Noveko International Inc. to refile certain interim financial statements

    EKO / TSX

    MONTREAL, Oct. 14 /CNW Telbec/ - Noveko International Inc. (TSX:EKO)
announced today that it intends to amend and refile its interim financial
statements for the periods ended December 31, 2007 and March 31, 2008 on the
same date that it will file its audited financial statements for the year
ended June 30, 2008, being, at the latest, on October 28, 2008.
    The refilling and restatement of the statements is intended to reflect
revised methodology related to the calculation of stock-based compensation
expenses and the timing of when such expenses must be recognized. With respect
to methodology, the weighted average volatility to be used for the computation
of the fair market value of the options granted should be increased from 60%
to 95% and the expenses for the options to acquire 2,000,000 Class A Shares
granted on October 25, 2007 at $6.80 per share, should have been recognized
not in the period where such options begun to be vested (period ended
March 31, 2008 as shown by the Corporation in its interim financial
statements) but in the period where they were granted (period ended December
31, 2007) on a linear basis.
    Total stock-based compensation expenses for these two periods are
expected to increase by $1,287,073 and $513,083 respectively. Consequently,
net loss, comprehensive loss, and deficit for each such period should also be
increased accordingly. The Corporation's Management Discussion and Analysis
for each period noted above will also be revised to reflect the restatement.
    No other restatement is expected to be made on these interim financial


    Noveko International Inc. is a public holding company listed on the
Toronto Stock Exchange. Its subsidiaries specialize in the following fields of
activities: i) development, manufacturing and selling of portable real-time
ultrasound scanners for veterinary and human medicine, ii) development,
manufacturing and selling of filtration fabrics, including antimicrobial face
masks and air filters derived from its patented antimicrobial filtration
technology, iii) development, manufacturing and selling of air quality
systems, iv) development, manufacturing and selling of sanitizers and v)
custom processing and distribution of steel products.

    The information set forth in this press release includes certain
forward-looking statements. Such statements are based on assumptions exposed
to major risks and uncertainties. Although Noveko deems the expectations
reflected in these forward-looking statements to be reasonable, the Company
cannot provide any guarantee as to the materialization of the expectations
reflected in these forward-looking statements. The Toronto Stock Exchange has
not reviewed and does not accept responsibility for the adequacy or accuracy
of this release.

For further information:

For further information: André Leroux, Chairman of the Board and Chief
Executive Officer; Alain Bolduc, President and Chief Operating Officer, Noveko
International Inc., (514) 344-3030,

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Noveko International Inc.

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