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Thermwood

Envirokare Intention to Merge with New Age Shelters

20 October 2002

Envirokare and New Age Shelters intend to combine their businesses through a merger of New Age into a wholly owned subsidiary of Envirokare. New Age, based in Kelowna, British Columbia, currently develops and manufactures patented lightweight, low-cost fiberglass building systems for domestic and international markets.

It is anticipated that, if the merger is completed, New Age will expand its product line and its production capabilities by incorporating long-fiber reinforced composite materials into modular product designs using the TPF process.

The TPF process, developed by Thermoplastic Composite Designs Inc. (TCD), enables the cost-effective manufacture of large structural parts using long-fiber reinforced thermoplastic resins. The process utilizes either recycled or virgin resins. TPF patents are pending.

Steve Pappas, president of Envirokare, noted, ""The letter agreement that we announce today between New Age Shelters and Envirokare marks a further step of Envirokare's entrance into the vast housing industry by developing quality modular structures using the TPF technology, with potential applications in many industries. We look forward to working on completing the merger with New Age and starting product development for modular structural components that will form the basis for a new stage of New Age building systems based on TPF technology.""






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