Napier Environmental Technologies, Inc. (PinkSheets: NAITF) has received shareholder approval for the terms of the previously announced merger with a private company. The company in which the merger is taking place with is I.C.T.C. Holdings Corporation. The approval was received from Napier at a Extraordinary Meeting of Shareholders yesterday. The merger is subject to the completion of the final closing documents and should go into effect by December 31, 2009.
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Napier is a Canadian company which continues to manufacture certain non-proprietary products and has a licensing agreement for certain of Napier's intellectual property with a major paint manufacturer for the North American market, which has a term through to February 28, 2019.
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