Virtek agrees to waiver of application of Shareholder Rights Plan



    WATERLOO, ON, Aug. 1 /CNW/ - Virtek Vision International Inc. ("Virtek")
(TSX:VRK) announced today that it has reached an agreement with StockerYale
Acquisition Inc., a wholly-owned subsidiary of StockerYale Inc.
("StockerYale") in respect of Virtek's shareholder rights plan (the "Rights
Plan") as it relates to StockerYale's offer to purchase all of the outstanding
Virtek Shares, including any amendments and supplements thereto.
    Virtek and StockerYale have agreed that StockerYale will extend the
expiry time of its offer until no earlier than 5:00 pm on August 14, 2008, and
Virtek will waive the application of its Rights Plan to StockerYale's offer as
of that date. As a result, StockerYale will withdraw its application currently
before the Ontario Securities Commission concerning Virtek's Rights Plan. The
settlement reached will save Virtek the time and expense of a hearing.

    About Virtek

    About Virtek Vision International Inc.

    Virtek Vision International Inc. is a leading provider of high value
industrial laser solutions focused on the needs of the global manufacturing
sector, providing templating, inspection, marking and engraving products.
Virtek serves customers in the prefabricated construction, transportation,
metalworking, tool and die and mold making industries worldwide. Virtek is a
full service provider, with services including manufacturing, development,
integration, training, after sales support and installation. The Company
delivers high value to its customers, including feature-rich systems with a
quick payback, productivity enhancements and total turnkey solutions. The
majority of Virtek's sales are in the United States and Europe. Virtek
maintains offices in Waterloo, Ontario, Canada; Boston, Massachusetts, United
States; Ludenscheid and Nurnberg, Germany; and Busto Arsizio, Italy. Please
visit www.virtek.ca for more information.

    Forward-looking Statements

    Except for historical information provided herein, this press release may
contain information and statements of a forward-looking nature concerning the
future performance of the Company. These statements are based on suppositions
and uncertainties as well as on management's best possible evaluation of
future events. Such factors may include, without excluding other
considerations, fluctuations in quarterly results, evolution in customer
demand for the Company's products and services, the impact of price pressures
exerted by competitors, and general market trends or economic changes. As a
result, readers are advised that actual results may differ from expected
results.

    %SEDAR: 00006230E




For further information:

For further information: about Virtek Vision International Inc. please
visit www.virtek.ca or contact: Peter Monsberger, VP Finance and CFO, Tel:
(519) 746-7190, Fax: (519) 746-3383, e-mail: peter.monsberger@virtek.ca;
Stephen Sorocky, President and CEO, Tel. (519) 746-7190, Fax. (519) 746-3383,
e-mail: stephen.sorocky@virtek.ca; Investor Relations Contact: Jo Mira
Clodman, Clodman Hecht Communications Inc., (416) 787-3773, e-mail:
jomira@clodmanhecht.com

Organization Profile

VIRTEK VISION INTERNATIONAL INC.

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