YOU SHOULD SHORT NAPIER IF THIS IS BULLSHIT
IF IT ISN'T..... BUY....LONG
Wednesday April 15, 6:45 pm Eastern Time
Company Press Release
Napier Awarded Patent and Launches Marketing Program
VANCOUVER, British Columbia--(BUSINESS WIRE)--April 15, 1998--Napier International Technologies Inc. (TSE:NIR - news) is pleased to report that the United States patent and Trademark office has issued U.S. patent No. 5,728,666 assigned to Napier International Technologies Inc.
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 Napier's chief chemist and inventor Sergio Vitomir M.A. Sc. 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. For the purpose of this news release we will review only the advancements by Napier in the aircraft and marine industries.
In preparation for the launch of the SV-35 E product engineered specifically for the aircraft industry, Napier submitted product samples for independent testing which have conformed to both Mc Donnell Douglas and Boeing corrosion specifications. With these milestones achieved Napier 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.
Napier has already received orders and repeat orders from more than 34 clients. The banning of methylene chloride which has historically been the leading stripping agent in the aircraft industry, has created an ideal timing and marketing advantage for Napier's products.
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 perform 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.
Applications for the product in the marine market include stripping of marine vessels varying from steel hull cargo ships and Navy seacraft, tugs and barges, pleasure craft with hulls of fiberglass, wood, aluminum or cement. A unique property of the S.V. strippers is that they lift coatings from the bottom up breaking the bond between the softened paint and the substrate. The coatings can then be easily power washed off or in the case of the marine market, Napier 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 United States Navy.
Canoe Cove has granted Napier an exclusive contract for the removal of marine coatings on their premises and is currently constructing three depainting berths for Napier's use. The U.S. Navy has completed its health and environmental approval process and has engaged Napier'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.
Napier's advantages in this market are twofold, firstly treatment costs for the contaminated sands following the sandblasting process are prohibitive. Secondly, sandblasting drives salt and hydrocarbons into the substrate creating difficult corrosion and adhesion problems for the new coatings. The SV products will lift away salt and hydrocarbons that adhere to the old coatings significantly reducing the problem.
The Napier products are also expected to create significant advances for the internal maintenance of ships and submarines which currently cannot be completed with neither of the highly toxic and evaporative strippers nor sandblasting. With more than several million registered vessels in North America alone the marine market could have a profound impact in assessing the ultimate potential for the Napier products.
Other major industry sectors are also being investigated and updates will be forthcoming as testing data is compiled. In the meantime, Napier's manufacturing facility in Surrey, British Columbia is fully operational and capable of producing large volumes of product that is expected even in the early growth stage of the company. Napier is well financed for the market thrust of its products.
Further product information may be obtained by calling 604/888-5332. Investor Relations questions should be directed to Jason Cubitt at 604/801-6664.
ON BEHALF OF THE BOARD OF DIRECTORS
''Bradley T. Aelicks''
Bradley T. Aelicks Chairman/Director
The Toronto Stock Exchange neither approves or disapproves of the contents of this News Release which was prepared solely at the discretion of the Management.
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Contact:
Napier International Technologies Inc.
Jason Cubitt, 604/801-6664
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