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Ishpeming Windstor Progress

Updates regarding the WindStor project in Ishpeming Michigan

August 22, 2008

McKENZIE BAY SETTLES MTI LAWSUIT
ISHPEMING WINDSTOR PROJECT TO BE COMPLETED


McKenzie Bay International Ltd "MKBY:PK" and MTI Lighting Specialists Inc. have entered into an agreement to settle the lawsuit brought forth by MTI regarding their WindStor� license agreement, issuance of McKenzie Bay Common Shares, and completion of the Ishpeming, Michigan WindStor installation.

Settlement terms of the lawsuit include an exclusive license to MTI for the manufacture and marketing of WindStor. MTI will issue a 5.0% membership interest in its affiliated power sales company, Clean Green Energy LLC, to WindStor Power Company. At closing, the MTI lawsuit will be dismissed and the completion of the WindStor project at the Ishpeming Housing Commission facility will move forward.

In addition, a $6-million investment by qualified new investors at the greater of $0.10/share or five day market average has been authorized to retire outstanding McKenzie Bay indebtedness, including Yorkville Advisors debenture and fund operations, until revenues support expenses. MTI will return all Common Shares received last year for re-issuance, less three million shares.

Finally, all McKenzie Bay Directors and Officers will resign at closing immediately after appointing a slate of New Directors put forth by new investors.


Certain statements made in this press release constitute forward-looking statements and do not guarantee future performance. Actual results or developments may differ materially from the projections in the forward-looking statements. Forward-looking statements are based solely on the estimates and opinions of management at the time the statements are made.




August 22, 2008

YORKVILLE ADVISORS DEBENTURE TO BE RETIRED

In tandem with the MTI settlement, McKenzie Bay and Yorkville Advisors, LLC (formerly Cornell Capital Partners, L.P.) have entered into an agreement to retire Yorkville's debentures totaling $5.9 million including penalties and interest.

Agreement terms include a cash payment of $2.2 million and distribution of 10 million pledge shares held in escrow to Yorkville. Yorkville will return of all remaining pledge shares, 15 million minimum, to McKenzie Bay. Additionally, 6.5 million McKenzie Bay Common Share Warrants will be canceled and 3.5 million McKenzie Bay Common Share Warrants will be re-priced at $0.01/share, expiring on September 15, 2015.

The MTI and Yorkville agreements are to close simultaneously, not later than September 15, 2008. The extension of the lawsuit court date provides a necessary transition period to execute all required settlement documentation for both agreements.