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<SEC-DOCUMENT>0001206774-08-000054.txt : 20080109
<SEC-HEADER>0001206774-08-000054.hdr.sgml : 20080109
<ACCEPTANCE-DATETIME>20080109110722
ACCESSION NUMBER:		0001206774-08-000054
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20080108
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20080109
DATE AS OF CHANGE:		20080109

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			NORTHERN TECHNOLOGIES INTERNATIONAL CORP
		CENTRAL INDEX KEY:			0000875582
		STANDARD INDUSTRIAL CLASSIFICATION:	CONVERTED PAPER & PAPERBOARD PRODS (NO CONTAINERS/BOXES) [2670]
		IRS NUMBER:				410857886
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0831

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-11038
		FILM NUMBER:		08519639

	BUSINESS ADDRESS:	
		STREET 1:		4201 WOODLAND ROAD
		STREET 2:		PO BOX 69
		CITY:			CIRCLE PINES
		STATE:			MN
		ZIP:			55014
		BUSINESS PHONE:		(763) 225-6601

	MAIL ADDRESS:	
		STREET 1:		4201 WOODLAND ROAD
		STREET 2:		PO BOX 69
		CITY:			CIRCLE PINES
		STATE:			MN
		ZIP:			55014

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	NORTHERN INSTRUMENTS CORP
		DATE OF NAME CHANGE:	19930328
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>northerntech_8k.htm
<DESCRIPTION>CURRENT REPORT
<TEXT>

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<P align=center><B><FONT face=serif size=4>UNITED STATES<BR></FONT></B><B><FONT face=serif size=4>SECURITIES AND EXCHANGE COMMISSION<BR></FONT></B><B><FONT face=serif>Washington, D.C. 20549<BR></FONT></B><FONT face=serif>__________________</FONT></P>
<P align=center><B><FONT face=serif size=5>FORM 8-K</FONT></B></P>
<P align=center><B><FONT face=serif>Current Report<BR></FONT></B><B><FONT face=serif>Pursuant to Section 13 or 15(d) of the Securities Exchange Act of
1934<BR>&nbsp;<BR></FONT></B><FONT face=serif>__________________</FONT></P>
<P align=center><FONT face=serif size=2>Date of Report (Date of earliest event
reported):<BR></FONT><B><FONT face=serif>January 8, 2008<BR></FONT></B><FONT face=serif>___________________</FONT></P>
<P align=center><B><FONT face=serif size=5>NORTHERN TECHNOLOGIES
INTERNATIONAL<BR>CORPORATION<BR></FONT></B><FONT face=serif size=2>(Exact name
of registrant as specified in its charter)</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=center width="32%"><B><FONT face=serif>Delaware</FONT></B>&nbsp;</TD>
    <TD noWrap align=center width="34%"><B><FONT face=serif>001-11038</FONT></B>&nbsp;</TD>
    <TD noWrap align=center width="33%"><B><FONT face=serif>41-0857886</FONT></B>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=center width="32%"><FONT face=serif size=2>(State or
      Other Jurisdiction of</FONT>&nbsp;</TD>
    <TD noWrap align=center width="34%"><FONT face=serif size=2>(Commission
      File Number)</FONT>&nbsp;</TD>
    <TD noWrap align=center width="33%"><FONT face=serif size=2>(I.R.S.
