Napier Environmental Technologies Inc.

Napier Environmental Technologies Inc.

December 17, 2009 09:15 ET

Napier Shareholders Approve Going Private Transaction With I.C.T.C. Holdings Corporation

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 17, 2009) - Napier Environmental Technologies Inc. ("Napier" or the "Company") (PINK SHEETS:NAITF) announces that the shareholders of the Company approved the terms of the previously announced amalgamation with a private company, I.C.T.C. Holdings Corporation, at a special meeting of shareholders held yesterday. The amalgamation is subject to completion of final closing documents and will be effective by December 31, 2009.

Napier is a Canadian company which continues to manufacture certain non-proprietary products and has a licensing agreement for certain of Napier's intellectual property with a major paint manufacturer for the North American market, which has a term through to February 28, 2019.

This release and referenced materials contain forward-looking statements that are subject to a number of known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those anticipated in Napier's forward-looking statements. Such factors include, among others, the non-completion of the amalgamation with I.C.T.C. Holdings Corporation, the major paint manufacturer discontinuing the sale of products containing Napier's IP and Napier receiving no further royalty payments, the going concern status of Napier, historical losses and cash flow, the future need for capital and uncertainty of additional financing being available, the potential dilution to shareholders, the historical lack of dividend payments, dependence on key personnel, the influence of economic conditions, rate fluctuations and conflicts of interest. Although Napier has attempted to identify important factors that could cause actual actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.

Contact Information

  • Napier Environmental Technologies Inc.
    Steve Balmer
    President and COO