Napier Environmental Technologies Inc.

Napier Environmental Technologies Inc.

March 02, 2005 21:40 ET

Napier Granted Extension


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: NAPIER ENVIRONMENTAL TECHNOLOGIES INC.

TSX SYMBOL: NIR

MARCH 2, 2005 - 21:40 ET

Napier Granted Extension

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - March 2, 2005) - Napier
Environmental Technologies Inc. (TSX:NIR) today announced that the
Supreme Court of British Columbia has approved an extension of the
period to file a proposal to creditors until April 17, 2005.

The Trustee supported the application for extension and Napier's senior
secured Lender also extended the credit facilities available to the
company.

Napier plans to make a definitive proposal to creditors within the next
thirty (30) to forty-five (45) days.

Napier cautions shareholders to read this press release in conjunction
with the implications of its current operating status, which is that it
has filed for protection under the Bankruptcy and Insolvency Act and the
company's final status will depend on the creditor's acceptance or
rejection of a proposal it anticipates making in the future.

Napier develops and manufactures highly effective, safe and
environmentally advantaged surface preparation products for stripping
paints and coatings, as well as a complete line of wood restoration
products. Napier's products are protected by a portfolio of patents and
trademarks, including 'Bio-Wash and RemovALL'.

This press release contains statements that are forward-looking in
nature. Such statements involve known and unknown risks and
uncertainties that may cause the actual results of Napier to be
materially different from those expressed or implied by those
forward-looking statements. Such risks and uncertainties include, among
others: the Company's status under the Bankruptcy and Insolvency
Act,general economic and business conditions, product selling prices,
raw material and operating costs, changes in foreign-currency exchange
rates and other factors referenced herein and in the Company's Financial
Statement for the period ending September 30, 2004, within the
Management Discussion and Analysis, under the heading "Risk Factors and
Financial Management".

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Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    Napier Environmental Technologies Inc.
    Lionel Dodd
    Chairman, Board of Directors
    (604) 526-0802
    or
    Napier Environmental Technologies Inc.
    Wayne J. Henderson
    (604) 526-0802
    investor@napiere.com
    www.napierenvironmental.com
    The Toronto Stock Exchange neither approves or disapproves the contents
    of this news release which has been prepared solely at the discretion of
    management.