      Employer Identification</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=center width="32%"><FONT face=serif size=2>Incorporation)</FONT>&nbsp;</TD>
    <TD noWrap align=left width="34%">&nbsp;</TD>
    <TD noWrap align=center width="33%"><FONT face=serif size=2>Number)</FONT>&nbsp;</TD></TR></TABLE><BR>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=center width="49%"><B><FONT face=serif>4201 Woodland
      Road</FONT></B>&nbsp;</TD>
    <TD noWrap align=left width="50%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=center width="49%"><B><FONT face=serif>P.O. Box
      69</FONT></B>&nbsp;</TD>
    <TD noWrap align=center width="50%"><B><FONT face=serif>55014</FONT></B>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=center width="49%"><B><FONT face=serif>Circle Pines,
      Minnesota</FONT></B>&nbsp;</TD>
    <TD noWrap align=left width="50%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=center width="49%"><FONT face=serif size=2>(Address of
      Principal Executive Offices)</FONT>&nbsp;</TD>
    <TD noWrap align=center width="50%"><FONT face=serif size=2>(Zip
      Code)</FONT>&nbsp;</TD></TR></TABLE><BR>
<P align=center><B><FONT face=serif>(763) 225-6600<BR></FONT></B><FONT face=serif size=2>(Registrant&#146;s Telephone Number, Including Area
Code)<BR><BR></FONT><B><FONT face=serif>N/A<BR></FONT></B><FONT face=serif size=2>(Former Name or Former Address, If Changed Since Last Report)</FONT></P>
<P align=left><FONT face=serif size=2>Check the appropriate box below if the
Form 8-K filing is intended to simultaneously satisfy the filing obligation of
the registrant under any of the following provisions:</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD vAlign=top align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD vAlign=top align=left width="1%"><FONT face=Wingdings><FONT size=2><FONT size=3>o</FONT></FONT></FONT></TD>
    <TD vAlign=top align=left width="1%"><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD vAlign=top align=left width="97%"><FONT face=serif size=2>Written
      communications pursuant to Rule 425 under the Securities Act (17 CFR
      230.425)</FONT></TD></TR>
  <TR>
    <TD vAlign=top align=left width="1%"></TD>
    <TD vAlign=top align=left width="99%" colSpan=3><FONT size=1>&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top align=left width="1%"></TD>
    <TD vAlign=top align=left width="1%"><FONT face=Wingdings>o</FONT></TD>
    <TD vAlign=top align=left width="1%"></TD>
    <TD vAlign=top align=left width="97%"><FONT face=serif size=2>Soliciting
      material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
      240.14a-12)</FONT></TD></TR>
  <TR>
    <TD vAlign=top align=left width="1%"></TD>
    <TD vAlign=top align=left width="99%" colSpan=3><FONT size=1>&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top align=left width="1%"></TD>
    <TD vAlign=top align=left width="1%"><FONT face=Wingdings>o</FONT></TD>
    <TD vAlign=top align=left width="1%"></TD>
    <TD vAlign=top align=left width="97%"><FONT face=serif size=2>Pre-commencement communications pursuant to Rule</FONT> <FONT face=serif size=2>14d-2(b) under the Exchange Act (17 CFR
      240.14d-2(b))</FONT></TD></TR>
  <TR>
    <TD vAlign=top align=left width="1%"></TD>
    <TD vAlign=top align=left width="99%" colSpan=3><FONT size=1>&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top align=left width="1%"></TD>
    <TD vAlign=top align=left width="1%"><FONT face=Wingdings>o</FONT></TD>
    <TD vAlign=top align=left width="1%"></TD>
    <TD vAlign=top align=left width="97%"><FONT face=serif size=2>Pre-commencement communications pursuant to Rule</FONT> <FONT face=serif size=2>13e-4(c) under the Exchange Act (17 CFR
      240.13e-4(c))</FONT></TD></TR></TABLE>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD style="BORDER-BOTTOM: #000000 2pt double" width="100%">&nbsp;</TD></TR></TABLE><BR>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=justify><B><FONT face=serif size=2>Section 2 &#150; Financial Information
</FONT></B></P>
<P align=justify><B><FONT face=serif size=2>Item 2.02. Results of Operations and
Financial Condition</FONT></B><FONT face=serif size=2>. </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>On
January 8, 2008, Northern Technologies International Corporation publicly
announced its results of operations for the three months ended November 30,
2007. For further information, please refer to the press release attached hereto
as Exhibit 99.1, which is incorporated by reference herein.</FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>The
information contained in this report and the exhibit hereto shall not be deemed
to be &#147;filed&#148; for purposes of Section 18 of the Securities Exchange Act of 1934,
as amended, and shall not be incorporated by reference into any filings made by
Northern Technologies International Corporation under the Securities Act of
1933, as amended, or the Exchange Act, except as may be expressly set forth by
specific reference in such filing.</FONT><B><FONT face=serif size=2>
</FONT></B></P>
<P align=justify><B><FONT face=serif size=2>Section 9 &#150; Financial Statements and
Exhibits </FONT></B></P>
<P align=justify><B><FONT face=serif size=2>Item 9.01. Financial Statements and
Exhibits.</FONT></B></P>
<P align=justify><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>(c) </FONT><I><FONT face=serif size=2>Exhibits</FONT></I><FONT face=serif size=2>.</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

