NEWS release on ISDN Wire:
The following is a clarification of circumstance regarding a supposed report that was issued Friday, June 5, 1998 by Brent Mudry under the guise of a street wire news release and posted under the Napier ticker symbol.
Before I rebut Mr. Mudry, whom to my understanding was removed from a Napier annual general meeting (prior to my involvement with Napier) for creating a disturbance, let me first set the record straight regarding Mr. Carlo Civelli. Mr. Civelli has, subsequent to the B.C.S.C. order, (even though he has been an insider since Feb. 12th, 1998) filed his insider reports and it is my understanding that the cease trade order is to be revoked. Although I personally have never met Mr. Civelli, the extracts of the insider trading reports that were telefaxed to Napier on June 5th have shown nothing but long standing faithful support for the Company.
Furthermore, both Mr. Mudry and the B.C.S.C. are in error in having assumed Mr. Civelli as a current insider of Napier. None the less this does not change the fact that Mr. Civelli, under his tenure as Vice President Finance for Europe, which terminated Feb. 12, 1998, has shown on his updated insider trading reports the purchase of 1,400,000 shares in January of 1994, the grant of 250,000 share purchase options in December of 1993 and the disposition of 400,000 shares by way of private transaction to two European Institutional contacts in 1995, at cost, adding further exposure to institutional financiers for Napier.
Lastly, Mr. Civelli has reported no further transactions in the trading of Napier securities until I personally requested, in December of 1997, that Mr. Civelli assist me in cleaning up the balance sheet by accepting a shares for debt issuance of 280,942 shares as compensation for a long outstanding loan that Mr. Civelli had graciously extended the Company for badly needed working capital.
Accordingly, throughout his tenure, Mr. Civelli remained both a loyal and beneficial shareholder of Napier and his speedy response in resolving this oversight has been greatly appreciated.
I cannot imagine the motives of Mr. Mudry for his concerted effort to draw question toward Napier's positive business momentum. In his two pages Mr. Mudry does not make one mention of any of the significant business developments that Napier, and its staff, has achieved since January, 1997 in re-shaping the Company. In particular he overlooked the fact that Napier has developed one of the most remarkable, environmentally benign, lifting agents that has already gained sweeping industry support for the removal of paints, urethanes, varnishes, lacquers, bottom coats and primers from industries as far reaching as the aircraft, marine, military and heavy industry sectors.
In addition, Mr. Mudry has failed to comment on the fact that Napier, as announced in April 1998, has entered into definitive discussions to finalize a distribution agreement for it's friendly line of strippers with the worlds' largest chemical company, Imperial Chemicals Industry, whose industrial division operates under the name I.C.I. Devoe Coatings and is also the largest coatings company in the world. Represented in 163 countries and covering every major market, I.C.I has, and will, have a profound impact on Napier.
The now and revitalized management team are extremely proud of our recent accomplishments. As importantly, we remain excited about the vast opportunities that have been flooding into the Napier arena. The Company's environmentally friendly line of stripping agents are staged to play a significant role in the world wide refurbishing industry.
As Chairman I remain committed, firstly to business development of Napier and secondly to fending off the unwarranted criticisms that we all must occasionally encounter on our road to success.
I remain in good Trust.
Bradley T. Aelicks,
Chairman of the Board
Napier international Technologies Inc.
For further information, please contact Jason Cubitt at (604) 801-6664
THE TORONTO STOCK EXCHANGE NEITHER APPROVED OR DISAPPROVES THE CONTENTS OF THIS NEWS RELEASE WHICH WAS PREPARED SOLELY AT THE DISCRETION OF THE MANAGEMENT. |
