IRI Separation Technologies Inc.

IRI Separation Technologies Inc.

August 14, 2006 16:16 ET

IRI Separation Technologies Inc.: Immuno Research Inc. Announces TSX Venture Exchange Approval for Name Change, Private Placement and Purchase of Alberta Group

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Aug. 14, 2006) - Immuno Research Inc. (TSX VENTURE:IRI) is pleased to announce that the TSX Venture Exchange has approved the company name change to IRI Separation Technologies Inc., the private placement announced May 30, 2006 and the purchase of the Alberta Group also announced May 30, 2006.

"I am very pleased to learn that the TSX Venture Exchange has given their approval on these issues. This is an exciting time for the company and our shareholders. With these matters decided, IRI Separation is ready to move forward with developing our nutraceutical and biotechnology businesses -- including the fulfillment of the five-year sales contract with Lakota," said John Mason, President and CEO. "It is also exciting to begin the process of re-branding the company as IRI Separation Technologies to more clearly define the company in the marketplace."

Name change

Effective immediately, Immuno Research Inc. will be known as IRI Separation Technologies Inc. The stock symbol will not change and the company will continue to be listed on the TSX Venture Exchange.

Private Placement

As announced on May 30, 2006, Immuno has closed a private placement of 5,000,000 shares at a price of $0.40 per share for gross proceeds of $2 million. The shares were acquired by Lakota Research International Inc., a company headed by Mr. Richard Stewart, a newly appointed director of Immuno (see news release dated May 18, 2006). There was a 7% commission paid on the transaction to Raymond James.

Purchase Agreement

On May 26, 2006, Immuno signed an Asset Purchase Agreement to acquire a 100 percent interest in the property, plant and equipment, associated contracts and intellectual property of Isotech Research Inc., Vanderpol Egg Products Inc., and Immune Biotech, Inc., collectively referred to as the "Alberta Group".

Under the terms of the agreement, Immuno paid the Alberta Group the appraised asset value of $1,921,325 with 3,500,000 shares of the common stock of Immuno, such shares to be issued from treasury, at a deemed price of $0.4803 per share, plus a promissory note from Immuno in the amount of $240,275.

Change of Registered Office

The company has also made arrangements to change their Registered Office to Miller Thomson LLP Barristers & Solicitors. The contact information for the Registered Office is as follows:

Miller Thomson LLP Barristers & Solicitors
Patent & Trade Mark Agents
1100 - 840 Howe Street
Vancouver, BC V6Z 2M1
Direct: 604.643.1258
Fax: 604.643.1200

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

Certain statements included in this news release may be "forward-looking statements" as defined in securities legislation in the United States and certain jurisdictions in Canada. Forward-looking statements may include estimates, plans, expectations, opinions, forecasts, projections, guidance or other statements that are not statements of fact. There can be no assurances that the expectations reflected in such forward-looking statements will prove to have been correct, although they are currently believed to be reasonable. Management cautions that forward-looking statements are not guarantees and that actual results could differ materially from those expressed or implied in the forward-looking statement. Please refer to our publicly filed documents for a more complete discussion of risk factors to which our company is subject. All forward-looking statements herein are expressly qualified in their entirety by this cautionary statement. Immuno disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

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
    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