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    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=center width="15%"><FONT face=serif size=2>Exhibit</FONT>
    </TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=left width="82%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=center width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="15%"><FONT face=serif size=2>No.</FONT> </TD>
    <TD noWrap align=center width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="82%"><FONT face=serif size=2>Description</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="15%" bgColor=#c0c0c0><FONT face=serif size=2>99.1</FONT> </TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="82%" bgColor=#c0c0c0><FONT face=serif size=2>Press Release issued January 8, 2008<FONT size=3>&nbsp;
      </FONT></FONT></TD></TR></TABLE><BR>
<P align=center><B><FONT face=serif size=2>SIGNATURE</FONT></B><FONT face=serif size=2> </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has
duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized. </FONT></P>
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    <TD noWrap align=left width="50%"></TD>
    <TD noWrap align=left width="50%" colSpan=3><B><FONT face=serif size=2>NORTHERN TECHNOLOGIES</FONT></B>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="50%"></TD>
    <TD noWrap align=left width="50%" colSpan=3><B><FONT face=serif size=2>INTERNATIONAL CORPORATION</FONT></B>&nbsp; </TD></TR>
  <TR>
    <TD noWrap align=left width="50%"></TD>
    <TD noWrap align=left width="50%" colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD noWrap align=left width="50%"></TD>
    <TD noWrap align=left width="50%" colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD noWrap align=left width="50%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="49%" colSpan=2>&nbsp;&nbsp; <IMG src="northerntech_8kx2x1.jpg" border=0>&nbsp;</TD></TR>
  <TR>
    <TD noWrap align=left width="50%"></TD>
    <TD noWrap align=left width="1%"><FONT size=2>By:</FONT>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="19%">&nbsp;&nbsp; </TD>
    <TD noWrap align=left width="30%">&nbsp;</TD></TR>
  <TR>
    <TD noWrap align=left width="50%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="49%" colSpan=2><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp; Matthew C. Wolsfeld</FONT>&nbsp; </TD></TR>
  <TR>
    <TD noWrap align=left width="50%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="49%" colSpan=2><EM><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp; Chief Financial Officer</FONT></EM>&nbsp;
    </TD></TR>
  <TR>
    <TD noWrap align=left width="50%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="49%" colSpan=2>&nbsp;</TD></TR>
  <TR>
    <TD noWrap align=left width="50%"><FONT size=2>Dated: January 8,
      2008</FONT>&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD></TR></TABLE><BR>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=center><B><FONT face=serif size=2>NORTHERN TECHNOLOGIES INTERNATIONAL
CORPORATION </FONT></B></P>
<P align=center><B><FONT face=serif size=2>FORM 8-K </FONT></B></P>
<P align=center><B><U><FONT face=serif size=2>Exhibit
Index</FONT></U></B><B><FONT face=serif size=2> </FONT></B></P>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=center width="12%"><B><FONT face=serif size=2>Exhibit</FONT></B> </TD>
    <TD noWrap align=center width="2%"></TD>
    <TD noWrap align=left width="55%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="29%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="12%"><B><FONT face=serif size=2>No.</FONT></B> </TD>
    <TD noWrap align=center width="2%">&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="55%"><B><FONT face=serif size=2>Description</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="2%">&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="29%"><B><FONT face=serif size=2>Method of Filing</FONT></B>&nbsp;
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=center width="12%" bgColor=#c0c0c0><FONT face=serif size=2>99.1</FONT> </TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="55%" bgColor=#c0c0c0><FONT face=serif size=2>Press Release issued January 8, 2008<FONT size=3>&nbsp;
      </FONT></FONT></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="29%" bgColor=#c0c0c0><FONT face=serif size=2>Filed herewith</FONT>&nbsp; </TD></TR></TABLE><BR>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>3
<FILENAME>exhibit99-1.htm
<DESCRIPTION>PRESS RELEASE ISSUED JANUARY 8, 2008
<TEXT>
<HTML>
<HEAD>
<TITLE></TITLE>
</HEAD>
<body>





<P align=right><FONT face=serif size=2>Exhibit 99.1</FONT><BR>&nbsp;</P>


<P align=right><B><FONT face=serif size=2>Northern Technologies International
Corporation<BR>4201 Woodland Road, P.O. Box 69<BR>Circle Pines, MN
55014<BR></FONT></B><FONT face=serif size=2>www.ntic.com</FONT><B><FONT face=serif size=2></FONT></B></P>
<P align=left><B><FONT face=serif size=2>FOR IMMEDIATE RELEASE </FONT></B><FONT face=serif size=2></FONT></P>
<P align=center><B><FONT face=serif size=4>NORTHERN TECHNOLOGIES INTERNATIONAL
CORPORATION<BR>ANNOUNCES FIRST QUARTER OPERATING RESULTS </FONT></B></P>
<P align=justify><FONT face=serif size=2>CIRCLE PINES, Minnesota, January 8,
2008 - Northern Technologies International Corporation (AMEX: NTI) announced
today its operating results for the three months ended November 30, 2007.
