Neo Material Technologies Inc. Enters Into Automatic Share Purchase Plan



    TORONTO, Jan. 12 /CNW/ - Further to the press release dated November 6,
2008 announcing the commencement of a normal course issuer bid ("NCIB"), Neo
Material Technologies Inc. ("Neo" or the "Company") (TSX:NEM) announced today
that it has entered into a pre-defined plan (the "Automatic Purchase Plan")
with its designated broker to allow for the repurchase of shares at times up
to March 16, 2009 pursuant to its NCIB, when Neo would ordinarily not be
permitted to repurchase shares in the market due to its own internal trading
blackout periods, insider trading rules or otherwise. Subject to certain
parameters and restrictions, Neo's broker may repurchase shares under the
Automatic Purchase Plan during the times referred to above, provided that the
broker is not, at such times, in possession of undisclosed material
information about the Company.
    Management and the Board of Directors believe that the NCIB is in the
best interest of Neo's shareholders and that the NCIB constitutes a desirable
use of the Company's funds. At September 30, 2008, the Company had cash
totaling $47.0 million, compared to $17.2 million at December 31, 2007, and no
long-term debt.

    About Neo Material Technologies

    Neo Material Technologies is a producer, processor and developer of
neodymium-iron-boron magnetic powders, rare earths and zirconium based
engineered materials and applications through its Magnequench and AMR
Performance Materials business divisions. These innovative products are
essential in many of today's high technology products. Magnequench's neo
powders are used to produce bonded magnets, generally used in micro motors,
precision motors, sensors and other applications requiring high levels of
magnetic strength, flexibility, small size and reduced weight. Rare earth and
zirconium applications include catalytic converters, computers, television
display panels, optical lenses, mobile phones and electronic chips. The
Company is headquartered in Toronto, Canada and has approximately 1,300
employees in 15 locations, across 10 countries.

    Forward Looking Statements

    From time to time, the Company may publish forward-looking statements
relating to such matters as expected financial performance, business
prospects, technological developments, and development activities and like
matters. These statements involve risk and uncertainties, including but not
limited to the risk factors previously described. Actual results could differ
materially from those projected as a result of these risks and should not be
relied upon as a prediction of future events. Neo Material Technologies Inc.
undertakes no obligation to update any forward-looking statement to reflect
events or circumstances after the date on which such statement is made, or to
reflect the occurrence of unanticipated events.

    %SEDAR: 00002061E




For further information:

For further information: Michael Doolan, Chief Financial Officer, (416)
367-8588, ext.335, Website: www.neomaterials.com, e-mail:
info@neomaterials.com; Ali Mahdavi, Investor Relations, (416) 962-3300, ext.
225, e-mail: am@spinnakercmi.com

Organization Profile

Neo Material Technologies Inc.

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