Investor Financial Information - Press Release


NEWS RELEASE TRANSMITTED BY CANADIAN CORPORATE NEWS FOR: Normiska Corporation
CANADIAN DEALING NETWORK SYMBOL: NORP

SEPTEMBER 16, 1999

RETRANSMISSION: Normiska Corporation Company Announcement

MISSISSAUGA, ONTARIO--Normiska Corporation (CDN- NORP) is pleased to announce the signing of a letter of agreement to acquire the operating assets of V.I.L. Vermiculite Inc. (an arms length party). Mr. Peter Lewis, the President of V.I.L Vermiculite Inc. (V.I.L.) will remain as Chief Operating Officer of V.I.L.

V.I.L., which was founded in 1920, manufactures horticultural grades of vermiculite and perlite and is the largest supplier of these products in Eastern Canada. The V.I.L. facilities are located in Lachine, Quebec. The agreement includes additional facilities, planned for Windsor, Ontario. This plant is anticipated to be in production in late 2000.

VIL had sales in 1998 of $5,500,000 and earnings prior to depreciation and income taxes (EBDT) of $645,000. Sales to July 31,1999 are $3,570,000 with EBDT of $550,000. Sales for the full year to December 31,1999 are projected at $5,900,000 with EBDT projected at $950,000.

The agreed purchase price for the VIL operations is $3,000,000. $500,000 of the purchase price will be satisfied by the issue of common shares of Normiska valued at the 5 day average trading price prior to closing. The balance of the purchase price will be funded with a combination of debt and equity. Details will be released upon closing.

Normiska Corporation has retained Dominick & Dominick Securities Inc. as agent to raise the required funds for this acquisition. The acquisition of the V.I.L. product lines of vermiculite and perlite will compliment Normiska's line of professional grade sphagnum peat moss, pine bark mulches and composts. Vermiculite and perlite are mineral feedstocks which are blended with peat moss and bark in value added blended horticultural soil-less growing mediums.

Normiska has 5,086,340 common shares issued and outstanding. The company has also issued 600,000 share purchase warrants exercisable at $1.25 until January 17, 2000. Normiska's mission is profitable, responsible natural resource management. We recognize opportunity in environmental solutions.
WATCH US GROW!

On behalf of the board,
John Arnold, Chairman and C.F.O. David B. Graham, President and C.E.O.
FOR FURTHER INFORMATION PLEASE CONTACT:
Normiska Corporation (905) 212-9555