Nile Industries Ltd.
TSX VENTURE : NLE.P

December 19, 2007 12:28 ET

Nile Industries Ltd. Announces Resumption in Trading and Advance of Refundable Deposit to Tiles From the Nile Ltd.

CALGARY, ALBERTA--(Marketwire - Dec. 19, 2007) -

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

Nile Industries Ltd. (TSX VENTURE:NLE.P) ("Nile"), a capital pool company pursuant to the policies of the TSX Venture Exchange (the "Exchange"), announces that trading will resume in its common shares on the Exchange on Thursday, December 20, 2007. Nile also announces that it will advance, on or about fifteen days from the date hereof, pursuant to the provisions of Policy 2.4 of the Exchange, a refundable deposit of $100,000 to Tiles From the Nile Ltd. ("Tiles"). The deposit is refundable upon demand by Nile in the event the previously announced proposed acquisition of Tiles (the "Acquisition") is not completed by April 30, 2008 and, if the Acquisition is completed by such date it may be retained by Tiles. The Acquisition, when completed, will constitute Nile's qualifying transaction pursuant to the policies of the Exchange (the "Qualifying Transaction"). Please refer to Nile's press release of November 9, 2007 for further information regarding Tiles and the Qualifying Transaction.

Completion of the Qualifying Transaction is subject to a number of conditions, including but not limited to, Exchange acceptance and if applicable pursuant to Exchange requirements, majority of the minority shareholder approval. Where applicable, the Qualifying Transaction cannot close until the required shareholder approval is obtained. There can be no assurance that the Qualifying Transaction will be completed as proposed or at all.

Investors are cautioned that, except as disclosed in the management information circular or filing statement to be prepared in connection with the Qualifying Transaction, any information released or received with respect to the Qualifying Transaction may not be accurate or complete and should not be relied upon. Trading in the securities of a capital pool company should be considered highly speculative.

The TSX Venture Exchange Inc. has in no way passed upon the merits of the Qualifying Transaction and has neither approved nor disapproved the contents of this press release.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Nile Industries Ltd.
    Mohamed Mokled
    (403) 804-4890
    Email: mohamed@tilesfromthenile.com
    or
    Nile Industries Ltd.
    100, 3605 - 29th Street N.E.
    Calgary, Alberta T1Y 5W4
    (403) 291-4569 (FAX)