Ignition Point Announces Commencement of Foreclosure Action by Secured Creditors and Resignation of Directors and Officers



    VANCOUVER, Jan. 30 /CNW/ - Ignition Point Technologies Corp. (TSX-V:IPN)
(the "Company") announces that it has received notice of the commencement of
foreclosure action by the holders of its secured convertible debentures. The
Company is indebted to them for approximately $2.8 million as at December 31,
2008 and has been in default of its interest payment obligations under this
debt since May 2008. The Company has no cash or current assets.
    The Company has attempted for nearly a year to reach a settlement with
the debenture holders and secure additional financing without success. Its
sole asset is its shareholdings in TeraSpan Networks Inc., which it judges to
have a value that is substantially less than the amount owed to its secured
creditors. The foreclosure action will result in the seizure by the secured
creditors of the Company's shareholdings in TeraSpan and the extinguishment of
the debt owed to those creditors.
    In light of the circumstances, all of the directors and officers of the
Company have resigned or will do so very shortly. The Company expects that the
TSX Venture Exchange will delist the Company's common shares and that the
securities regulatory authorities will issue a cease trade order in respect of
those shares.

    This news release may contain statements that are "forward-looking
statements". Forward looking statements are statements that are not historical
facts and are generally, but not always, identified by the words "expects",
"plans", "anticipates", "believes", "intends", "estimates", "projects",
"potential" and similar expressions, or that events or conditions "will",
"would", "may", "could" or "should" occur. Although Ignition Point believes
the expectations expressed in such forward-looking statements are based on
reasonable assumptions, such statements are not guarantees of future realities
and actual realities may differ materially from those in forward looking
statements. Forward looking statements are based on the beliefs, estimates and
opinions of Ignition Point's management on the date the statements are made.
Ignition Point assumes no obligation to update these forward-looking
statements if management's beliefs, estimates or opinions, or other factors,
change, except as required by law.

    
    The TSX Venture Exchange does not accept responsibility for the adequacy
    or accuracy of this news release.
    

    %SEDAR: 00003149E




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IGNITION POINT TECHNOLOGIES CORP.

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