TIR Systems Ltd.

TIR Systems Ltd.

June 06, 2007 13:02 ET

TIR Announces Final Regulatory Approval to the Arrangement

VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 6, 2007) - TIR Systems Ltd. (TSX:TIR) ("TIR") reported today that it has obtained final regulatory approval to the arrangement (the "Arrangement") with Philips Electronics Ltd., a subsidiary of Royal Philips Electronics NV (NYSE:PHG)(AEX:PHI) ("Philips"). TIR expects to complete the Arrangement in the next five business days.

About Royal Philips Electronics

Royal Philips Electronics of the Netherlands (NYSE:PHG)(AEX:PHI) is a global leader in healthcare, lifestyle and technology, delivering products, services and solutions through the brand promise of "sense and simplicity". Headquartered in the Netherlands, Philips employs approximately 124,300 employees in more than 60 countries worldwide. With sales of EUR 27 billion in 2006, the company is a market leader in medical diagnostic imaging and patient monitoring systems, energy efficient lighting solutions, personal care and home appliances, as well as consumer electronics. News from Philips is located at www.philips.com/newscenter.

About TIR Systems Ltd.

TIR Systems Ltd., a world leader in Solid State Lighting, is building the foundations for tomorrow's lighting. TIR developed the Lexel®, which is the first, fully integrated, LED-based light source, designed specifically to produce high quality white light essential for general lighting applications. The benefits of the Lexel technology will encourage a more rapid adoption of Solid State Lighting and the Lexel is positioned to become a new standard in the global lighting market.

This news release contains forward-looking statements or information within the meaning of applicable Canadian securities legislation (collectively, "forward-looking statements"). Forward-looking statements concern TIR's strategy, future operations, litigation, and plans and objectives of management. Forward-looking statements are statements about the future and are inherently uncertain, and will be impacted by known and unknown risks, uncertainties and other factors that may cause TIR's actual results to differ materially from any future results, performance or achievements expressed or implied by TIR's forward-looking statements. Forward-looking statements in this news release include, but are not limited to, statements regarding the expected closing of the transaction. TIR's forward-looking statements are based on assumptions which include, but are not limited to: that TIR is able to satisfactorily obtain certain regulatory approvals and other customary closing conditions. Factors that could cause actual events or results to differ materially from any future results, performance or achievements, expressed or implied by our forward-looking statements include, but are not limited to: the failure of TIR to satisfactorily obtain certain regulatory approvals and other customary closing conditions, and other risks and uncertainties affecting TIR and its business, as contained in TIR's most recent Annual Information Form and other subsequent news releases and filings with the Canadian securities regulatory authorities, available at www.sedar.com. Forward-looking statements are based on the beliefs, opinions and expectations of TIR's management at the time they are made, and TIR does not assume any obligation to update its forward-looking statements, except as required by law.

The TSX has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this News Release.

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