GUELPH, ON, Feb. 4 /CNW/ - ENPAR Technologies Inc. (TSX-V: ENP) ("ENPAR") is pleased to announce that the shareholders of Dundarave Resources Inc. ("Dundarave") have approved the ExtrEL Technology License Agreement with ENPAR at the Extraordinary General Shareholders Meeting of Dundarave held on February 1, 2008.
Dundarave had previously obtained conditional approval from the TSX Venture Exchange for the ExtrEL nickel recovery technology licensing agreement. The TSX Venture Exchange had determined that the transaction is a Fundamental Acquisition (as defined in TSX Venture Exchange Policy 5.3) and required that Dundarave obtain shareholder approval (at least 50% of the shareholders).
Paul Matysek, President and CEO of Dundarave, stated: "We are very pleased with the outcome of today's vote as it allows us to obtain the final approval of the transaction from the TSX Venture Exchange and embark on the next phase of the technology development. We now look forward to initiating the Optimization and Design program for the ExtrEL technology that will focus on reactor design and the nickel separation process."
In response to the news, Dr. Gene Shelp, President and CEO of ENPAR stated: "ENPAR is very excited with the opportunity to work closely with Mr. Paul Matysek and his team to exploit the potential of ENPAR's ExtrEL technology. ENPAR is committed to an expedient and successful Optimization and Design Program."
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.
ENPAR is a "Technology Company" applying its patented and proprietary "Electrochemical Technologies" to the treatment of waste water and drinking water contaminated by metals or nutrients i.e., nitrate/ammonia associated with the mining, metal processing, chemical, agricultural, municipal and waste management sectors. The common shares trade on Tier ll of the TSX Venture Exchange under the symbol "ENP".
This news release contains forward-looking statements within the meaning of the "safe harbour" provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks and uncertainties and other factors that may cause ENPAR Technologies Inc. results to differ materially from expectations. These include risks relating to market fluctuations, property performance and other risks. These forward-looking statements speak only as of the date hereof.