IBR announces private placement

TSX Venture Exchange symbol: IBR

VANCOUVER, July 15 /CNW/ - International Bio Recovery Corporation ("IBR") (TSX-V: IBR) announces that it intends to issue, by way of a non-brokered private placement, 14,285,714 common share units at a price of $0.07 per unit for gross proceeds of $1,000,000.

Each unit will consist of one share and one warrant exercisable at $0.12 for 2 years. The warrants will contain a provision that they cannot be exercised until four months after closing.

The proceeds of the financing will be used for operating expenses, production, and to enhance the Company's research and development capabilities.

The private placement is subject to the receipt of all necessary approvals, including approval of the TSX Venture Exchange.

The common share units have not and will not be registered under the United States Securities Act of 1933, as amended (the U.S. Securities Act) or any state securities laws and may not be offered or sold in the United States except in certain transactions exempt from the registration requirements of the U.S. Securities Act and applicable state securities laws.

About IBR

Located in North Vancouver, BC, IBR is committed to research and development to continue to improve the efficiency of its technology and the quality of Genica branded fertility products. It is further committed to developing a world wide marketing capability to ensure market acceptance of its fertility products.

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

For further information: Henry J. Bow, President & CEO, IBR, [phone] ext 309, [phone] fax, [email protected]; Blair Heffelfinger, Vice President, IBR, [phone] ext 316, [phone] fax, [email protected]