October 06, 2005
International Barrier Announces Agreement to Purchase Flusher Head Drywall Applicator Tool and Technology
Watkins, MN; Vancouver, BC October 6, 2005 - International Barrier Technology Inc. (“Barrier”) (IBTGF: OTCBB; IBH: TSXV) announces that it has entered into an agreement to acquire the rights to a drywall applicator tool. The tool is a variable angle drywall flusher head. The applicator tool significantly improves the ease and efficiency of applying drywall mud to drywall surface areas in corners and other angled surfaces. The patent pending product is the invention of a drywall professional and has been under development for over five years.
The acquisition is subject to Barrier’s completion of a market feasibility study.
Upon completion of the market feasibility study and TSX Venture Exchange approval, Barrier will issue 100,000 shares and pay a 10% net profit royalty on income received from sales of the product to the vendor, Wal-Tech Industries Ltd. of Penticton, British Columbia. Barrier will pay an advance minimum royalty payment of $50,000 to Wal-Tech commencing July 2008.
Barrier anticipates a significant market opportunity for this product. The extent of the opportunity will be quickly determined through the help of Barrier’s US manufacturing subsidiary (Barrier Technology Corporation), and its existing distribution network. “Barrier has ready access to builders and subcontractors who will be very interested in testing this time saving tool”, reports Dr. Michael Huddy, President, International Barrier Technology, Inc. “We intend to quickly assess market potential by placing prototype tools in the hands of some of the most influential drywall contractors in the US. They will tell us if the tool saves them time and money, if it does, and the quality of the application is as high as expected, this will be a winning scenario for everyone involved.”
Barrier also announces the appointment of Mr. Ray Strafehl as an advisor to the Board of Directors. Mr. Strafehl, of Kelowna, British Columbia is a director of the Okanagan Institute for Strategic Development and the former executive director of VentureBC. He has past experience in the mentoring and business development of numerous Okanagan companies. Most importantly, he has been instrumental in assisting Wal-Tech Industries in developing a business strategy for the flusher head applicator tool.
Further, Barrier announces the grant of 400,000 stock options to directors, officers, and employees of the company, at a price of CDN$0.93 per share, exercisable up to and including October 6, 2007.
About International Barrier Technology Inc.
International Barrier Technology Inc. (OTCBB: IBTGF; TSX VENTURE: IBH) develops, manufactures, and markets proprietary fire resistant building materials branded as Blazeguard®. Barrier's award-winning Blazeguard® wood panels use a patented, non-toxic, non-combustible coating with an extraordinary capability: it releases water in the heat of fire. The panels exceed "model" building code requirements in every targeted fire test and application, and are unique in combining properties that increase panel strength and minimize environmental and human impact. Blazeguard® provides Barrier's customers a premium material choice meeting an increasingly challenging combination of requirements in residential and commercial building construction. Blazeguard® customers include four of the five top US homebuilders.
INTERNATIONAL BARRIER TECHNOLOGY INC.
David J. Corcoran
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE CONTENT OF THIS PRESS RELEASE.
Forward-Looking Information: The statements in this news release contain forward-looking information within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve certain risks, assumptions and uncertainties, including but not limited to the ability to generate and secure product sales. In each case actual results may differ materially from such forward-looking statements. The company does not undertake to publicly update or revise its forward-looking statements even if experience or future changes make it clear that any projected results (expressed or modified) will not be realized.
International Barrier Technology
1-866-735-3519, (320) 764-5797
Source: International Barrier Technology
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