Sept 18 (Reuters) - New Millennium Iron Corp NML.TO :
* NEW MILLENNIUM ANNOUNCES PROPOSED REVERSE TAKE-OVER WITH ABAXX TECHNOLOGIES
* NEW MILLENNIUM IRON - NML AND ABAXX WILL EFFECT A TRANSACTION THAT WILL RESULT IN A REVERSE TAKEOVER OF NML BY SHAREHOLDERS OF ABAXX
* NEW MILLENNIUM IRON CORP - UPON COMPLETION OF TRANSACTION, IT IS INTENTION OF PARTIES THAT RESULTING ISSUER WILL CONTINUE BUSINESS OF ABAXX
* NEW MILLENNIUM IRON CORP - RESULTING ISSUER WILL APPLY TO LIST ON TSX VENTURE EXCHANGE
* NEW MILLENNIUM IRON - UNDER TERMS OF DEAL, NML WILL EFFECT CONSOLIDATION OF ISSUED & OUTSTANDING COMMON SHARES IN CAPITAL OF COMPANY ON 12-TO-1 BASIS
* NEW MILLENNIUM IRON CORP - DEEMED ISSUE PRICE OF NML SHARES ISSUED TO ABAXX IS APPROXIMATELY $0.99 PER SHARE
* NEW MILLENNIUM IRON CORP - DEEMED ISSUE PRICE IMPLIES A ABAXX SHARE PRICE OF $0.80 AND EQUITY VALUE OF $50.7 MILLION FOR DEAL
* NEW MILLENNIUM IRON CORP - BOARD OF DIRECTORS OF NML, OTHER THAN NOMINEES OF TATA STEEL WHO HAVE ABSTAINED, HAS UNANIMOUSLY APPROVED AGREEMENT
* NEW MILLENNIUM IRON CORP - JOSHUA CRUMB, CEO OF ABAXX, WILL OWN APPROXIMATELY 11.0 MILLION RESULTING ISSUER FOLLOWING TRANSACTION