What forms did they not file on time? I don't know of any.
Maybe Tim is referring to this.
06/08/1998 07:10:00 / NAPIER INTERNATIONAL TECHNOLOGIES INC
NAPIER INTERNATIONAL TECHNOLOGIES INC ("NIR-TV;NAITF-L")
- CLARIFIES AND MOVES FORWARD
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.
TEL: (604) 801-6664 JASON CUBITT |