</FONT></P>
<P align=justify><FONT face=serif size=2>Net income decreased 33.5% to $658,196,
or $0.18 per diluted common share, during the three months ended November 30,
2007 compared to $990,224, or $0.27 per diluted common share, during the three
months ended November 30, 2006, primarily as a result of a one-time gain on sale
of assets of $724,495 (a building) during the first three months of fiscal 2007.
Excluding that one-time gain on sale of assets during the first three months of
fiscal 2007, net income increased 147.7% during the first three months of fiscal
2008 compared to the same period of fiscal 2007. </FONT></P>
<P align=justify><FONT face=serif size=2>NTIC&#146;s consolidated net sales in North
America decreased 24.5% during the three months ended November 30, 2007 as
compared to the three months ended November 30, 2006 primarily as a result of
the anticipated loss of its React-NTI, LLC subsidiary&#146;s most significant
customer. However, since the profit on React-NTI LLC&#146;s product sales to this
customer were extremely small, the effect on NTIC&#146;s net income during the three
months ended November 30, 2007 was not material. NTIC announced that it
anticipates its net sales will continue to decrease significantly during the
remainder of fiscal 2008 compared to the same periods in fiscal 2007 as a result
of the loss of the significant React-NTI customer, NTIC does not expect that the
decrease will have a material adverse effect on NTIC&#146;s future consolidated net
income. </FONT></P>
<P align=justify><FONT face=serif size=2>Despite the decrease in NTIC&#146;s
consolidated net sales in North America, sales of NTIC&#146;s rust and corrosion
inhibiting products in North America increased 6.8% to $3,229,123 during the
three months ended November 30, 2007 compared to $3,023,384 during the three
months ended November 30, 2006. In addition, total net sales of all of NTIC&#146;s
worldwide joint ventures increased 26.8% to $23,944,115 during the three months
ended November 30, 2007 as compared </FONT><FONT face=serif size=2>to
$18,879,432 during the three months ended November 30, 2006. As a result, NTIC&#146;s
income from its corporate joint ventures and holding companies increased 167.7%
to $1,209,302 for the three months ended November 30, 2007 compared to $451,811
for the three months ended November 30, 2006.</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=justify><FONT face=serif size=2>G. Patrick Lynch, President and Chief
Executive Officer of NTIC, commented, &#147;Despite the anticipated decrease in our
consolidated net sales during first quarter as a result of the loss of
React-NTI&#146;s most significant customer, our first quarter financial performance
reflects the continued strength of our core business in corrosion protection
coupled with the success of our international expansion strategy. We are
especially pleased with the profitability of our worldwide joint ventures, and
hope to increase future profitability with our new Natur-Tec&#153; (biodegradable
plastic) products and Polymer Energy&#153; (waste-plastic to oil conversion)
machines, which we have just launched in several countries. We are also hopeful
that the entry of our corrosion protection products into the oil and gas market
will be well received.&#148;</FONT></P>
<P align=justify><FONT face=serif size=2>As previously announced, in an effort
to increase net sales, NTIC is in the process of expanding its range of
corrosion inhibiting technologies to include solutions targeted at the oil and
gas industry and its product line to include biodegradable and compostable
plastics and machinery that converts waste plastics back into diesel, gasoline
and mid-distillates. During fiscal 2008, NTIC expects to invest in aggregate
between $2,800,000 and $3,200,000 in additional research and development and
marketing efforts and resources into these emerging businesses, product lines
and markets. </FONT></P>
<P align=justify><FONT face=serif size=2>NTIC&#146;s working capital was $3,840,057,
including $125,630 in cash and cash equivalents, compared to working capital of
$3,788,777, including $244,499 in cash and cash equivalents, as of August 31,
2007.</FONT></P>
<P align=justify><B><FONT face=serif size=2>NORTHERN TECHNOLOGIES INTERNATIONAL
CORPORATION AND SUBSIDIARIES</FONT></B><FONT face=serif size=1> </FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="91%">&nbsp; </TD>
    <TD noWrap align=center width="4%" colSpan=2><B><FONT face=serif size=2>November 30,</FONT></B> </TD>
    <TD noWrap align=center width="1%"  >&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=center width="4%" colSpan=2><B><FONT face=serif size=2>November 30,</FONT></B> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=center width="4%" colSpan=2><B><FONT face=serif size=2>2007</FONT></B> </TD>
    <TD noWrap align=center width="1%"  ></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=center width="4%" colSpan=2><B><FONT face=serif size=2>2006</FONT></B> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT face=serif size=2>NORTH AMERICAN OPERATIONS:</FONT>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%"   bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%">&nbsp; &nbsp;&nbsp; <FONT face=serif size=2>Net sales</FONT>&nbsp; </TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      $3,485,585</FONT> </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="1%"  ></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      $4,617,374</FONT> </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;
