Neo Material Technologies responds to filing of Pala take-over bid circular

    TORONTO, Feb. 26 /CNW/ - Neo Material Technologies Inc. (TSX:NEM) ("Neo"
or the "Company") announces that it is in receipt of the take-over bid
circular and offering documents relating to Pala's unsolicited partial
take-over bid (the "Bid") to purchase 23 million outstanding common shares of
the Company. These documents were filed by Pala Investments Holdings Limited
("Pala") through its wholly-owned subsidiary 0833824 B.C. Ltd. on February 25,
2009 and the Company was made aware of such filing by a press release issued
by Pala.
    The Company urges shareholders not to take any action with respect to the
Bid until the Special Committee of the Board of Directors of the Company along
with its financial advisor, GMP Securities L.P., have evaluated the Bid and
made a recommendation in respect of the Bid to the Company's Board of
Directors and shareholders.

    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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