2039043 Ontario Limited

November 05, 2007 19:19 ET

2039043 Ontario Limited Acquired Common Shares and Warrants of NIR Diagnostics Inc.

TORONTO, ONTARIO--(Marketwire - Nov. 5, 2007) - 2039043 Ontario Limited (the "Corporation") acquired ownership of 1,500,000 common shares of NIR Diagnostics Inc. (TSX VENTURE:NID) (the "Issuer") pursuant to a private placement completed by the Issuer on May 1, 2007. As a result of this acquisition, the Corporation owns or controls a total of 3,100,000 common shares of the Issuer, or approximately 8.93% of the issued and outstanding common shares of the Issuer, and 3,000,000 common share purchase warrants of the Issuer. On a partially-diluted basis, the Corporation would own or control 16.18% of the issued and outstanding common shares of the Issuer.

John H. Labatt, the President and controlling shareholder of the Corporation, has advised that the common shares and common share purchase warrants of the Issuer were acquired for investment purposes and that he has a present intention to increase his indirect holdings in the Issuer through market transactions, private agreements, exercise of warrants or otherwise effected by the Corporation or a related corporations.

There are currently 34,708,560 common shares of the Issuer issued and outstanding.

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