SOURCE: International Barrier Technology

International Barrier Technology

July 07, 2010 09:08 ET

International Barrier Technology Acquires All of Pyrotite Corporation's Interest in IPOSB Technology

Agreement Transfers Pyrotite's Rights Regarding Integrally Treated Oriented Strand Board to International Barrier Corporation

WATKINS, MN--(Marketwire - July 7, 2010) -  International Barrier Technology, Inc. (OTCBB: IBTGF) (TSX-V: IBH), a developer, manufacturer, and marketer of proprietary fire-resistant building materials, announces that it has acquired from Pyrotite Corporation of Seattle all of Pyrotite's interest in its Integrally Treated Oriented Strand Board (IPOSB) technology.

In 1994, the parties had entered into a technology purchase and sale agreement whereby, among other things, Pyrotite retained the rights to the IPOSB technology subject to the obligation to make certain revenue sharing payments to Barrier. The new agreement with Pyrotite terminates Pyrotite's rights with respect to the IPOSB technology and transfers them to the company.

IPOSB technology refers to the process of creating fire-resistant OSB panels by introducing the substances that create fire resistance (Pyrotite™) into the raw fiber mix during the OSB material blending process. In so doing, the fire resistive properties are distributed throughout the entire panel and not just located on the surface of the OSB panel. OSB panels produced in this manner are considered to be integrally treated OSB
(IPOSB) panels.

Dr. Michael Huddy, President and CEO of International Barrier Technology, Inc., stated, "This acquisition represents a key step forward as we look to grow our business and refine our technology. The Company intends to leverage its existing relationships with OSB producers in order to assess interest in developing markets for this product as well as developing the manufacturing capability to produce it in an operational setting."

About International Barrier Technology, Inc.
International Barrier Technology Inc. (OTCBB: IBTGF) (TSX-V: IBH) develops, manufactures, and markets proprietary fire-resistant building materials branded as LP® FlameBlock™ Fire-Rated OSB Sheathing and Mule-Hide FR Deck Panel. Barrier's award-winning fire-resistant wood panels use a patented, non-toxic, non-combustible coating with an extraordinary capability: it releases water in the heat of fire. The panels exceed "model" building code requirements in every targeted fire test and application, and are unique in combining properties that increase panel strength and minimize environmental and human impact.

Barrier's family of products provides customers a premium material choice meeting an increasingly challenging combination of requirements in residential and commercial building construction. For more information please visit www.intlbarrier.com.

Safe Harbor for Forward-Looking Statements
Certain statements included herein constitute forward-looking statements. The words "believe," "expect," "anticipate," "contemplate," "target," "plan," "intends," "continu," "may," "will" and similar expressions identify forward-looking statements. Statements in this press release other than purely historical information, including statements relating to the company's future plans and objectives or expected results, constitute forward-looking statements. Statements in this release that are forward-looking statements are subject to various risks and uncertainties concerning the specific factors disclosed under the heading "Risk Factors" and elsewhere in the company's periodic filings with securities regulators. Such information contained herein represents management's best judgment as of the date hereof based on information currently available. Forward looking statements are based on numerous assumptions and are subject to all of the risks and uncertainties inherent in the companies' business, including risks inherent in mineral exploration and development. The company does not assume the obligation to update any forward-looking statement. Investors are cautioned that forward-looking statements are not guarantees of future performance and, accordingly, investors are cautioned not to put undue reliance on forward-looking statements. 

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Contact Information

  • Contact:
    Melissa McElwee
    Investor Relations Manager or
    Michael D. Huddy
    President, CEO
    International Barrier Technology Inc.
    1-866-735-3519
    Email Contact

    The Investor Relations Group
    212-825-3210
    Adam Holdsworth or Jason Strominger (Investor Relations)
    Enrique Briz or Mike Graff (Public Relations)