To: SSP who wrote (10034 ) 9/21/1999 1:38:00 PM From: SSP Respond to of 150070
NIR:TSE - VANCOUVER, B.C.--(BUSINESS WIRE)--Sept. 21, 1999--Napier International Technologies Inc. (NIR.TSE) and Biowash Products Inc. are pleased to report that shareholders of Napier have voted overwhelmingly in support for the merging of the two companies. The deal when concluded will see Napier issue 8 million shares (2 million of which will be escrowed until combined sales achieve a milestone of $10.0 million) and 1 million warrants at $1.26 per share. A cash payment of Cdn $3.0 million will be paid to the Biowash shareholders at closing, expected to be on or about October 20, 1999. On closing, Peter Palkovsky and Brian Morse will become Directors and Strategic Officers in the Napier management team. Mr. Palkovsky, current President of Biowash with over 15 years of management experience in the coatings, contract painting and stripping industry, will become President of Napier and directly oversee all market development strategies. Mr. Aelicks, current President of Napier, will become Chairman to manage corporate development and the public affairs of Napier. Brian Morse, with over 30 years of chemical research development and manufacturing experience, will be appointed Vice President of Research Development and Operations. The three above named officers as well as Napier's chief chemist and inventor of Napier's entire product line, Sergio Vitomir, have all agreed to minimum 3 year contracts to dedicate their expertise and enthusiasm to the growth of this great new opportunity. Shareholders have also given the directors the discretion to change the name of the Company from Napier International Technologies to Napier Environmental Technologies Inc. or such other similar name as may be approved by the Napier Board and the Registrar of Companies. 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. --30--ajg/in* CONTACT: Napier International Technologies Inc. Jason Cubitt, 604/ 801-6664 or Napier International Technologies Inc. Don Mosher, 604/ 801-6664 Website: www.napierintl.com Email: nir@direct.ca