Neo Material Technologies Announces Director Resignation and New Appointments

    TORONTO, Aug. 5 /CNW/ - Neo Material Technologies (TSX: NEM) (the
"Company" or "Neo") announced today the resignation of Mr. F. Michael Walsh as
director of the Company. "Mr. Walsh contributed greatly to the development of
Neo over the past 4 years. I'd like to thank Michael for his valuable
contributions," said Constantine Karayannopoulos, President and Chief
Executive Officer. James. J. Jackson has been appointed as Chair of the Audit
Committee, the position formerly held by Mr. Walsh, and Peter O'Connor has
been appointed as Chairman of the Board, the position formerly held by Mr.
Jackson. Mr. Jackson has also been appointed as Vice-Chairman of the Board.
Mr. Ho Soo Ching has been appointed as a member of the Audit Committee.

    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 1,300 employees in 15
locations, across 10 countries.

    %SEDAR: 00002061E

For further information:

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

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Neo Material Technologies Inc.

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