February 3, 2004
International Barrier Completes Private Placement
Funds to Facilitate Sales in Commercial Modular Roofing Market Under Agreement with Mule-Hide Products
Watkins, MN, Vancouver, BC, February 3, 2004 - International Barrier Technology Inc. ("Barrier") (OTCBB: IBTGF; TSX-V: IBH), has completed a non-brokered private placement in the amount of 1.2 million units of the Company at a price of C$0.64 cents per unit for gross proceeds of C$768,000 to six placees. Each unit consists of one common share and one non-transferable share purchase warrant (the "Warrants"). The Warrants have an exercise term of twelve months from the closing date. One Warrant and $0.80 will entitle the placee to acquire an additional common share of the Company. The shares and underlying shares are subject to hold periods expiring June 2, 2004 and June 3, 2004 respectively. No finder¹s fee was paid with respect to the private placement.
The main purpose of these funds is for working capital to support the sales agreement announced on December 16, 2003 with Mule-Hide Products Co., Inc. ("Mule-Hide"), a supplier of commercial roofing products. The agreement granted Mule-Hide the exclusive right to market, sell, and distribute Blazeguard®, Barrier's proprietary fire resistant wood panel, into the commercial modular roofing market. Mule-Hide agreed to a minimum target purchase volume of two million square feet for calendar 2004, the first year of the agreement.
Mule-Hide has already received orders from manufacturer customers for materials meeting the requirements of the Mule-Hide commercial roof deck assembly recently classified and listed by Underwriters Laboratories, Inc. (UL). This assembly exclusively uses Barrier's fire resistant oriented strand board (OSB) panels (privately labeled as Mule-Hide FR Panel). Mule-Hide placed three truckload orders of fire resistant OSB panels in January: two destined for South Bend, Indiana and one for Dallas/Ft.Worth, Texas. These orders are being shipped directly to modular manufacturing companies. Barrier anticipates these monthly sales to increase rapidly, and for orders for product to be shipped to ABC Supply yards, where Mule-Hide will maintain inventory for its numerous market locations.
Mule-Hide Products Co., Inc.
Mule-Hide Products Co., Inc. is a leading supplier of commercial roofing products to mobile/modular structure manufacturers. Mule-Hide distributes a variety of quality roofing materials through its affiliate, ABC Supply, which now has over 250 locations nationwide.
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About International Barrier Technology Inc.
International Barrier Technology, Inc. develops, manufactures, and markets proprietary fire resistant building materials branded as Blazeguard®. The award-winning Blazeguard wood panel uses a patented, non-toxic, non-combustible coating with an extraordinary capability: it releases water when exposed to the heat of fire. The panels exceed International 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 customers include Centex, D.R. Horton, KB Home, and Lennar. Lowe's Companies and Stock Building Supply are Blazeguard distributors.
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.
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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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