IRI Separation Technologies Inc.

IRI Separation Technologies Inc.

August 29, 2007 08:30 ET

IRI Separation Technologies Inc.: Closing of Final Tranche of Private Placement

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 29, 2007) - IRI Separation Technologies Inc. (TSX VENTURE:IRI) (the "Company") is pleased to announce that it has closed the second and final tranche of the amended private placement that was disclosed in news releases dated July 27, 2007 and August 9, 2007. The Company has issued a further 87,000 units at a price of $0.35 per unit (a "Unit"), and received additional gross proceeds of $30,450. Each Unit consists of one common share and one warrant, entitling the holder to purchase one common share for 24 months at $0.45 per share. The Company did not pay any finders fees in connection with the sale of the additional Units.

The proceeds from the sale of the Units will be used for general working capital and to purchase additional equipment to increase antibody production. All securities are subject to a four month hold period commencing from the date of closing.

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 or 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.
    Vancouver Office
    John Mason
    (604) 807-8694
    (604) 926-1485 (FAX)
    Ascenta Capital Partners Inc.
    Keir Reynolds
    Investor Relations
    (604) 628-5800 or Toll Free: 1-866-684-4209