Napier Exceeds First Quarter Revenue Projections
VANCOUVER, British Columbia--(BUSINESS WIRE)--Nov. 8, 1999-- Napier Intl Tech.(TSE:NIR. - news)
Napier International Technologies Inc. (NIR.TSE), a world leader of environmentally safe coating removers, is pleased to report its first quarter revenues for the three months ended October 31, 1999 have modestly exceeded the company's previously established 300% growth curve. Sales revenues were recorded at $982,000 for the quarter as compared with $321,936 for the same period last year and $670,955 for the last reported quarter.
Although increases are being experienced in all industry sectors, two areas are driving this continued performance. Of particular interest is the commencement of the Hydrostrip product launch through ICI Devoe Coatings in the U.S. market. With the launch program barely underway, Napier has been pleasantly surprised with immediate and overwhelming response. In fact, product sales are ramping up so quickly that each of the National Distribution warehouses have already placed two or three re-stocking orders each and Napier has direct shipped an additional 20 orders to job sites and local stores during the first two months period.
The second area that has exceeded expectations is the marine retail sector, which is being driven by partner, Kop-Coat. Sales volumes in the first quarter have already exceeded 75% of the year's forecast.
ON BEHALF OF THE BOARD OF DIRECTORS
Bradley T. Aelicks, President/Director
The Toronto Stock Exchange neither approves nor disapproves the contents of this news release which was prepared solely at the discretion of management.
Contact:
Napier International Technologies Inc.
Jason Cubitt, 604/801-6664
or
Napier International Technologies Inc.
Don Mosher, 604/801-6664
Website: www.napierintl.com |
