Neo Material Technologies announces shareholder support and approval of new rights plan

    TORONTO, April 24 /CNW/ - Neo Material Technologies Inc. ("Neo" or the
"Company") (TSX: NEM) announced that, at today's annual general and special
meeting of shareholders, the special resolutions to approve the new
shareholders rights plan (the "New Rights Plan") and the amendment to the
Stock Option Plan were approved by a majority of votes cast at the meeting.
    The board of directors and management are pleased with the support
expressed by shareholders and will continue their efforts to build shareholder
    The New Rights Plan will only remain in effect until the 2010 annual
meeting of shareholders.

    About Neo Material Technologies

    Neo Material Technologies is a producer, processor and developer of
neodymium-iron-boron magnetic powders ("Neo 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 in the production of bonded magnets for 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.

    %SEDAR: 00002061E

For further information:

For further information: Questions may be directed to Neo's information
agent, Laurel Hill Advisory Group, toll-free at 1-888-812-9183

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Neo Material Technologies Inc.

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