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**Alternative Fuel Systems Plan of Arrangement approved**
Publication date: 30-June-04 Source:Alternative Fuel Systems Inc.
CALGAR- Alternative Fuel Systems Inc. ("AFS" or the "Company") (TSX:ATF) announced today that it has received approval from its unsecured creditors, securityholders, and from the Court of Queen's Bench of Alberta for its Plan of Arrangement (the "Plan") under the Companies' Creditors Arrangement Act ("CCAA"). The complete text of the Plan was provided to all unsecured creditors and securityholders in the Information Circular and Proxy Statement dated May 21, 2004, which is also available on the SEDAR website at www.sedar.com. As a result of implementation of the Plan of Arrangement, the natural gas conversion business of AFS (including certain assets and liabilities) will be sold to a new company, Alternative Fuel Systems (2004) Inc. ("AFS-04"). AFS itself will be renamed AFS Energy Inc., and will retain the tax losses resident in AFS. AFS has been informed that its shares will be delisted from the TSX effective at the end of business on June 30, 2004. It is intended that the common shares of AFS-04 will be listed for trading on the TSX Venture Exchange and the common shares of AFS Energy will be listed on the NEX Board (of the TSX Venture). Conditional listing approvals have been received for both companies. Forward-looking statements - this news release may contain forward- looking statements about AFS, AFS-04 and AFS Energy based on the current expectations of management. AFS cautions investors that any forward-looking statements are subject to various risks, uncertainties and other factors that could cause events to differ materially from those expressed in, or implied by forward looking statements. ~


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