Napier International Technologies NIR
Shares issued 17,286,547 Apr 15 close $1.35
Wed 15 Apr 98 News Release
Mr Bradley Aelicks reports
The US Patent and Trademark Office has issued US patent No. 5,728,666
assigned to the company. The patent protects both the chemical formulation
and manufacturing process providing exclusive manufacturing rights for the
companies SV-35 series of paint stripping products and cleaners worldwide.
The company has also filed an international patent application under the
Patent Cooperation Treaty which when approved will secure the above patent
in over 50 countries.
The unique chemistry and process protected by the patent was developed by
the company's chief chemist and inventor Sergio Vitomir. The product was
originally engineered as an environmentally benign replacement for
extremely hazardous stripping agents like methylene chloride which is being
regulated out of use by August 1998 due to its carcinogenic side effects.
The SV-35 series emit no toxic air pollutants or hazardous air pollutants,
they are non-toxic, non-hazardous and are fully biodegradable.
As a replacement product for the toxic strippers the SV-35 series will have
immediate entry into the chemical refurbishment industry estimated to
exceed several hundred million annually. Applications for the maintenance
of aircraft, marine vessels, heavy equipment, bridges and other steel
structures, oil rigs, containment tanks, pipelines, railway cars and
containers are a few of the significant markets already identified.
The SV-35 product line has been proven to cost competitively remove
protective coatings such as linear and cross-linked polyurethanes and
solvent home epoxy primers, water borne epoxy primers, flexible primers,
and chromate primer systems used in the aircraft industry, alkyds
varathanes and urethane, varnishes, enamels and lacquers in the retail
market and bottom paint, antifouling and topside paints in the marine
industry.
In preparation for the launch of the SV-35 E product engineered,
specifically for the aircraft industry, the company submitted product
samples for independent testing which have conformed to both Mc Donnell
Douglas and Boeing corrosion specifications. With these milestones
achieved, the company has assembled a North American sales team which has
already successfully introduced the aircraft strippers to more than 70
refurbishers which are in varying stages of testing product performance.
The company has already received orders and repeat orders from more than 34
clients.
The initial marketing efforts are proving extraordinary results as the SV
products do not require workers to wear protective clothing, respirators or
ventilators. Cost benefits have been experienced through better efficacy,
dramatically reduced clean up costs, (reduced up to 75%) accessibility to
the aircraft by multiple crews which may now preform interior cleaning and
mechanical maintenance at the same time as stripping crews are active. One
customer has already reported reduced insurance costs by eliminating the
usage and storage of the toxic flammable and noxious strippers.
The company has introduced a high-powered vacuum system that virtually
eliminates the environmental contamination problem plaguing the marine
industry. This technique has already won the attention of Canoe Cove
Marina, the most respected, coastal marina in Canada and the US Navy.
Canoe Cove has granted the company an exclusive contract for the removal of
marine coatings on their premises and is currently constructing three
depainting berths for the company's use. The US Navy has completed its
health and environmental approval process and has engaged the company's
technical team for a pilot project to complete the stripping of two landing
crafts. The company is expecting to prove through this full scale testing
that the environmentally friendly stripping will also significantly reduce
the Navy's current cost of refurbishment which is predominantly
accomplished through sandblasting.
Other major industry sectors are also being investigated and updates will
be forthcoming as testing data is compiled. In the meantime, the company's
manufacturing facility in Surrey, BC, is fully operational and capable of
producing large volumes of product that is expected even in the early
growth stage of the company. The company is well financed for the market
thrust of its products.
(c) Copyright 1998 Canjex Publishing Ltd. canada-stockwatch.com
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