Leading Independent Proxy Advisor Glass Lewis Recommends NAPEC Shareholders and Warrantholders Vote FOR the Arrangement Resolution

DRUMMONDVILLE, QUÉBEC--(Marketwired - Jan. 23, 2018) - NAPEC Inc. ("NAPEC" or the "Company") (TSX:NPC) is pleased to announce that Glass, Lewis & Co., LLC ("Glass Lewis"), a leading independent proxy advisory firm, has recommended that shareholders and warrantholders of NAPEC vote FOR the arrangement (the "Arrangement") pursuant to which funds managed by Oaktree Capital Management L.P. ("Oaktree") will acquire all of the issued and outstanding common shares of NAPEC for $1.95 in cash per share (the "Consideration") at the special meeting of shareholders and warrantholders of NAPEC to be held on February 5, 2018. As previously announced on January 18, 2018, Institutional Shareholder Services Inc. ("ISS"), another leading independent proxy advisory firm, has also recommended that shareholders and warrantholders vote FOR the Arrangement.

NAPEC's board of directors (the "Board"), after having received two opinions as to the fairness, from a financial point of view, of the Consideration to be received by the shareholders pursuant to the Arrangement, and after having received the unanimous recommendation of the special committee of the Board, has unanimously recommended that NAPEC's shareholders and warrantholders vote FOR the Arrangement.

Pierre L. Gauthier, NAPEC's President and Chief Executive Officer welcomed yet another strong endorsement for the Arrangement after ISS released their positive recommendation last week and said: "We appreciate that Glass Lewis along with ISS has acknowledged the benefits of the Arrangement with Oaktree and has recommended shareholders and warrantholders to vote in favour of the transaction."

In addition to the Arrangement making strategic sense, Glass Lewis recommended that NAPEC shareholders and warrantholders vote FOR the Arrangement as it noted in its report that "in consideration of the opportunities and risks associated with the Company's standalone plan, as well as the time- and risk-adjusted value that could reasonably be expected to accrue to shareholders in absence of a transaction, when compared to the relatively low-risk, all-cash offer at an attractive premium to unaffected trading prices, we also see a reasonable basis to conclude that the acquisition is in the best interests of shareholders."