Napier Environmental Technologies Inc.
TSX : NIR

Napier Environmental Technologies Inc.

March 01, 2007 22:27 ET

Napier Environmental Technologies Inc.: License to Major Paint Manufacturer Confirmed

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - March 1, 2007) - Napier Environmental Technologies Inc. (TSX:NIR) reports that the conditions, with respect to one of the major retailers contained within the Letter of Intent announced on February 5, 2007, have been met by both parties. The Licensing Agreement that will be entered into, pursuant to the Letter of Intent, guarantees Napier minimum royalty payments of US$500,000 per year in return for granting a major paint manufacturer exclusivity on specific products to be sold through one of the largest mass merchant retailers within the U.S.A., Puerto Rico and the U.S. Virgin Islands, for a 12-year term. This agreement is structured to enable the Licensee the opportunity to expand their exclusive base to a second major retailer, such extension of the agreement to require further ratification by the licensee by June 30, 2007. Revenue and the respective cash proceeds pursuant to this agreement commenced on February 28, 2007.

About Napier

Napier is a Canadian company primarily engaged in the development, manufacture and distribution of a wide range of products utilizing environmentally advanced technology. The product lines include coating removal and wood restoration products for both the industrial/commercial market and the consumer/retail market. Napier is in the process of extending its product line by utilizing environmentally sound technology in the lawn and garden and household cleaning industries.

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, risks related to 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 volatility of the market price of the common shares, the historical lack of dividend payments, competition, dependence on key personnel, dependence on key customers, weather, seasonality and economic cycles, the availability of raw materials, the retail industry and the influence of economic conditions and consumer behavior, exchange rate fluctuations and conflicts of interest. For further details regarding such risk factors, see the section entitled "Description of the Business - Risk Factors" in Napier's annual information form dated March 30, 2006 and filed with the British Columbia and Ontario securities commissions and the Toronto Stock Exchange, which can be found on SEDAR at www.sedar.com. 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
    (604) 526-0802
    (604) 526-7772 (FAX)