Napier Environmental Technologies Inc: European Sales Expand into Scandinavia; Consecutive Monthly Operating Profits
VANCOUVER, British Columbia--June 20, 2002--Napier Environmental Technologies Inc (TSX:NIR) is pleased to report that it has secured expanded distribution in Western Europe. Distribution of the RemovAll(TM) brand products will be available in Norway, Sweden, Denmark and Finland through a new distributor headquartered in Sweden.The new distributor sells an extensive line of environmental products for surface preparation into automotive repair shops, heavy industry and building maintenance contractors. Their sales force includes seasoned company staff and a network of independent distributors.
The RemovAll(TM) products will be drawn from the Napier warehouse located in Rotterdam with technical support and training supplied by Napier's European sales representative.
The company is also pleased to announce that May 2002 sales easily surpassed last year's May sales that were already above the $1 million threshold. Margins have been holding firmly above the 40% range and the surplus operating profits generated over the last two months have brought the first five-month period to breakeven.
Forward Looking Statements:
This release and referenced materials contain forward looking statements that are subject to a number of known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those anticipated in our forward looking statements. Factors that could cause actual results to differ materially include: rapid technological and/or market changes in the industry; the ability to maintain and grow successful third party and customer relationships, to improve current products and develop new products, to adequately protect the company's proprietary rights and other factors described in the company's regulatory filings. Although we believe the expectations reflected in our forward looking statements are reasonable, individual results may vary, and we cannot guarantee future results, levels of activity, performance or achievements.
The Toronto Stock Exchange neither approves nor disapproves the contents of this news release which has been prepared solely at the discretion of management.
Bradley T. Aelicks, President