TIR Systems Ltd.
TSX : TIR

TIR Systems Ltd.
BCI Ventures Inc.

November 03, 2005 19:50 ET

BCI Ventures Inc. Invests $5.0 Million in TIR Systems Ltd.

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Nov. 3, 2005) - Barclay Isherwood reports that on October 27th, 2005 BCI Ventures Inc. ("BCI") acquired $5.0 million of principal amount of 7% secured convertible debentures of TIR Systems Ltd. (TSX:TIR) ("TIR") under a private placement. The debentures are convertible into common shares of TIR at a conversion price of $1.30 per share for a period of five years and three months. In connection with the private placement BCI also acquired 1,000,000 share purchase warrants exercisable for three years at an exercise price of $1.50 per share.

BCI is a company wholly owned by Mr. Isherwood. Mr. Isherwood beneficially owns 2,768,300 common shares representing 12.1% of the current issued and outstanding common shares. Mr. Isherwood will beneficially own 6,614,454 common share of TIR representing 24.8% of the outstanding common shares of TIR after conversion of all of the debentures issued to BCI and 19.6% of the issued and outstanding common shares of TIR after conversion of all of the issued debentures of TIR.

About TIR Systems Ltd.

TIR Systems Ltd., a world leader in delivering specialty lighting systems, is building the foundations for tomorrow's lighting. Through sound innovation and proven technical capability, TIR is developing, designing and marketing the core technologies that will allow Solid State Lighting (SSL) to move to the forefront of mainstream lighting.


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