Napier Environmental Technologies Inc.
TSX : NIR

Napier Environmental Technologies Inc.

April 24, 2008 21:17 ET

Napier Environmental Technologies Inc.: Shareholders Approve the Sale of Intellectual Property

VANCOUVER, BRITISH COLUMBIA--(Marketwire - April 24, 2008) - Napier Environmental Technologies Inc. (TSX:NIR) ("Napier") is pleased to announce that it has received shareholder approval for the previously announced sale of its intellectual property outside of North America to Freeworld Coatings Global (JSE:FWD) ("Freeworld") and the option grant to Freeworld to acquire the North American sales, marketing and manufacturing operations of Napier, including existing customers outside of North America, for $5.25 million in cash.

The transaction is expected to close in the second quarter, and is subject to definitive agreements, regulatory approvals in Canada and South Africa, including the acceptance by the Toronto Stock Exchange, and various other consents and approvals typical for this type of transaction.

About Napier

Napier is a Canadian company primarily engaged in a wide range of products utilizing environmentally advanced technology. The product lines include coating removal and restoration products for both the industrial/commercial market and the consumer/retail market.

About Freeworld

Freeworld is a South African company, regarded as the world's 31st largest producer of quality coatings, serving the decorative, industrial and specialist market segments. It was, until recently, a part of the Barloworld Group of companies, one of the largest companies trading on the Johannesburg Stock Exchange ("JSE"). During 2007, it was unbundled from Barloworld and listed independently on the JSE to unlock shareholder value.

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 continuation of listing on the Toronto Stock Exchange, not completing the transaction with Freeworld, risks related to future sales, 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 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 25, 2008 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)