IPICO Inc. announces closing of C$3.4 million private placement financing



    /THIS NEWS RELEASE IS INTENDED FOR DISTRIBUTION IN CANADA ONLY AND IS NOT
    INTENDED FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR
    DISSEMINATION IN THE UNITED STATES/

    BURLINGTON, ON, June 28 /CNW/ - IPICO Inc. (TSX-V:RFD) ("IPICO" or the
"Company") is pleased to announce the closing today of a private placement of
4,891,715 units (the "Units") at a price of $0.70 per Unit for gross proceeds
of $3,424,200. Each Unit consists of one common share of the Company and one
half of one common share purchase warrant (each full warrant, a "Warrant").
Each Warrant wil entitle the holder to purchase one common share of the
Company for a period of 18 months from Closing at a price of $0.85 per share.
All common shares issued at closing or upon the exercise of the Warrants or
the compensation options referred to below are subject to a four month
statutory hold period from the closing date.
    IPICO plans to use the net proceeds of the Offering for working capital
and general corporate purposes.
    Wellington West Capital Markets Inc., the agent for the private
placement, received a cash commission of 6.0% of the gross proceeds of the
Offering and compensation options to purchase 244,586 common shares of the
Company at an exercise price of $0.70 per common share. The compensation
options expire 12 months after the closing date.

    ABOUT IPICO Inc. - IPICO Inc. is an RFID solution supplier with
operations in the USA, South Africa, Europe, Asia and Australia. IPICO
produces smart labels and tags based on the IP-X(TM) communication protocol.
IPICO's low interference readers comply with regulatory requirements in major
geographical regions, and allow for multi-reader rollout in close proximity.
IPICO's low cost RFID products excel at long read range, fast multi-read
anti-collision and high thru-beam read-speeds of dynamic tag populations.
These products are used to optimize the management of items, people, animals
and processes within the logistic supply chain and other value chains. For
further information, go to www.ipico.com.

    THE TSX VENTURE EXCHANGE DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY
    OR THE ACCURACY OF THIS RELEASE.

    %SEDAR: 00023515E




For further information:

For further information: Gordon Westwater, President, IPICO Inc., Tel:
(905) 631-6310, email: gordon.westwater@ipico.com; Ted Irwin, Chief Financial
Officer, IPICO Inc., Tel: (905) 631-6310, email: ted.irwin@ipico.com

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IPICO INC.

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