      <FONT face=serif size=2>Cost of sales</FONT>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>2,093,691</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%"   bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>2,945,055</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%">&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=2>Gross profit</FONT>&nbsp; </TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>1,391,894</FONT>
    </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="1%"  ></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>1,672,319</FONT>
    </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD></TR>
  <TR>
    <TD width="100%" colSpan=6>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;
      <FONT face=serif size=2>Operating expenses:</FONT>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>1,865,069</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%"   bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>1,676,962</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR>
    <TD width="100%" colSpan=6>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;
      <FONT face=serif size=2>NORTH AMERICAN OPERATING LOSS</FONT>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>(473,175</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>)</FONT> </TD>
    <TD noWrap align=left width="1%"   bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>(4,643</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>)</FONT> </TD></TR>
  <TR>
    <TD width="100%" colSpan=6>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT face=serif size=2>INCOME FROM ALL CORPORATE JOINT</FONT>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%"   bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;
      <FONT face=serif size=2>VENTURES AND HOLDING COMPANIES</FONT>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT size=2>1,209,302</FONT> </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=right width="1%"   bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT size=2>451,811</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR>
    <TD width="100%" colSpan=6>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT face=serif size=2>INTEREST INCOME</FONT>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>495</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%"   bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>935</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%"><FONT face=serif size=2>INTEREST
      EXPENSE</FONT>&nbsp; </TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>(31,523</FONT>
    </TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=2>)</FONT> </TD>
    <TD noWrap align=left width="1%"  ></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>(42,881</FONT>
    </TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=2>)</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT face=serif size=2>OTHER INCOME</FONT>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>7,930</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%"   bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>2,093</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%"><FONT face=serif size=2>GAIN ON SALE OF
      ASSETS</FONT>&nbsp; </TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>1,529</FONT> </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD>
    <TD noWrap align=left width="1%"  ></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>724,495</FONT>
    </TD>
    <TD noWrap align=left width="1%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT face=serif size=2>MINORITY INTEREST</FONT>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>21,638</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%"   bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>(9,586</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>)</FONT> </TD></TR>
  <TR>
    <TD width="100%" colSpan=6>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT face=serif size=2>INCOME BEFORE INCOME TAX EXPENSE</FONT>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>736,196</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%"   bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>1,122,224</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR>
    <TD width="100%" colSpan=6>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT face=serif size=2>INCOME TAX EXPENSE</FONT>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>78,000</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%"   bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>132,000</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR>
    <TD width="100%" colSpan=6>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT face=serif size=2>NET INCOME</FONT>&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>$658,196</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%"   bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>$990,224</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR>
    <TD noWrap align=left width="91%"  >&nbsp;</TD>
    <TD noWrap align=left width="3%"  ></TD>
    <TD noWrap align=left width="1%"  ></TD>
    <TD noWrap align=left width="1%"  ></TD>
    <TD noWrap align=left width="3%"  ></TD>
