bye Energy, Inc., an integrator of alternative energy technologies for business and general aviation aircraft, has signed an agreement with Panacis, a designer and manufacturer of advanced mobile power products. The companies are collaborating on the development, integration and manufacturing of battery storage systems for Bye Energy’s electric and electric-hybrid propulsion system for general aviation aircraft.

George Bye, CEO of Bye Energy, said Panacis is an exciting, experienced developer of battery systems that is making a vital contribution to the program. “Panacis plays a critical research and engineering role in the assembly of our alternative energy system,” Bye said. “Panacis technology will allow us to unlock the capabilities of our advanced lithium cells, making the electric Cessna 172 battery units among the most advanced in the world.”

Steve Carkner, CEO of Panacis, sees that Bye Energy is expanding the possibilities of aviation power systems, and is creating a compelling showcase for Panacis’ innovative aviation battery products. “Panacis has been turning heads in the aerospace industry with its high performing and efficient advanced lithium battery systems,” he said. “We are excited to be part of this ground-breaking project, and are confident that our aircraft battery and power systems will enable Bye Energy to unlock and advance the performance potential of their electric propulsion system.”

About Bye Energy

Formed in 2008, Bye Energy is developing an electric and electric-hybrid propulsion system for light general aviation aircraft, announcing “The Green Flight Project” (www.TheGreenFlightProject.aero) earlier this year. The company is also collaborating with Cessna Aircraft Company, a Textron Inc. (NYSE: TXT) company, to design and develop an electric propulsion system for a Cessna 172 proof of concept aircraft. Bye Energy is headquartered on Centennial Airport in Englewood, Colo., and also has offices at Rocky Mountain Metro Airport, in Scottsdale, Ariz., and Albuquerque, N.M. For more information, go to www.ByeEnergy.com.

About Panacis

Panacis is a leading global provider of collaborative product development services that enables its customers to conceive and realize their ideas, and accelerate them to market. With comprehensive engineering capabilities that include advanced batteries, power systems, wireless, and electromechanical design, Panacis is a designer and manufacturer of innovative technology products. Panacis was founded in 2002 and has since become one of Canada’s fastest growing companies. It is based in Ottawa, Canada with product partners around the world. For more information, go to www.Panacis.com.

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