Poly-Pacific International Inc.
OTC Bulletin Board : PLYPF

Poly-Pacific International Inc.

October 15, 2009 07:00 ET

Poly-Pacific Signs Soil Remediation Joint Venture Agreement and Announces Non-Brokered Private Placement

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 15, 2009) - Poly-Pacific International Inc. ("Poly-Pacific" or the "Company") (TSX VENTURE:PMB)(OTCBB:PLYPF)(BERLIN:A0LGDN)(FRANKFURT:POZ) is pleased to announce the signing of a Joint Venture Agreement ("the Agreement") with CREEnergy Oil and Gas Inc. ("CREEnergy") of Edmonton, Alberta.

The Agreement will establish a working relationship between the two companies whereby they will each equally own Poly Cree Remediation ("PCR"), a new company established for the purposes of the Joint Venture. PCR will perform site restoration including soil remediation on orphaned and abandoned oil and gas wells situated in central and northern Alberta on three First Nations lands, including certain traditional use areas. PCR will restore and remediate an estimated 1,800 abandoned oil and gas wells on approximately 207,000 acres.

The remediation project will deal with soil either contaminated with salt, hydrocarbons or both. Under the terms of the Joint Venture, CREEnergy will acquire the oil and gas well remediation contracts from the oil and gas companies or the governing authorities, while Poly-Pacific will, together with qualified sub-contractors, provide expertise to PCR to complete the required site restoration.

"The reclamation and restoration of abandoned oil and gas drill sites is an excellent addition to the Company's mission of being an innovator of eco-friendly solutions to industrial waste by-products", states Mr. Randy Hayward, President of Poly-Pacific. "We look forward to a close working relationship with CREEnergy and view this as a substantial opportunity to create value for our respective shareholders."

"The goal of this Joint Venture is to utilize the synergies between our two companies." stated Mr. David Calahasen, President of CREEnergy Oil and Gas Inc. "Management of both companies want to move forward as early as possible to begin the cleanup of the enormous amount of abandoned contaminated oil and gas sites on First Nations and traditional use lands in Alberta. Together we have an excellent opportunity to complete the much needed environmental remediation on this land, while at the same time create a profitable business through this Joint Venture."

CREEnergy Oil & Gas Inc., based in Edmonton, Alberta, Canada, is a private Alberta corporation that has a well developed relationship with First Nations communities and is uniquely positioned to explore oil sands and gas development opportunities on First Nations Lands and on traditional use lands in Alberta. The Company's area of interest is in the Buffalo Hills and Athabasca regions of Northern Alberta, approximately 486 kilometres north of the city of Edmonton. This is one of the last undeveloped oil and gas opportunities in Canada, with significant reserves in oil sands, oil and gas, forestry and other mineral potential. CREEnergy's management and personnel are committed to an open and respectful relationship with First Nations and their leadership, and are committed to sound and sustainable environmentally friendly business practices.

The Company further announces today it intends to proceed with a non-brokered private placement of up to 33,333,333 common shares at a subscription price of $0.03 per common share for gross proceeds of up to $1,000,000. The private placement, expected to close on or about November 30, 2009, will be conducted in reliance upon certain prospectus and registration exemptions. The net proceeds from the private placement will be used to assist in financing certain of the Company's start up costs in connection with the Joint Venture and for general working capital purposes.

The Company may pay, in accordance with all regulatory requirements, finder's fees to agents for obtaining subscriptions for common shares pursuant to TSX Venture Exchange Policies, and the common shares will be subject to a four month hold period.

Completion of the offering is subject to all required regulatory approvals, including the acceptance of the TSX Venture Exchange.

Poly-Pacific is an innovator in eco-friendly solutions to Industrial Waste by-products. The significance and importance of soil remediation and reclaiming industrial waste has become an important global issue. At Poly-Pacific, we are focused on benefiting our planet by exploring and pursuing new environmentally sound methods and technologies in soil remediation, while creating significant value for our shareholders as the leading company in the reclamation sector.

For further information please contact Randy Hayward, President of Poly-Pacific by telephone at (604) 324-2110 or info@poly-pacific.com or by visiting our website at www.poly-pacific.com and registering for our newsletter to receive news, updates and background information on a regular basis.

This news release may contain certain forward-looking information. All statements included herein, other than statements of historical fact, is forward-looking information and such information involves various risks and uncertainties. There can be no assurance that such information will prove to be accurate, and actual results and future events could differ materially from those anticipated in such information. A description of assumptions used to develop such forward-looking information and a description of risk factors that may cause actual results to differ materially from forward-looking information can be found in the company's disclosure documents on the SEDAR website at www.sedar.com. The company does not undertake to update any forward-looking information except in accordance with applicable securities laws.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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