EKO / TSX Venture Exchange
MONTREAL, July 21 /CNW Telbec/ - Noveko International Inc. ("Noveko")
announces the closing of the acquisition of all the issued and outstanding
shares of Groupe Conseils Micron-Air inc. ("Micron-Air"), a designer and
manufacturer of air quality systems marketed under the EPURAIR(TM) brand and
targeted to the residential market. EPURAIR(TM) products are marketed in
Quebec, increasingly in the United States and in France and China and are
complementary to Noveko's biomedical and environmental activities.
The transaction was settled by way of $CA600,000 in cash, in addition to
600,000 Class A shares of Noveko, at $3.85 per share, i.e. the trading price
at the close of the markets on July 18, 2008. As indicated in the purchase
offer of June 25, 2008, the $600,000 cash consideration will be increased by
$1.00 for each shareholders' equity dollar above $600,000, up to a maximum
shareholders' equity amount of $800,000; this adjustment will take place once
Micron-Air's audited financial statements, as at the transaction date, are
available. The 600,000 Class A shares issued pursuant to this transaction are
subject to a standard four-month holding period.
Simon Labrecque will continue to act as President of Micron-Air, within
the Noveko Group. Noveko's Board of Directors granted options to
Mr. Labrecque, allowing him to acquire 200,000 Class A shares of Noveko, at
$3.85 per share, subject to the terms of Noveko's Stock Option Plan. Moreover,
100,000 options will be granted to some of the Group's employees.
It should be pointed out that Micron-Air designs and markets a line of
high-quality products, including portable or central HEPA air exchangers and
air purifiers, filtration systems for furnaces, central air humidifiers with
an ecological water management system, and a ventilator and ventilation duct
cleaner and sanitizer.
Noveko International Inc. is a public holding company. Currently, its
operating subsidiaries are S.A.S. ECM, Noveko Inc., Laboratoire SyMa Inc.,
Bolduc Leroux Inc., Magnum Pharmaceutics Inc., Unitam International Management
Corporation Inc., Noveko Algérie and Groupe Conseils Micron-Air inc. ECM
specializes in portable real-time ultrasound scanners for veterinary and human
medicine. Noveko Inc. develops biomedical and environmental products derived
from its patented antimicrobial filtration technology (Noveko(TM)
antimicrobial face masks and air filters). SyMa specializes in sanitizers,
sold under the Azuro(TM) brand. Magnum acts as a manufacturer sales agent for
the Noveko Group's biomedical and environmental products and sanitizers and
for other manufacturers. Unitam is an international business development
service agency established in North America and Asia. Noveko Algérie is a
medical equipment import company covering the Maghreb and Middle East markets.
Micron-Air inc. is a designer and manufacturer of air quality systems marketed
under the EPURAIR(TM) brand and targeted to the residential market. Lastly,
BLI is involved in the custom processing and distribution of steel products
based on client specifications.
The information set forth in this press release includes certain
forward-looking statements. Such statements are based on assumptions exposed
to major risks and uncertainties. Although Noveko deems the expectations
reflected in these forward-looking statements to be reasonable, the Company
cannot provide any guarantee as to the materialization of the expectations
reflected in these forward-looking statements.
The TSX Venture Exchange and the Toronto Stock Exchange have not reviewed
and do not accept responsibility for the adequacy or accuracy of this
For further information:
For further information: André Leroux, Chairman of the Board and Chief
Executive Officer; Alain Bolduc, President and Chief Operating Officer, Noveko
International Inc., (514) 344-3030; http://www.noveko.com