Environmental Power Corporation

Environmental Power Corporation is listed on AMEX (EPG). We are a Delaware corporation, incorporated in May 2003, as the successor holding company to our subsidiary, EPC Corporation, which was originally incorporated in Delaware in 1982. EPC Corporation became a publicly traded company in 1986. Our common stock is currently listed on the American Stock Exchange under the symbol EPG. Our principal executive offices are located at One Cate Street, 4th Floor, Portsmouth, New Hampshire 03801 and our telephone number is (603) 431-1780. Company Overview We are a developer, owner and operator of renewable energy production facilities, with the ability to produce energy at a stable, predictable cost that is at or below the cost of most power sources. Our production facilities produce energy from environmentally harmful waste materials, allowing us to generate environmental benefits with significant social and economic value. Our principal operating subsidiary, Microgy Cogeneration Systems, Inc.

Environmental Tectonics Corp.

Environmental Tectonics Corp. is listed on AMEX (ETC). We were incorporated in 1969 in Pennsylvania and are principally engaged in the design, manufacture and sale of software driven products used to create and monitor the physiological effects of motion on humans and equipment and to control, modify, simulate and measure environmental conditions. These products include aircrew training systems, entertainment products, sterilizers, environmental and hyperbaric chambers and other products that involve similar manufacturing techniques and engineering technologies. SEGMENTS We operate in two primary business segments, Aircrew Training Systems (ATS) and the Industrial Group. Aircrew Training Systems. This segment includes three primary product groups: aircrew training devices, entertainment products and disaster management simulation. Aircrew Training Devices.

Florida Rock Industries Inc. ..began business in 1929, was incorporated in Florida in 1945. Florida Rock Industries, Inc. and its subsidiaries , are principally engaged in three bus..

Fidelity Bankshares Inc. ..n which, on May 15, 2001, became the holding company parent of Fidelity Federal Bank & Trust, following the completion of the second step mutual-to-st..

Forward Air Corporation .. transportation and related logistics services to the North American deferred air freight market. We offer our customers scheduled surface transportat..

Global Imaging Systems Inc. ..this annual report, the terms Global, Company, our, or we refer to Global Imaging Systems, Inc. and its subsidiaries. General We are one of the leadin..

General Motors Corporation ..y reference to the indicated pages in Part II: Item Page(s) Wholesale Volumes II-6 through II-9 Employment and Payrolls II-16 Note 24 to the GM Consol..

Gander Mountain Company ..ailer offering a broad assortment of competitively priced merchandise that caters to the needs of outdoor lifestyle enthusiasts, with a particular foc..

Gravity Co. Ltd. ..y and Development of the Company We were incorporated as a company with limited liability under Korean law on April 4, 2000 under the legal name of GR..

SANTANDER BANCORP ..olding company, registered under the Bank Holding Company Act of 1956, as amended and, accordingly, subject to the supervision and regulation by the F..

Great Southern Bancorp Inc. ..is a financial holding company which, as of December 31, 2003, owned directly all of the stock of Great Southern Bank (Great Southern or the Bank) and..

Hanover Compressor Company .., together with its subsidiaries, is a global market leader in the full service natural gas compression business and is also a leading provider of ser..

Double Eagle Petroleum Company ..Wyoming Corporation on January 13, 1972, and reincorporated in February 2001 in the State of Maryland, explores for, develops, produces and sells crud..

Home Federal Bancorp Inc. ..rally chartered stock corporation at the direction of Home Federal Savings and Loan Association of Nampa (Association) in connection with its mutual h..

HRPT PPTYS TR .., or REIT, formed in 1986 under the laws of the State of Maryland. Our primary business is the ownership and operation of real estate, including offic..

Hungarian Telephone & Cable Corp. ..ed in Delaware in 1992 as a holding company with the intention of acquiring concessions from the government of the Republic of Hungary to own and oper..

Ibis Technology Corporation .. within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 that relate to future events or our future f..

IDM Pharma Inc. ..rein, the following discussion contains forward-looking statements that involve risks and uncertainties. These statements reflect management's current..

Immunomedics Inc. ..focused on the development of monoclonal antibody-based products for the targeted treatment of cancer, autoimmune and other serious diseases. We have ..

