Reg Technologies Releases President's Report

VANCOUVER, British Columbia--March 15, 2004--Reg Technologies, Inc. (TSX VENTURE:RRE) (OTCBB:REGRF) reports the following Progress Report on the Company for the past fiscal year.

Subsequent to the year-end, on May 2, 20047, 2003, we announced that STODD International has been appointed as our agent for raising funds up to US$6 million for the development of the Rand Cam(TM) technology, including funds through acceptable contracts for continued development of the Rand Cam(TM) applications. REGI U.S., Inc. agrees to pay a five percent (5%) fee of the total funds received. This agreement is an extension of the September 16, 2001, agreement with STODD International.

Robert Stoddart, President of STODD International, is an experienced military contract negotiator and was instrumental in negotiating the Radian Milparts license agreement to build and develop the 42 H.P. diesel Rand Cam(TM) engine for remote piloted helicopter applications. The 42 H.P. diesel Rand Cam(TM) engine is currently being completed by Radian Milparts and testing is expected shortly.

Mr. Stoddart has also been appointed to report the progress on the 42 H.P. diesel engine to the board of directors of REGI U.S., Inc.

On June 9, 2003, we announced that REGI has agreed to extend the power generation license to Rotary Power Generation, Incorporated (RPGI) until December 31, 2003. REGI agrees to grant an exclusive worldwide license to Rotary Power Generation for the manufacture and sale of Power Generation equipment utilizing the Rand Cam(TM) technology.

-- RPGI agrees to complete the study of the design, analysis, manufacturing costs, risk assessment and marketing analysis of the Rand Cam(TM) technology for the power generation application.

-- RPGI agrees to pay REGI US$100,000 on or before December 31, 2003, in order to own the exclusive world wide license for the manufacturing and sale of the Power Generation Rand Cam(TM) application.

-- RPGI will pay REGI a six (6) percent royalty on the sales of engines, parts and service and fifty (50) percent of sublicense fees and royalties utilizing Rand Cam(TM) technology used in electrical power generation equipment.

-- Five (5) years from the date of the Agreement the minimum annual royalty and/or sublicensing fees payment shall be US$500,000. If REGI does not receive this minimum payment on an annual basis, REGI shall have the right to revoke the REGI license.

RPGI has been able to identify and quantify the deployable and portable power generation needs of the U.S. Department of Defence (DOD). This extension of the study period will allow potential sublicenses to validate the value of the Rand Cam(TM) technology and further increase the value to REGI in the form of higher and larger sublicense fees and royalties.

On August 5, 2003, the Company's U.S. subsidiary, REGI U.S., Inc., announced it had received the following announcement on the RadMax(TM) Engine: The RadMax TM Engine was announced July 15th, 2003,at the AUVSI Conference Association for Unmanned Vehicle Systems. (AUV) by our licensee Radian MILPARTS. Visit www.milparts.net/radmax.

The July 15th, announcement by Radian MILPARTS states that plans are in place to start calibration testing at the Naval Air Systems Command (NAVAIR) Patuxent River, MD late in the summer. Procedures are written and in place to determine and document the RadMax (TM) Engines horsepower, its vibration and noise metrics, and so forth. Following completion of the testing, to be conducted by engineers, first production units will generally be available by the fall, followed by a full production run next year.

The announcement further states, the RadMax (TM) Engine, a heavy fuel engine that is comprised of only 13 moving parts, is completely balanced and on all speeds, loads and orientation angles. And best of all, without piston valves, a crankshaft or camshaft it's inherently quiet at 60 dB at 1,500 feet.

On September 22, 2003, we announced that Trans Air Manufacturing Corporation has notified the Company that they plan to move forward with the testing of the Rand Cam(TM) compressor for bus air conditioning applications. Trans Air is in the process of scheduling a testing program plan, with milestone dates, by September 30, 2003.

Based on the successful completion of the Joint Venture, being the development and successful testing of a working prototype of the Bus Compressor, Trans Air shall have the exclusive right and shall use its reasonable efforts to market, merchandise, sell and exploit the Bus Compressor within the markets or geographical areas in which Trans Air, in its sole option and discretion, believes such efforts would be appropriate.

On December 10, 2003, we announced that Robert Brooks has been appointed an advisor for the Rand Cam(TM) technology.

Robert Brooks became an industrial management consultant in 1957, specializing in the evaluation of technical products, their markets, method of distribution, technology and related ventures.

Mr. Brooks began his in depth study of the Wankel rotary engine in 1963. He has since become recognized as one of the most knowledgeable specialists in the rotary engine field. Mr. Brooks has conducted numerous lectures and seminars on the rotary engine and has carried out specific studies of related subjects for clients in the United States and Europe. Mr. Brooks will assist REGI U.S., Inc. with license agreements, contacts with manufacturing companies, trade association, marketing groups and technical centers.

The REGI team is very pleased to have an experienced rotary engine person, such as Mr. Brooks, to assist the Company in moving forward the Rand Cam(TM) business plan.

On January 8, 2004, we announced that testing for the air conditioning compressor for buses application has commenced by Trans Air Manufacturing. The new manifold has been installed on the working prototype compressor and pressure testing has commenced.

Trans Air Manufacturing will first perform bench testing to baseline speed, performance, and power consumption data before designing to install on a vehicle for "real world" testing.

Based on the successful completion of the Joint Venture, being the development and successful testing of a working prototype of the Bus Compressor, Trans Air shall have the exclusive right and shall use its reasonable efforts to market, merchandise, sell and exploit the Bus Compressor within the markets or geographical areas in which Trans Air, in its sole option and discretion, believes such efforts would be appropriate.

On February 2, 2004, we reported that a REGI licencee for unmanned vehicle system engines has completed testing of the prototype 42 H.P. engine. Tests occurred at Adiabatics in Columbus, IN and at the U.S. Navy's test facility at Patuxent River, MD. The initial test results demonstrate that the first generation prototype engine generates pressure and temperature. The licencee has started design of a second generation prototype.

The documentation and one of the completed 42 H.P. Rand Cam(TM) engines have been delivered to REGI U.S., Inc. as part of the license agreement. REGI U.S., Inc. can now make presentations to other potential licencee's for commercial applications using our Rand Cam(TM) diesel engine.

ABOUT REG TECHNOLOGIES, INC. / REGI

Reg Technologies, Inc. owns the worldwide rights to the Rand Cam(TM) rotary technology excluding the U.S. rights, which are owned by REGI U.S., Inc. The Company has designed and built an air pump for fuel cell applications as well as an air pump for the lumbar seats in automobiles. The Company has also built a compressor for air conditioning units for buses and testing has commenced. The REGI licensee is currently planning the second generation 42 H.P. Diesel Engine to be used for unmanned vehicle systems. For more information, please visit www.regtech.com.

ON BEHALF OF THE BOARD OF DIRECTORS

"John Robertson"

John Robertson

President

The TSX Venture Exchange has neither approved nor disapproved of the information contained herein. Statements in this press release regarding Reg Technologies/REGI's business which are not historical facts are "forward-looking statements" that involve risks and uncertainties, including the impact of competitive products and pricing, the need to raise additional capital, uncertain markets for the Company's products and services, the Company's dependence on third parties and licensing/service supply agreements, and the ability of competitors to license the same technologies as the Company or develop or license other functionally equivalent technologies.