Both players have experience at a higher level, and look like replacements for two players let go at the end of last season.
Colin McMenamin, the former Livingston striker, joins Town and looks like the replacement for Luke Rodgers. Neil Sorvel, who played for Crewe last term, also joins - on a two-year contract. He fills the experienced holding midfielder void created by the departure of Martin O'Connor.
And Peters revealed that Sorvel, 32, could have signed for Crewe, but chose to join Town. The Town boss revealed his delight in the capture, telling ShrewsWeb: "I'm really excited with this signing as I never thought in my wildest dreams that we'd be able sign him."
Peters also said that McMenamin, 24, would be an ideal partner for Mark Stallard, who signed yesterday.
McMenamin played for Newcastle earlier in his career, where he impressed Town assistant Mick Wadsworth. Peters told Town's official website: "He wasn't quite good enough for the Premier League but Mick Wadsworth worked with him [and] he scored a lot of goals in the reserves.
"He's a goalscorer, 5'10, slim lad, very quick and gets in behind to get goals. He's brave and gets himself about and will score goals for us."