Insmed Inc. .. focused on the development and commercialization of drug products for the treatment of metabolic diseases and endocrine disorders. Currently, our dev..

Interphase Corporation ..e) enables rapid platform design and integration for the global voice, video, and data communications markets through custom and off-the-shelf communi..

International Shipholding Corporation ..pany refer to International Shipholding Corporation and its subsidiaries. Through our subsidiaries, we operate a diversified fleet of U.S. and foreign..

Illinois Tool Works Inc. .. and incorporated in 1915. The Company is a worldwide manufacturer of highly engineered products and specialty systems. The Company has approximately ..

J. Alexanders Cp ..and, as of January 2, 2005, operated as a proprietary concept 27 J. Alexander's full-service, casual dining restaurants located in Alabama, Colorado, ..

KCS Energy Inc. ..dependent oil and gas company engaged in the acquisition, exploration, development and production of natural gas and crude oil. Our properties are pri..

KMG Chemicals Inc. .. of the largest sellers of industrial wood preserving chemicals in the United States. We also sell animal health pesticides and agricultural herbicide..

Coca-Cola Enterprises Inc. ..nsumers throughout North America, Great Britain, continental France, Belgium, the Netherlands, Luxembourg, and Monaco . Being the world's largest Coca..

Kronos Incorporated ..sachusetts corporation. As part of our workforce management solution, we develop, manufacture, and market human resources, payroll, scheduling, absenc..

Lynch Corporation .. laws of the State of Indiana, is a diversified holding company with subsidiaries engaged in manufacturing. The Companys executive offices are located..

Lifecore Biomedical Inc. ..biomaterials and medical devices for use in various surgical markets. The Company was incorporated in the State of Minnesota in 1965. The Company oper..

Louisiana-Pacific Corporation ..leading manufacturer and distributor of building products. As of December 31, 2004, we had approximately 6,500 employees and operated 34 facilities in..

Lexmark International Inc. ..re corporation and the surviving company of a merger between itself and its former parent holding company, Lexmark International Group, Inc., (Group) ..

Manugistics Group Inc. .. Form 10-K are qualified by the sections captioned Forward-Looking Statements and Factors That May Affect Future Results in Item 7-Management's Discus..

Mobile TeleSystems ..Development Mobile TeleSystems CJSC, or MTS CJSC, our predecessor, was formed in 1993. The founding shareholders included MGTS and three other Russian..

Medicis Pharmaceutical Corporation ..its wholly owned subsidiaries is a leading specialty pharmaceutical company focusing primarily on helping patients attain a healthy and youthful appea..

Met-Pro Corporation .. State of Delaware on March 30, 1966 and reincorporated in the State of Pennsylvania on July 31, 2003, manufactures and sells product recovery and pol..

Micron Technology Inc. ..n and other forward-looking statements that involve a number of risks and uncertainties. Forward-looking statements include, but are not limited to, s..

Monmouth Real Estate Investment Corporation ..corporation operating as a qualified real estate investment trust (REIT) under Sections 856-860 of the Internal Revenue Code (the Code), and intends t..

Mossimo Inc. .. November 1995, and presently operates as a designer and licensor of apparel and related products under the Mossimo brand and other brands it owns or ..

Marlin Business Services Corp. ..g solutions primarily to small businesses. We finance over 60 categories of commercial equipment important to our end user customers, including copier..

MannKind Corporation ..annKind, we, company, us and our refer to MannKind Corporation and its subsidiary. Technospherc® and MedTone® are our registered trademark in the Unit..

Max Re Capital Ltd. ..therwise requires, all references in this Annual Report on Form 10-K to we, us, our and similar expressions are references to Max Re Capital Ltd. and ..

NACCO Industries Inc. ..ding company with three principal businesses: lift trucks, housewares and mining. (a) NACCO Materials Handling Group. NACCO Materials Handling Group c..

NGP Capital Resources Company ..uly 2004 as a Maryland corporation to invest primarily in small and mid-size energy companies, which we generally define as companies that have net as..

Income Opportunity Realty Trust ..a corporation, is the successor to a California business trust organized on December 14, 1984, which commenced operations on April 15, 1985. Prior to ..

