Precision Withdraws Qualifying Transaction

Precision Enterprises Inc. (TSX VENTURE:PSC.H) (the "Company") announces further
to its news release of February 3, 2010 that due to unfavorable market
conditions it has been unable to arrange for the required financing to complete
its proposed business combination with NPTx NeuroPsychoTherapeutics Corporation,
which would have constituted the Company's Qualifying Transaction ("QT").


Accordingly, the Company will not be proceeding with the QT, nor will it proceed
with the proposed name change or change to the current Board of Directors or
management.


The Company will remain on the NEX Board until it has found a new project or
property of merit.


ON BEHALF OF THE BOARD

Joe DeVries, President and CEO

Certain statements included herein are "forward-looking statements". Management
cautions that forward-looking statements are not guarantees and that actual
results could differ materially from those expressed or implied in the
forward-looking statements. Factors beyond the control of the Company could
cause the actual results of operations, or the financial condition of the
Company, to differ, including changes to financial and market conditions. The
Company assumes no obligation to update forward-looking statements, other than
as may be required by applicable law.