Monday Jun 8 1998
Mr. Bradley Aelicks reports
The following is a clarification of circumstance regarding a
supposed report that was issued, Friday, June 6, 1998 by Brent
Mudry under the guise of a street wire news release and posted
under the Napier ticker symbol. (Stockwatch June 8, 1998.)
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 Carlo Civelli. Mr. Civelli has,
subsequent to the B.C.S.C. order, (even though he has been an
insider since Feb. 12, 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 5
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.
Nonetheless, 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 its 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 new and revitalized management team is extremely proud of
Napier's recent accomplishments. As importantly, the company
remains 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.
(c) Copyright 1998 Canjex Publishing Ltd.
canada-stockwatch.com
|