National Medical Health Card Systems Inc. ..e read in conjunction with the information elsewhere in this Form 10-K. References in this Form 10-K to we, our, us, or the Company, refer to NMHC. Ge..

Neurocrine Biosciences Inc. ..rugs for the treatment of neurological and endocrine-related diseases and disorders. Our product candidates address some of the largest pharmaceutical..

Nutrition 21 Inc. .. the research, development and commercialization of innovative chromium-based nutrition products for use in improving the structure or function of the..

Nyer Medical Group Inc. ..corporated in 1991, is a holding company with operations in the following segments: Pharmacies. D.A.W., Inc. (Eaton or D.A.W.), 80% owned by the Compa..

Old Line Bancshares Inc. (MD) ..he laws of the State of Maryland on April 11, 2003 to serve as the holding company of Old Line Bank. On May 22, 2003, the stockholders of Old Line Ban..

One Liberty Properties Inc. ..com. Our annual reports on Form 10-K, our quarterly reports on Form 10-Q and our periodic reports on Form 8-K (and any amendments to these reports) ar..

Orix Corp Ads ..ion (kabushiki kaisha) formed under Japanese law. Our principal place of business is at Mita NN Bldg., 4-1-23 Shiba, Minato-ku, Tokyo 108-0014, Japan,..

Mikron Infrared Inc. ..infrared non-contact temperature measurement since 1969. Today, we provide industrial customers and R&D laboratories with accurate instrumentation ran..

Pharmos Corporation ..cal company that discovers and develops new drugs to treat a range of neuro-inflammatory disorders. We have a portfolio of drug candidates under devel..

Southern Peru Copper Corporation ..rates mining, smelting and refining facilities in the southern part of Peru. The Company, incorporated in 1952 was reorganized in 1955, 1996 and 1998 ..

Pfeiffer Vacuum Technology AG ..y AG is domiciled at Berliner Strasse 43, D-35614 Asslar, Germany; telephone: +49-(0)6441-802-0, fax: +49-(0)6441-802-202, http:-www.pfeiffer-vacuum.n..

Pharmaceutical Product Development Inc. .. and development services and products to pharmaceutical, biotechnology and medical device companies. Our corporate mission is to help clients maximiz..

Photon Dynamics Inc. ..ornia corporation incorporated on May 12, 1986. We are a leading global provider of yield management solutions to the flat panel display industry. Our..

Polydex Pharmaceuticals Limited .. research, development, manufacture and marketing of biotechnology-based products for the human pharmaceutical market, and also manufactures bulk phar..

Pinnacle West Capital Corporation ..aws of the State of Arizona and owns all of the outstanding equity securities of APS, its major subsidiary. APS is a vertically-integrated electric ut..

ProCentury Corporation ..y property and casualty insurance holding company. We market and underwrite general liability, commercial property, multi-peril insurance and garage l..

Psychemedics Corporation ..n organized on September 24, 1986 to provide testing services for the detection of abused substances through the analysis of hair samples. The Company..

Performance Technologies Incorporated ..ier of platforms, components, software, and service solutions for the embedded systems marketplace that can be used in a broad range of applications a..

Red Hat Inc. ..perating systems and related software and services based on open source technology for large enterprises. First introduced in 2002, Red Hat Enterprise..

Arbinet-thexchange Inc. ..routing and settling communications capacity. Members of our exchange, consisting primarily of communications services providers, anonymously buy and ..

Sandy Spring Bancorp Inc. ..g company for Sandy Spring Bank. The Company is registered as a bank holding company pursuant to the Bank Holding Company Act of 1956, as amended (the..

Superior Well Services Inc. ..n 2005 to serve as the parent holding company for an oilfield services business operating under the Superior Well Services name since 1997. In August ..

CanArgo Energy Corporation ..ction company and as a holding company carry out our activities through a number of subsidiaries and associated companies. These companies are general..

Seattle Genetics Inc. ..d on the development of monoclonal antibody-based therapeutic products for the treatment of cancer and immunologic diseases. We currently have three p..

Sentigen Holding Corp. .. through two-wholly owned operating subsidiaries, Sentigen Biosciences, Inc. (Sentigen Biosciences) and Cell & Molecular Technologies, Inc. (CMT). Sen..