March 09, 2007 09:53 ET

IBEX Meets TSX Continued Listing Requirements

MONTREAL, QUEBEC--(CCNMatthews - March 9, 2007) - The Toronto Stock Exchange has advised IBEX Technologies Inc. (TSX:IBT) that it has completed its review of the common shares of IBEX and has determined that IBEX meets Toronto Stock Exchange continued listing requirements.

About IBEX

On January 30, 2007, IBEX announced that it entered into an agreement for the acquisition of 100% of the shares of Garvinci Inc., a private Canadian specialty pharmaceutical company with the Canadian distribution rights for a pipeline of arthritis and women's health products. One of these, an osteoarthritis product, is currently approved and being marketed by Garvinci in Canada, while a second, an emergency contraceptive pill has recently been approved and is expected to be introduced in the second half of 2007 through one of Canada's leading pharmaceutical companies.

The closing of the transaction is subject to regulatory approval, including that of the Toronto Stock Exchange, IBEX shareholder approval, and the satisfaction of certain conditions by Garvinci. Closing is expected to occur in April 2007.

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. IBEX Heparinase I is used in many leading hemostasis monitoring devices, while IBEX arthritis assays are used by leading pharmaceutical companies for research purposes.

As part of a strategic review initiated in the summer of 2006, IBEX decided to shift focus away from its traditional discovery and development model in favour of a revenue driven specialty pharmaceutical model.

The new IBEX will focus on acquiring rights to prescription products which are already approved in Canada or other jurisdictions. The Company will continue to benefit from its profitable specialty enzymes and arthritis assays business.

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.

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