GUELPH, ON, Aug. 24 /CNW/ - ENPAR Technologies Inc. ("ENPAR") commenced
arbitration against the Licensor of an important component of its DesEL
System. This action arises from a purported termination by the Licensor of the
Non-exclusive License Agreement. ENPAR believes that the Licensor has
attempted to manufacture a breach of the Agreement to force ENPAR to
renegotiate on terms more favourable to the Licensor.
The allegations of default are groundless in the view of the Board of
Directors. ENPAR has retained Bennett Gastle Professional Corporation,
Barristers & Solicitors in Toronto and Bingham McCutchen LLP in Boston.
Deloitte & Touche have been retained to provide expert accounting opinions on
certain issues at the arbitration.
Although unfortunate, ENPAR believes that this opportunity to confirm its
compliance with the Non-exclusive License Agreement will provide the basis for
continuance of the Agreement in good standing and prevent unjustified
allegations of non-compliance in the future, at the time when the technology
ENPAR believes that the arbitration, which is expected to last from four
to six months, will not interfere with its current business activities.
ENPAR will continue to aggressively market its 100% owned and
patented/patent pending state-of-the-art electrochemical technologies for Ni
recovery (ExtrEL), water treatment (AmmEL and NitrEL), and prevention of acid
mine drainage (AmdEL).
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.
This news release contains forward-looking statements within the meaning
of the "safe harbour" provisions of the Private Securities Litigation Reform
Act of 1995. These forward-looking statements are subject to risks and
uncertainties and other factors that may cause ENPAR Technologies Inc. results
to differ materially from expectations. These include risks relating to market
fluctuations, property performance and other risks. These forward-looking
statements speak only as of the date hereof.
For further information:
For further information: Dr. Gene Shelp, President, Tel: (519) 836-6155,
Fax: (519) 836-5683, E-mail: firstname.lastname@example.org, Web Site: