February 15, 2005
International Barrier arranges $1.23-million financing
Watkins, MN; Vancouver, BC –February 15, 2005,- International Barrier Technology Inc. (“Barrier”) (IBTGF: OTCBB; IBH: TSXV), a manufacturer of proprietary fire resistant building materials, International Barrier Technology Inc., announces that subject to regulatory acceptance, has negotiated a non-brokered private placement in the amount of 2.1 million units at a price of 59 cents per unit for gross proceeds of $1,239,000. 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 74 cents will entitle the placee to acquire an additional common share of the company. The proceeds from the private placement will be used to complete capital improvements to the company's subsidiary's manufacturing facilities at Watkins, Minn., and for working capital.
The company further announces that it will make application to the TSX Venture Exchange for acceptance of the repricing of 750,000 share purchase warrants exercisable at $1.31 until June 1, 2006. The company is seeking to amend the warrant exercise price from $1.31 a share to 75 cents a share. The terms of the warrants will also be amended to shorten the exercise period of the warrants to a period of 30 days if for 10 consecutive trading days the closing price of the shares exceeds 90 cents.
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 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: "David J. Corcoran"
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 Inc.
Richard Angle, 866-735-3519
ECON Investor Relations, Inc.
Peter Kletas, 866-948-0848
Source: International Barrier Technology Inc.
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