Ialta Industries Ltd.

Ialta Industries Ltd.

August 24, 2005 12:39 ET

Ialta Industries Declares Dividend Record Date of September 30, 2005 for GEO Minerals Ltd. Share Distribution

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Aug. 24, 2005) - Ialta Industries Ltd (CNQ:ILTA) is pleased to announce that further to its release of August 4, 2005, its subsidiary, GEO Minerals Ltd. (GEO) is currently undergoing a financial audit by Davidson & Company Chartered Accountants of Vancouver, British Columbia and is in the process of applying to become a reporting issuer in BC and Alberta. In the event that GEO becomes a reporting issuer, Ialta intends to declare a dividend of shares in the subsidiary company to the shareholders of Ialta. It is proposed that shareholders will receive a dividend of one common share of the subsidiary for every 4 common shares of Ialta owned. The dividend record date to determine the shareholders of Ialta entitled to receive the dividend will be September 30th, 2005 at midnight.

Pacific Corporate Trust Company of Canada has been appointed the Registrar and Transfer Agent to effect the payment of the dividend either in shares or cash, and to handle all related matters. Due to securities regulations in the United States of America ("US"), all US residents will receive the cash equivalent of 10 cents ($0.10) for each 4 shares of Ialta owned. The payment of the dividend as well as the equivalent cash distribution to US residents is subject to GEO becoming a reporting issuer in British Columbia and regulatory approval.

All shareholders will benefit from Ialta's retained share ownership of GEO which will not exceed 20%. For more information on the properties, see the Company's news releases of April 20 and August 4, 2005, located on the company web site at: www.ialtaindustries.com.

Shareholders whose shares are held in a brokerage account are advised to request from their investment advisor/broker to have their shares registered in their own name or delivered. Due to securities legislation relating to brokerage share settlement (three day settlement), you must be a shareholder of Ialta three business days prior to the dividend record date or trade on a cash basis, which will cause share settlement to occur on the same day.
Holders of share purchase warrants in Ialta are reminded that to receive the dividend, warrants must be exercised prior to the dividend record date.

On Behalf of the Board of Directors
Ialta Industries Ltd.

signed "Vid Wadhwani"
Vid Wadhwani, Executive Chairman

Certain matters discussed in this press release may contain forward-looking statements. Investors are cautioned that all statements, other than statements of historical fact, involve risks and uncertainties, including but not limited to: product development delays, the ability to attract and retain business partners, competition from other AMR manufacturers, competition from existing power line technologies, and the ability to provide the capital required for product development, operations and marketing. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Investors are encouraged to review the Company's filings on SEDAR at www.sedar.com.

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