Tuesday, August 24, 2004
International Barrier Completes Private Placement
Watkins, MN, Vancouver, BC, August 24, 2004 - International Barrier Technology, Inc. ("Barrier'') (IBTGF: OTCBB; IBH: TSXV), which manufactures and markets the Blazeguard® brand of fire resistant building materials, announces it has completed a non-brokered private placement in the amount of 1.47 million units of the company at a price of 85 U.S. cents ($1.10) per unit for gross proceeds of $1,249,500 (U.S.) ($1,614,979) to one placee. Each unit consists of one common share and one non-transferable share purchase warrant. The warrants have an exercise term of two years from the closing date. One warrant and 92 U.S. cents ($1.19) will entitle the placee to acquire an additional common share of the company. The shares and underlying shares are subject to hold periods expiring Dec. 19, 2004, and Dec. 20, 2004, respectively. No finder's fee was paid with respect to the private placement.
Pursuant to Section 111 of the Securities Act and Section 174 of the Securities Rules, as a result of the private placement, Carl Marks IB LLC, of New York, N.Y., acquired 1.47 million shares and share purchase warrants to purchase 1.47 million shares, and now beneficially owns 15 per cent or more of the total fully diluted issued and outstanding capital of the company, such securities listed and trading on the TSX Venture Exchange. Carl Marks acquired the shares as a result of a private placement agreement with the company. Carl Marks is not acting jointly or in concert with any other persons to increase the ownership or beneficial ownership of, or control or direction over, any of the securities of the company. Carl Marks has no present intention to purchase additional securities of the company but may do so in the future.
A report of the acquisition will be filed with the B.C. Securities Commission pursuant to Section 111 of the B.C. Securities Act. A copy of this report may be obtained by contacting David Corcoran, director, c/o International Barrier Technology Inc., No. 602-750 West Pender St., Vancouver, B.C., V6C 2B3, telephone 604-689-0188.
Carl Marks IB LLC is a New York-based privately owned merchant bank that has invested as a principal in more than 400 businesses through its private equity, distressed security, venture capital and real estate divisions, and has completed more than 250 consulting and financial advisory engagements.
About International Barrier Technology Inc.
International Barrier Technology, Inc. develops, manufactures, and markets proprietary fire resistant building materials. Its patented, non-combustible, non-toxic Pyrotite formulation has an extraordinary capability: it releases water when exposed to the heat of fire. Barrier's award-winning Blazeguard wood panels exceed International Building Code requirements in every targeted fire test and application, and uniquely combine properties that increase panel strength and minimize environmental and human impact. Blazeguard customers include Centex (CTX: NYSE), D.R. Horton (DHI: NYSE), KB Home (KBH: NYSE), and Lennar (LEN: NYSE). Lowe's Companies (LOW: NYSE), Stock Building Supply, and Mule-Hide Products Co., Inc. are Blazeguard distributors. Pyrotite has potential applications with engineered wood products, paint, plastics, and expanded polystyrene
Barrier is part of the DJ Building Materials Index (US)
INTERNATIONAL BARRIER TECHNOLOGY INC.
Per: "MICHAEL HUDDY"
President & Director
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 Inc.
Richard Angle, 866-735-3519
ECON Investor Relations, Inc.
Peter Kletas, 866-948-0848
Source: International Barrier Technology Inc.
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