October 24, 2006 14:57 ET

IBEX Comments on TSX Review

MONTREAL, QUEBEC--(CCNMatthews - Oct. 24, 2006) - The Toronto Stock Exchange has advised IBEX Technologies Inc. (TSX:IBT) that it is reviewing the eligibility of IBEX for continued listing on the TSX and that IBEX has been granted 120 days in which to regain compliance with TSX listing requirements. The TSX has specifically advised IBEX that the Company fails to comply with the requirement that its listed securities have a market value of at least three million dollars over a period of 30 consecutive trading days.

As at July 31, 2006, IBEX had 23,070,058 issued and outstanding common shares. In order to satisfy the requirement of the TSX, an average trading price of $0.13 is required. At present, IBEX's shares are marginally below that level and historically, IBEX'S shares have always traded above that level.

IBEX intends to request a meeting with the TSX and is confident that it will be able to demonstrate compliance with the continued listing requirements of the TSX.

As at the last reported quarter, IBEX had more than $0.19 per share in cash, and had more than $2 million in revenues for the fiscal year ended July 31, 2006. In addition, as previously reported, IBEX is actively pursuing a number of strategic business combination initiatives focused on increasing shareholder value.

About IBEX

IBEX markets a number of products, including its high-purity proprietary enzymes (heparinases and chondroitinases), as well as a series of arthritis and kallikrein-based assays. The enzyme heparinase I IBEX is used in many leading hemostasis monitoring devices, while IBEX arthritis assays are used by leading pharmaceutical companies for research purposes.

IBEX research is focused on the development of diagnostics for the management of arthritis and cancer. The Company's arthritis program is based on a series of biomarkers of cartilage degradation and synthesis. The Company's cancer diagnostic program is based on a novel family of genes known as kallikreins.

For more information, please visit the Company's web site at www.ibex.ca.

Safe Harbour 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 and CEO
    514-344-4004, ext. 147