TIR Systems Ltd.
TSX : TIR

TIR Systems Ltd.

October 28, 2005 09:07 ET

TIR Systems Announces the Appointment of New Board Member Craig Enenstein

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Oct. 28, 2005) - TIR Systems Ltd. (TSX:TIR), a world leader in light enabling technologies for LED-based Solid State Lighting (SSL), announces the appointment of Craig Enenstein, CEO of Corridor Capital, LLC, to the TIR Board of Directors.

This appointment, together with a series of recent events further strengthens TIR's leadership position in the LED-based Solid State Lighting arena. Having launched the LEXEL™ in April 2005, the Company has been working on initiatives to ensure the timely commercialization of this ground-breaking technology, TIR has undergone exciting changes as witnessed in the recent signing of commercial agreements with two lighting fixture innovators (Lighting Services Inc. and The Genlyte Group), successfully closing our $14 million financing, and strong additions to both the Board and Senior Management team. Leveraging this invigorated position and TIR's technology portfolio, the Company is endeavouring to accelerate adoption of LED-based white Solid State Lighting into the mainstream of the US$78 billion lighting market.

"We are at a seminal moment in TIR history," said Leonard Hordyk. "LEXEL™ commercialization is a key milestone in TIR's SSL strategy. The Company is now equipped for the on-time delivery of production LEXELs™ to support the initial lighting fixture product lines our strategic partners intend to introduce in 2006. We are indeed a step closer to creating a new paradigm in lighting."

Hordyk added, "We are pleased with the appointment of Craig Enenstein to our Board of Directors. Craig has a unique background assisting innovative technologies to achieve market adoption. We are impressed with the strategic consortia of commercial partners and investors Craig built for pioneering companies such as TiVo, Inc. and OpenTV, Inc. and thus, we determined that a partnership with Corridor Capital was the clear choice for TIR."

"I am convinced that TIR has a phenomenal opportunity to trigger the conversion of mainstream white illumination lighting to a digital LED-based format," said Enenstein. "I have been working closely with Leonard and some of the most significant members of the lighting industry value chain to encourage support of introducing LEXEL™-based products to the market, a key step in broader market adoption. I look forward to serving TIR as a board member and strategic partner, working alongside Leonard and his team as a change agent in the lighting industry and building a strong and profitable business."

About TIR Systems Ltd.

TIR Systems Ltd., a world leader in delivering specialty lighting systems, is building the foundations for tomorrow's lighting. Through sound innovation and proven technical capability, TIR is developing, designing and marketing the core technologies that will allow Solid State Lighting (SSL) to move to the forefront of mainstream lighting.

About Corridor Capital, LLC

Corridor Capital, LLC is a Los Angeles-based lower middle market private equity and late stage venture capital pledge fund founded by Craig Enenstein in 2005.

About LEXEL™ Technology

The LEXEL™ is "the essential element for perfect lighting" and targeted to replace the conventional light bulbs used in more than 60% of the US$78 billion general illumination market, including mainstream household and retail market segments. Today 25% of the world's electricity generated is being consumed for lighting. The LEXEL™ will deliver the same amount of light but offers massive energy savings of between 50% to 90% over conventional lighting and promises to accelerate SSL adoption.

This News Release contains forward-looking statements concerning the development, design and marketing of SSL technology and its expected impact on the Company's business. Forward-looking statements are statements about the future and include, but are not limited to, our ability to develop, design and market and sell our LED based white Solid State Lighting products in particular the LEXEL™ on a timely basis in response to the continuing change in technology, evolving industry standards and changing customer preferences and requirements. Such statements are inherently uncertain, and the actual events or results could be materially different than those anticipated in those forward-looking statements as a result of numerous factors, including without limitation, our ability to successfully address these developments on a timely basis or at all; we may not be able to successfully complete or commercialize the development of our LED based white Solid State Lighting products, in particular the LEXEL™ or at all; future sales of our existing products and our new products may be less than expected; our future operating results are uncertain and likely to fluctuate; and the patent litigation initiated by Color Kinetics may be unfavourable and have an adverse impact on our business; manufacturing risks; the effect of competition may have an adverse impact on our sales and profitability; the Company's need for additional future capital, which may not be available in a timely manner or at all; as well the other risks and uncertainties affecting the Company and its business, as contained in the Company's most recent Annual Information Form and other subsequent news releases and filings with the Canadian Securities Regulatory Authorities, any of which could cause actual events or results to vary materially from the Company's expectations. Forward-looking statements are based on the beliefs, opinions and expectations of the Company's management at the time they are made, and the Company does not assume any obligation to update its forward-looking statements if those beliefs, opinions or expectations, or other circumstances should change.

The TSX has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this News Release.

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