T-Ray Science, Inc.

T-Ray Science, Inc.

December 09, 2009 09:00 ET

T-Ray Science, Inc. Announces Completion of Initial Public Offering

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 9, 2009) - T-Ray Science, Inc. (TSX VENTURE:THZ) ("T-Ray" or the "Company") is pleased to announce that it has completed its initial public offering ("IPO") of 7.5 million common shares at an offering price of $0.20 per share, for total gross proceeds of $1.5 million. Research Capital Corporation (the "Agent") acted as agent for the IPO.

The Agent received a cash commission in the amount of 10% of the gross proceeds of the IPO and was issued 750,000 compensation warrants, with each warrant entitling the holder to acquire one common share of T-Ray at a price of $0.20 until December 7, 2011.

The common shares of the Company will commence trading on the TSX Venture Exchange at the open of the market on December 9, 2009 under the symbol "THZ".

The Company intends to use the net proceeds of the IPO to continue research and development on its Skin Cancer Imager, begin the manufacturing and commercialization of its Tablet Analyser and continue marketing and sales of its THz chips.

About T-Ray Science, Inc.

T-Ray has exclusive rights to platform technology and is developing a Skin Cancer Imaging device which utilizes the unique properties of TeraHertz waves (THz). The Company is developing a new THz sensing and imaging technology that would constitute a new modality of medical imaging with potentially expanding applications in other areas of cancer imaging. THz waves lie in the frequency range between micro waves and infrared waves on the electromagnetic spectrum. T-Ray Science, Inc. seeks to harness the power of THz waves, to develop revolutionary new medical imaging products.

The Company has built an expertise and industry reputation for its ability to design, simulate and manufacture THz sources and detectors which are a critical component for THz based devices. These THz sources and detectors are on a semi-conductor substrate and are also called THz chips. The Company has a catalogue of THz chips and has already sold THz chips to leading universities and National Laboratories in an effort to increase our revenue and brand awareness. The Company has the ability to react to potential changes in the technological landscape by adapting and designing THz sources and detectors that work in either continuous or pulsed wave at varying frequencies. This gives T-Ray a powerful competitive advantage in the development of THz based devices.

The Company also has a Tablet Analyser for pharmaceutical applications such as drug authentication under development. The Center for Medicines in the Public Interest in the USA predicts that counterfeit drug sales could reach US$75 billion globally in 2010 if action is not taken to curb the trade. T-Ray offers a solid state, portable, low cost, easy to use, point of care solution, which is patented and in final production engineering with Sanmina SCI. The Company plans to have the first 12 production units ready for final testing and approvals in early 2010.

Forward Looking Statements
This release contains forward-looking statements, including, but not limited to, statements regarding the future commercialization of TeraHertz based products, the market demand for these products and the proprietary protections the Company will obtain with regard to the technology, all of which statements are subject to market risks, and the possibility that the Company will not be able to obtain patent protection or obtain sufficient customer demand. These statements are made based upon current expectations and actual results may differ from those projected due to a number of risks and uncertainties.

The TSX Venture Exchange has neither approved nor disapproved of the contents of this press release. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.

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