Neo Material Technologies Provides Update on Warrants

    TORONTO, Sept. 8 /CNW/ - Neo Material Technologies Inc. (TSX: NEM) (the
"Corporation") reported today that 17,581,800 of the Corporation's warrants
(the "Warrants") were exercised on or before the expiry date of September 2,
2008 representing 99% of the total Warrants outstanding. There were 17,733,600
Warrants issued on August 31, 2005 which were exercisable into common shares
at $2.50 per share. At the close of business on September 8, 2008, there were
118,794,314 common shares outstanding and the potential for another 3,191,703
common shares related to options bringing the total to 121,986,017 common
shares on a fully diluted basis.
    The aggregate total proceeds from the exercise of the Warrants was
approximately Cdn$44 million, a portion of which will be used to retire the
long term debt of the Corporation by no later than September 30, 2008.

    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 approximately 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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