Napier Environmental Technologies Inc.

Napier Environmental Technologies Inc.

March 30, 2007 19:05 ET

Napier Environmental Technologies Inc.: Strategic 'Green' Acquisition Closing Delayed

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - March 30, 2007) - Napier Environmental Technologies Inc. (TSX:NIR) reports that it has agreed to extend the closing date with respect to the letter of intent entered into on February 15, 2007 to acquire Perfectly Natural Solutions Inc. ("PN") of Vaudreuil, Quebec, and Perfectly Natural Solutions U.S., Inc. ("PN US") of Pittsburgh, Pennsylvania whereby PN and PN US will become wholly-owned subsidiaries of Napier.

The extension is to enable both parties sufficient time to complete their due diligence, completion of a US$1.95 million financing by PN US, execution of definitive agreements and receipt of all regulatory approvals and third party consents, including acceptance by the Toronto Stock Exchange. The acquisitions are now expected to close prior to the end of the second quarter of 2007.

About Perfectly Natural

PN and PN US are related companies with common management and business focus. Their business is the manufacture and distribution of natural alternatives to products and technologies that are harmful to the environment and human health, under the Perfectly Natural brand. Their focus is on lawn and garden products as well as household cleaning products and they currently supply several big box and independent retailers in Canada and the United States.

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. Upon completing this acquisition, Napier will have extended 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 the completion of the acquisitions of PN and PN US, 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 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)