Precision withdraws Qualifying Transaction

Suite 303, 595 Howe Street

Precision Enterprises Inc.

Vancouver, B.C. V6C 2T5

Phone : (604) 718-2800 Fax : (604) 718-2808

N E W S R E L E A S E

Precision withdraws Qualifying Transaction

Vancouver, B.C., July 27, 2010 – Precision Enterprises Inc. (TSXV: 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”

Joe DeVries, President and CEO

NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

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 forwardlooking 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.