    <TD noWrap align=left width="1%"  ></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT face=serif size=2>NET INCOME PER COMMON SHARE:</FONT>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%"   bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%"   bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%"   bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=2>Basic</FONT>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%"><FONT face=serif size=2>$0.18</FONT>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%"  >&nbsp;</TD>
    <TD noWrap align=right width="1%"  ></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%"><FONT face=serif size=2>$0.27</FONT>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%"  >&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      <FONT face=serif size=2>Diluted</FONT>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>$0.18</FONT>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%"   bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="1%"   bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>$0.27</FONT>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%"   bgColor=#c0c0c0>&nbsp;</TD></TR>
  <TR>
    <TD width="99%" colSpan=5>&nbsp; </TD>
    <TD width="1%"  ></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT face=serif size=2>WEIGHTED AVERAGE COMMON SHARES</FONT>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%"   bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%"   bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%"   bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp; </FONT>ASSUMED
      OUTSTANDING:</FONT>&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%"   bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%"   bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="1%"   bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=2>Basic</FONT>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%"><FONT face=serif size=2>3,692,153</FONT>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%"  >&nbsp;</TD>
    <TD noWrap align=right width="1%"  ></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%"><FONT face=serif size=2>3,624,314</FONT>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%"  >&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      <FONT face=serif size=2>Diluted</FONT>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>3,734,102</FONT>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%"   bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="1%"   bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>3,668,095</FONT>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%"   bgColor=#c0c0c0>&nbsp;</TD></TR></TABLE><BR><BR>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=justify><FONT face=serif size=2>Composite financial information from
the audited and unaudited financial statements of the Company&#146;s joint ventures
carried on the equity basis is summarized as follows: </FONT></P>
<DIV align=center>
<TABLE cellSpacing=0 cellPadding=0 width="90%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="92%">&nbsp; </TD>
    <TD noWrap align=center width="3%"><FONT face=serif size=2>November
      30,</FONT> </TD>
    <TD noWrap align=center width="1%"  >&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD noWrap align=center width="3%"><FONT face=serif size=2>August
      31,</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="92%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="3%"><FONT face=serif size=2>2007</FONT> </TD>
    <TD noWrap align=center width="1%"  ></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="3%"><FONT face=serif size=2>2007</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="92%" bgColor=#c0c0c0><FONT face=serif size=2>Current assets</FONT> </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$48,001,145</FONT> </TD>
    <TD noWrap align=right width="1%"   bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$42,767,569</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="92%"><FONT face=serif size=2>Total
      assets</FONT> </TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>54,939,063</FONT> </TD>
    <TD noWrap align=right width="1%"  ></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>49,312,491</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="92%" bgColor=#c0c0c0><FONT face=serif size=2>Current liabilities</FONT> </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>17,167,450</FONT> </TD>
    <TD noWrap align=right width="1%"   bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>14,939,496</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="92%"><FONT face=serif size=2>Noncurrent
      liabilities</FONT> </TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>5,564,480</FONT>
    </TD>
    <TD noWrap align=right width="1%"  ></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>4,971,199</FONT>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="92%" bgColor=#c0c0c0><FONT face=serif size=2>Joint ventures&#146; equity</FONT> </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>32,207,133</FONT> </TD>
    <TD noWrap align=right width="1%"   bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>29,401,796</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="92%"><FONT face=serif size=2>Northern
      Technologies International Corporation&#146;s share of Corporate</FONT>&nbsp;
    </TD>
    <TD noWrap align=left width="3%">&nbsp; </TD>
    <TD noWrap align=left width="1%"  ></TD>
