IRI Separation Technologies Inc.

IRI Separation Technologies Inc.

August 16, 2006 15:44 ET

IRI Separation Technologies Inc. Announces Private Placement, Grant of Options and Acquisition of Shares by Lakota Research International Inc.

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Aug. 16, 2006) - IRI Separation Technologies Inc. (formerly Immuno Research Inc., the "Company") (TSX VENTURE:IRI) is pleased to announce a brokered and insider private placement. The Company has arranged for a private placement of up to 1,500,000 units at a price of $0.60 per unit. Each unit will be comprised of one share and one half warrant with each whole warrant being exercisable at $1.00 per share for up to one year from the closing date. All securities issued in connection with this financing will be subject to a four-month hold period. It is anticipated that certain insiders of the Company may participate in the financing.

The gross proceeds from the private placement will be used to provide the Company with additional working capital and, as such, the Company anticipates that the private placement will close within the next three weeks. The Company may pay a finder's fee in connection with a portion of this financing. The private placement is subject to the acceptance of the TSX Venture Exchange.

The Company also announced the grant of 600,000 stock options under its incentive option plan to certain directors, officers and consultants. The options are exercisable at $0.60 per share for a period of five years.

In addition, Lakota Research International Inc. ("Lakota") of Road Town, Tortola, British Virgin Islands, has acquired ownership of 5,000,000 common shares in the capital stock of the Company pursuant to a private placement subscription agreement. Lakota does not own any other securities of the Company. As a result of the acquisition, Lakota owns and controls 5,000,000 common shares which represent 26.5 percent of the issued and outstanding share capital of the Company. The shares were acquired in a private transaction at a price of $0.40 per share, and further shares of the Company may be acquired by Lakota for investment purposes.

About IRI Separation Technologies Inc.

IRI Separation Technologies Inc. (TSX VENTURE:IRI) is a biotechnology company that specializes in the extraction, development and commercialization of monoclonal and polyclonal immunoglobulin antibodies for virus and bacteria related health issues. Intended for use as a nutraceutical for human consumption, the antibodies are derived from bovine whey and chicken eggs. The immunoglobulin antibodies are intended for both the general and specific antibody market.

On behalf of the Board of Directors, John Mason, President and CEO

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • IRI Separation Technologies Inc.
    John Mason
    Vancouver Office
    (604) 807-8694
    (604) 926-1485 (FAX)
    Ascenta Capital Partners Inc.
    Jim Glass
    Investor Relations
    (604) 684-4743 ext. 25 or Toll Free: 1-866-684-4743 ext. 25