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Napier International Technologies NIR Shares issued 17,286,547 Apr 15 close $1.35 Wed 15 Apr 98 News Release Mr Bradley Aelicks reports The US Patent and Trademark Office has issued US patent No. 5,728,666 assigned to the company. 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 the company's chief chemist and inventor Sergio Vitomir. 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. In preparation for the launch of the SV-35 E product engineered, specifically for the aircraft industry, the company submitted product samples for independent testing which have conformed to both Mc Donnell Douglas and Boeing corrosion specifications. With these milestones achieved, the company 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. The company has already received orders and repeat orders from more than 34 clients. 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 preform 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. The company 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 US Navy. Canoe Cove has granted the company an exclusive contract for the removal of marine coatings on their premises and is currently constructing three depainting berths for the company's use. The US Navy has completed its health and environmental approval process and has engaged the company'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. Other major industry sectors are also being investigated and updates will be forthcoming as testing data is compiled. In the meantime, the company's manufacturing facility in Surrey, BC, is fully operational and capable of producing large volumes of product that is expected even in the early growth stage of the company. The company is well financed for the market thrust of its products. (c) Copyright 1998 Canjex Publishing Ltd. canada-stockwatch.com | ||||||||||||
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