April 30, 2007 12:39 ET

IBEX Announces Special Shareholders' Meeting to Approve Garvinci Acquisition

MONTREAL, QUEBEC--(CCNMatthews - April 30, 2007) - IBEX Technologies Inc. (TSX:IBT) announced today that the Company will hold a special meeting of shareholders on Monday, May 28, 2007 at 11:00 a.m., at the Auditorium of the Montreal Exchange, Tour de la Bourse, 4th Floor, 800 Victoria Square, Montreal, Quebec, for the purposes of approving the previously-announced acquisition of Garvinci Inc., and other matters. The acquisition has been conditionally approved by the Toronto Stock Exchange, subject to standard conditions and to approval by IBEX's shareholders, other than its directors and officers and their associates. The management information circular prepared in connection with the special meeting of shareholders has been filed on SEDAR (www.sedar.com) and is being mailed to all IBEX shareholders. The Board of Directors of IBEX unanimously recommends that shareholders vote in favour of the acquisition.

If the acquisition is approved by IBEX's shareholders, it is expected that the closing of the transaction will take place no later than May 31.

About IBEX

IBEX is transforming itself from a research and development company to a specialty pharmaceutical company with marketed products serving the arthritis and women's health markets.

To that end, on January 30, 2007, the Company announced the signing of a Share Purchase Agreement with Garvinci Inc., a privately-held Canadian company focused on arthritis and women's health. Garvinci's principal assets are the Canadian distribution rights to a line of osteoarthritis products from TRB Chemedica International S.A., a Swiss company, and the Canadian distribution rights to the morning-after pill NorLevo® from Laboratoire HRA Pharma S.A., a French company.

Garvinci's osteoarthritis products include a line of visco-supplement products for the treatment of symptoms of pain and restricted mobility due to degenerative and traumatic changes of the knee and other synovial joints, and for pain management following arthroscopy.

Ostenil®, the first product in this portfolio, was launched in the Canadian market in March 2006, and submission for approval of additional products is expected in 2007.

Garvinci's pipeline of products also includes an oral interleukin I inhibitor for the symptomatic relief of osteoarthritis which has been on the market in more than 20 countries and for which the Canadian filing for approval is expected in the next 24 months.

NorLevo®, a morning-after emergency contraceptive pill, was approved in September 2006 by Health Canada and its introduction on the Canadian market is planned for the third quarter of 2007 in conjunction with a major Canadian women's health company.

IBEX's arthritis program is based on the discovery of a number of specific molecular biomarkers associated with collagen synthesis and degradation. These discoveries have led to the development of proprietary research tools and diagnostic tests which are being used by major pharmaceutical companies in the search for new drugs and which are being developed by IBEX for use in patient management.

IBEX currently markets a series of arthritis assays which are widely used in the pharmaceutical research market. The Company also markets a series of proprietary enzymes (heparinases and chondroitinases) for research use, as well Heparinase I, which is used in many leading hemostasis monitoring devices. For more information, please visit the Company's web site at www.ibex.ca.

Safe Harbor Statement

All of the statements contained in this news release, other than statements of fact that are independently verifiable at the date hereof, are forward-looking statements. Such statements, based as they are on the current expectations of management, inherently involve numerous risks and uncertainties, known and unknown. Some examples of known risks are: the impact of general economic conditions, general conditions in the pharmaceutical industry, changes in the regulatory environment in the jurisdictions in which IBEX does business, stock market volatility, fluctuations in costs, and changes to the competitive environment due to consolidation or otherwise. Consequently, actual future results may differ materially from the anticipated results expressed in the forward-looking statements. IBEX disclaims any intention or obligation to update these statements.

Contact Information

  • IBEX Technologies Inc.
    Paul Baehr
    President & CEO
    LaVoie Group
    Donna LaVoie
    978-745-4200 X103