    <TD noWrap align=left width="3%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="92%"><FONT face=serif size=2>Joint Ventures&#146;
      equity</FONT> </TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>$15,240,974</FONT> </TD>
    <TD noWrap align=right width="1%"  ></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>$13,602,842</FONT> </TD></TR>
  <TR>
    <TD width="99%" colSpan=4>&nbsp; </TD></TR>
  <TR>
    <TD noWrap align=left width="92%"  ></TD>
    <TD noWrap align=center width="3%"  >&nbsp;</TD>
    <TD noWrap align=center width="1%"  ></TD>
    <TD noWrap align=center width="3%"  ></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="92%">&nbsp; </TD>
    <TD noWrap align=center width="3%"><FONT face=serif size=2>November
      30,</FONT> </TD>
    <TD noWrap align=center width="1%"  ></TD>
    <TD noWrap align=center width="3%"><FONT face=serif size=2>November
      30,</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="92%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="3%"><FONT face=serif size=2>2007</FONT> </TD>
    <TD noWrap align=center width="1%"  ></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="3%"><FONT face=serif size=2>2006</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="92%" bgColor=#c0c0c0><FONT face=serif size=2>Net sales</FONT> </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>$23,944,115</FONT> </TD>
    <TD noWrap align=right width="1%"   bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>$18,879,432</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="92%"><FONT face=serif size=2>Gross
      profit</FONT> </TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>11,009,748</FONT> </TD>
    <TD noWrap align=right width="1%"  >&nbsp;</TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>9,068,677</FONT>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="92%" bgColor=#c0c0c0><FONT face=serif size=2>Net income</FONT> </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>1,697,769</FONT> </TD>
    <TD noWrap align=right width="1%"   bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>1,624,028</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="92%"><FONT face=serif size=2>Northern
      Technologies International Corporation&#146;s share of equity in income</FONT>
    </TD>
    <TD noWrap align=left width="3%">&nbsp; </TD>
    <TD noWrap align=left width="1%"  ></TD>
    <TD noWrap align=left width="3%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="92%"><FONT face=serif size=2>of Corporate
      Joint Ventures</FONT> </TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>$1,054,682</FONT> </TD>
    <TD noWrap align=right width="1%"  ></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>$635, 219</FONT>
    </TD></TR></TABLE></DIV><BR>
<P align=justify><B><FONT face=serif size=2>Use of Non-GAAP Financial Measures
</FONT></B></P>
<P align=justify><FONT face=serif size=2>In addition to financial measures
prepared in accordance with generally accepted accounting principles (GAAP),
NTIC uses certain non-GAAP financial measures. In this release, NTIC uses the
non-GAAP financial measure, net income, excluding the one-time gain on sale of
assets during the first three months of fiscal 2007. NTIC uses non-GAAP
financial measures as supplemental measures of performance and believes these
measures facilitate operating performance comparisons from period to period and
company to company by factoring out potential differences caused by
non-recurring, unusual or infrequent charges not related to NTIC&#146;s regular,
ongoing business, variations in capital structure, tax positions, depreciation,
non-cash charges and certain large and unpredictable charges. NTIC also believes
that the presentation of certain non-GAAP financial measures provide useful
information to investors in evaluating the company&#146;s operations, period over
period. Non-GAAP measures have limitations as analytical tools, and should not
be considered in isolation, or as a substitute for analysis of the company&#146;s
results as reported under GAAP. When analyzing NTIC&#146;s operating performance,
investors should not consider NTIC&#146;s net income, excluding the one-time gain on
sale of assets during the first three months of fiscal 2007, as a substitute for
NTIC&#146;s net income prepared in accordance with GAAP. In addition, investors
should note that any non-GAAP financial measures used by NTIC may not be the
same non-GAAP financial measures, and may not be calculated in the same manner,
as that of other companies. Whenever NTIC uses historical non-</FONT><FONT face=serif size=2>GAAP financial measures, it provides a reconciliation of the
non-GAAP financial measure to the most closely applicable GAAP financial
measure. Investors are encouraged to review the related GAAP financial measures
and the reconciliation of these non-GAAP financial measures to their most
directly comparable GAAP financial measure. A reconciliation of NTIC&#146;s net
income, excluding the one-time gain on sale of assets during the first three
months of fiscal 2007, to NTIC&#146;s net income can be found immediately below later
in this press release.</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>

<P align=justify><B><FONT face=serif size=2>Reconciliation Between Reported Net
Income and Adjusted Net Income</FONT></B></P>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="91%">&nbsp;</TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="7%" colSpan=3><B><FONT face=serif size=2>Three Months Ended</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%">&nbsp;</TD>
