Business Description

– Forward-Looking Statements. ” i _______________ As used in this report, references to “ NTIC, ” the “ Company, ” “ we, ” “ our, ” or “ us, ” unless the context otherwise requires, refer to Northern Technologies International Corporation and its wholly owned and majority-owned subsidiaries, all of which are consolidated on NTIC ’ s consolidated financial statements. As used in this report, references to: (1) “ NTIC China ” refer to NTIC ’ s wholly owned subsidiary in China, NTIC (Shanghai) Co., Ltd.; (2) “ NTI Europe ” refer to NTIC ’ s wholly owned subsidiary in Germany, NTIC Europe GmbH; (3) “ Zerust Mexico ” refer to NTIC ’ s wholly owned subsidiary in Mexico, ZERUST-EXCOR MEXICO, S. de R.L. de C.V.; (4) “ Zerust India ” refer to NTIC ’ s wholly owned subsidiary in India, HNTI Limited (formerly Harita-NTI Limited); (5) “ Zerust Brazil ” refer to NTIC ’ s majority owned Brazilian subsidiary, Zerust Preven çã o de Corros ã o S.A.; (6) “ Natur-Tec India ” refer to NTIC ’ s majority-owned subsidiary in India, Natur-Tec India Private Limited; (7) “ Natur Tec Lanka ” refer to NTIC ’ s majority-owned subsidiary in Sri Lanka, Natur Tec Lanka (Pvt) Ltd and (8) “ NTI Asean ” refer to NTIC ’ s majority-owned holding company subsidiary, NTI Asean LLC, which holds investments in certain entities that operate in the Association of Southeast Asian Nations (ASEAN) region. NTIC ’ s consolidated financial statements do not include the accounts of any of its joint ventures. Except as otherwise indicated, references in this report to NTIC ’ s joint ventures do not include any of NTIC ’ s wholly owned or majority-owned subsidiaries. As used in this report, references to “ EXCOR ” refer to NTIC ’ s joint venture in Germany, Excor Korrosionsschutz – Technologien und Produkte GmbH. All