Noble Iron Inc V.NIR.H

NEWS

[mdisano]

Monday April 15, 9:54 am Eastern Time Press Release SOURCE: Napier Environmental Technologies Inc. Napier Environmental Technologies Inc.: First Quarter Sales Hit New High/Substantial Gross Margin Improvement VANCOUVER, British Columbia--(BUSINESS WIRE)--April 15, 2002-- Napier Environmental Technologies Inc. (TSE:NIR - news) is pleased to report that top line sales for the first three months of fiscal 2002 hit a new high of $1.95 million. In comparison to first quarter 2001 which recorded $1.69 million, the increase represented a 15% growth. Napier's Sara product line now branded as RemovAll(TM) began to demonstrate the benefits from last year's investment to broaden the distribution channels as sales in this category increased by 20%. The Bio-Wash(TM) branded retail products also contributed to the growth with a 7% increase over 2001 results. Just as important the Company began to see substantial benefits from management's efforts to significantly improve gross margins, which have been tracking monthly at greater than 40%, as compared to 28% for the whole of fiscal 2001. In addition to the improved gross margins, management expects to report substantially reduced operating costs due to a conscious cost containment program. This plan has been carried out specifically to lower the breakeven threshold and increase profitability as sales growth begins to impact second and third quarters. Complete interim quarterly financial statements, discussion and analysis will be released in early May after normal Board review. Forward Looking Statements: This release and referenced materials contain forward looking statements that are subject to a number of known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those anticipated in our forward looking statements. Factors that could cause actual results to differ materially include: rapid technological and/or market changes in the industry; the ability to maintain and grow successful third party and customer relationships, to improve current products and develop new products, to adequately protect the company's proprietary rights and other factors described in the company's regulatory filings. Although we believe the expectations reflected in our forward looking statements are reasonable, individual results may vary, and we cannot guarantee future results, levels of activity, performance or achievements. Clifford T. Davis, Chairman and CEO