    <TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="3%"><B><FONT face=serif size=2>November 30, 2007</FONT></B></TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="3%"><B><FONT face=serif size=2>November 30, 2006</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT face=serif size=2>Reported Net Income</FONT>&nbsp;</TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>$842,197</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>$990,224</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%"><FONT face=serif size=2>Gain on Sale of
      Building</FONT>&nbsp;</TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face=serif size=2>-</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face=serif size=2>724,495</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT face=serif size=2>Adjusted Net Income (non-GAAP financial measure)</FONT>&nbsp;</TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>$842,197</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>$265,729</FONT></TD></TR></TABLE><BR>
<P align=justify><B><FONT face=serif size=2>About Northern Technologies
International Corporation</FONT></B></P>
<P align=justify><FONT face=serif size=2>Northern Technologies International
Corporation focuses on developing, marketing and selling proprietary
environmentally responsible materials science based products and technical
services directly and via a network of independent distributors, manufacturers&#146;
representatives and joint ventures in over 50 countries. In fiscal 2007, over
70% of NTIC&#146;s consolidated net sales were derived from the sales of
Zerust<SUP><FONT face=serif size=2>&#174;</FONT></SUP> rust and corrosion inhibiting
packaging products and services to the automotive, electronics, electrical,
mechanical, military and retail consumer markets. During this same period, NTIC
also received revenues from sales of proprietary new technologies including
anti-abrasion ink additives, as well as bio-based sintered metal mold release
agents, bio-solvents, bio-emollients, bio-cleaners, bio-lubricants and bio-based
and biodegradable plastic packaging.</FONT><FONT face=serif size=2></FONT></P>
<P align=justify><B><FONT face=serif size=2>Forward-Looking
Statements</FONT></B></P>
<P align=justify><FONT face=serif size=2>Statements contained in this press
release that are not historical information are forward-looking statements as
defined within the Private Securities Litigation Reform Act of 1995. Such
statements include, but are not limited to, statements about the effects of the
loss of a customer on NTIC&#146;s consolidated net sales and net income for fiscal
2008, NTIC&#146;s effort to increase net sales by expanding the application of its
corrosion inhibiting technology into the oil and gas industry and new
bioplastics product line including biodegradable and compostable plastics and
process technology that converts waste plastics back into diesel, gasoline and
mid-distillates, NTIC&#146;s expectations regarding the amount of research and
development and marketing expenses for fiscal 2008 and such other statements
which can be identified by words such as &#147;expect,&#148; &#147;anticipate,&#148; &#147;estimate,&#148;
&#147;will,&#148; &#147;would,&#148; or words of similar meaning and any other statements that are
not historical facts. Such forward-looking statements are based upon the current
beliefs and expectations of NTIC&#146;s management and are inherently subject to
risks and uncertainties that could cause actual results to differ materially
from those projected or implied. Such potential risks and uncertainties include,
but are not limited to, in no particular order: the contraction of the U.S.
automobile industry and its adverse effect on the demand for NTIC&#146;s
Zerust<SUP>&#174;</SUP> products, the failure of NTIC to realize any benefits,
financial or otherwise, from its efforts to expand the application of its
corrosion inhibiting technology into the oil and gas industry and its product
line, the difficulties and risks associated with NTIC&#146;s international operations
and its corporate </FONT><FONT face=serif size=2>joint ventures, and NTIC&#146;s
reliance on its joint ventures for distributions and fees for technical
services. More detailed information on these and additional factors which could
affect NTIC&#146;s operating and financial results is described in the company&#146;s
filings with the Securities and Exchange Commission, including its most recent
annual report on Form 10-KSB and subsequent quarterly reports on Form 10-QSB.
NTIC urges all interested parties to read these reports to gain a better
understanding of the many business and other risks that the company faces.
Additionally, NTIC undertakes no obligation to publicly release the results of
any revisions to these forward-looking statements, which may be made to reflect
events or circumstances occurring after the date hereof or to reflect the
occurrence of unanticipated events. </FONT></P>
<P align=justify><FONT face=serif size=2>For more information, please contact:
</FONT></P>
<P align=justify><FONT face=serif size=2>Matthew Wolsfeld<BR>Chief Financial
Officer<BR></FONT><FONT face=serif size=2>Northern Technologies International
Corporation<BR>(763) 225-6600 </FONT></P><FONT face=serif size=2></FONT>
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