BAY CITY, Mich. and TORONTO, Nov. 9, 2004 (PRIMEZONE) -- Sciax Corp (Pink Sheets:SCXC) announced today that, after preliminary discussions, both Sciax Corp. and Nuresco Polymers have decided to enter into a detailed due diligence process to be concluded by January 30, 2005, with respect to Sciax's proposed acquisition of Nuresco Polymers as previously announced in the Letter of Intent.
"In addition to the potential for incorporating Nuresco's Polymer systems into Sciax products, Nuresco's established defense contacts are attractive to Sciax's continuing marketing efforts in this industry," stated Ralph Manore, Vice President of Operations for Sciax.
Nuresco Polymers has developed an advanced thermoset polymer system with strength, heat resistance, and other properties that allow it to effectively compete for contracts in the defence and aeronautics industries.
"We remain committed to a transaction with Sciax," said Henry Naskali, Vice President of Business Development for Nuresco Polymers. "Our discussions and evaluation have confirmed our original impression of the fit between our companies."
About Nuresco
Nuresco Polymers Inc. is a privately held company which offers a family of commercially low cost LPB thermoset resins designed for high-temperature applications, the inherently tough thermoset formulations offer superior thermo-oxidative stability and tensile strengths. The properties of LPB formulations can be modified to meet specific performance criteria. Formulated for superior chemical and thermal resistance, improved toughness compared to conventional aerospace polymer systems. LPB polymers shrink less during cure and outperform other polymers in chemically corrosive environments (e.g., chemical tanks) and in structural laminates requiring a high degree of moisture resistance (such as boat hulls and decks). LPB applications include flame-resistant aircraft interior panels and in commercial markets that require low-cost, flame-resistant and low-smoke products. Excellent char yield and ablative (heat-absorbing) characteristics have made LPB resins ideal for rocket nozzle applications, offshore oil and gas platforms, radomes and electronics applications and mass transit. Further information on Nuresco can be found at www.nuresco.net.
About Sciax
Sciax is an emerging leader in defense imaging systems for law enforcement and military personnel engaged in counter-terrorism and other special security operations. Sciax America Inc. and Sciax Technology Inc. are wholly owned subsidiaries of Sciax Corp. (Pink Sheets: SCXC).
Sciax is the manufacturer of Wolf Pack under license from Eomax. Wolf Pack is the Company's tactical remote viewing system used by law enforcement and military organizations in North America and Europe. Customers include, military and law enforcement agencies of the US and German Governments, contraband interdiction units of Canada Customs, and LAPD-SWAT.
This release contains forward-looking statements with respect to the results of operations and business of Sciax Technology Inc., and Sciax America Inc. which involves risks and uncertainties. The Company's actual future results could materially differ from those discussed. Risks and uncertainties of the Company will be detailed from time to time in the Company's periodic reports. The company intends that such statements about the Company's future expectations, including future revenues and enforcement and defense imaging system earnings, and all other forward looking statements be subject to the "safe harbors" provision of the Private Securities Litigation Reform Act of 1995.