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MONTRÉAL, Nov. 09, 2023 (GLOBE NEWSWIRE) -- IBEX Technologies Inc. (“IBEX” or the “Company”) (TSX Venture: IBT) today reported its financial results for the fiscal year ended July 31, 2023. According to Paul Baehr, IBEX President and CEO, “We were pleased by the overall F2023 performance when compared to an exceptional F2022, and in particular, with the Company’s performance as compared to F2021 and F2020.” Highlights: Revenues for the year were only 5% lower than F2022, well above expectations, and were 41% higher than the benchmark F2021. Earnings before tax were down 15% as compared to F2022, but up over 200% when compared to F2021 & F2020. Year-ending cash and cash equivalents were $8,547,043, up 12% vs F2022 and up 193% vs F2021. Mr. Baehr further stated, “Looking forward we expect F2024 results to be in line with F2023.” Revenues are expected to be in the F2023 range, with continued strong growth in the hemostasis business. Offsetting the strong growth in hemostasis is the negative impact of the Company’s exit from the marginally-profitable Arthritis ELIZA kit business and some softness in other reagent customers. Earnings before tax for F2024 are expected to be in line with F2023. Year-ending cash is expected to reach $10M, an increase of 17%. Note: All figures are in Canadian dollars unless otherwise stated. The Company’s audited consolidated financial statements for the year ended July 31, 2023 and the accompanying notes and the related management’s discussion and analysis is found on the Company’s website at or under the Company’s pro SEDAR at FINANCIAL RESULTS FOR THE FOURTH QUARTER OF FISCAL 2023 Revenues for the quarter ended July 31, 2023 totaled $1,753,902, decreasing by $316,112 (15%) from $2,070,014 in the same period last year. Expenses before tax totaling $1,397,079 were up by $74,257 vs same quarter a year ago, relating to many offsetting factors: a negative foreign exchange impact of $64,935 and an increase in salaries & benefits of $63,459 mainly due to a higher Profit-Sharing Plan accrual in the quarter; offset by a decrease in finance expenses of $69,446 driven by interest on the cash balances. The company recorded earnings before tax for the quarter of $356,623 down $390,369 versus earnings before tax of $746,992 on a comparable basis in Fiscal 2022. The increase in net earnings to $2,223,643 from $34,764 in the same period last year is mainly due to a tax reorganization resulting in the recording of previously unrecorded tax assets on the balance sheet. This led to an income tax recovery of $1,867,020 for the quarter versus an income tax expense of $712,228 in the same quarter last year. The decrease in earnings before tax for the quarter, led the Company to record an EBITDA of $383,570 versus $815,219 in the same period year ago. EBITDA for the three months ended July 31, 2023 July 31, 2022 Net earnings $2,223,643 $34,764 Depreciation of property, plant, equipment and intangible assets $53,555 $34,370 Depreciation of right-of-use assets $68,341 $57,627 Interest – Net ($94,949 ) ($23,770 ) Income tax expense (recovery) ($1,867,020 ) $712,228 Earnings before interest, tax, depreciation and amortization $383,570 $815,219 It should be noted that “EBITDA” (Earnings Before Interest, Tax, Depreciation & Amortization) is not a performance measure defined by IFRS, but we, as well as investors and analysts, consider that this performance measure facilitates the evaluation of our ongoing operations and our ability to generate cash flows to fund our cash requirements, including our capital expenditures program. Note that our definition of this measure may differ from the ones used by other public corporations. FINANCIAL RESULTS FOR THE YEAR Revenues for the year ended July 31, 2023 totaled $7,491,739 compared to $7,892,487 in the prior year, a decrease of 5%. Expenses before taxes totaled $5,473,925, a decrease of $31,939. This small variance is due to many offsetting factors, mainly: an increase in R&D costs of $323,210 offset by an increase in SR&ED tax credits of $277,401 for the year. Lower finance expenses of $292,137 driven by interest income on the cash balances offsets the negative foreign exchange impact of $151,356. As mentioned above, the company recognized previously unrecognized tax assets resulting in an income tax recovery for the year ended July 31, 2023. Due to this tax recovery, net earnings totaled $3,893,614 compared to net earnings in FY2022 of $1,674,395. The company recorded EBITDA of $2,161,702 versus $2,760,885 in the same period last year, a decrease of $599,183, due mainly to the decrease in revenues. Financial Summary for the year ended July 31, 2023 July 31, 2022 Revenues $7,491,739 $7,892,487 Earnings before interest, tax, depreciation & amortization (EBITDA) $2,161,702 $2,760,885 Depreciation of property, plant, equipment and intangible assets $171,444 $149,214 Depreciation of right-of-use assets $265,611 $220,719 Net earnings $3,983,614 $1,674,395 Earnings per share $0.16 $0.07 EBITDA for the year ended July 31, 2023 July 31, 2022 Net earnings $3,893,614 $1,674,395 Depreciation of property, plant, equipment and intangible assets $171,444 $149,214 Depreciation of right-of-use assets $265,611 $220,719 Interest - Net ($293.167 ) $4,329 Income tax expense (recovery) ($1,875,800 ) $712,228 Earnings before interest, taxes, depreciation and amortization $2,161,702 $2,760,885 Cash and cash equivalents increased by $905,991 to $8,547,043 during the year ended July 31, 2023 as compared to the year ended July 31, 2022. Net working capital reached $8,429,764, an increase of $1,155,431 from FY2022. Balance Sheet Summary as at July 31, 2023 July 31, 2022 Cash and cash equivalents $8,547,043 $7,641,052 Net working capital $8,429,764 $7,274,333 Outstanding shares at report date (common shares) 24,644,244 24,784,244 NCIB On July 17, 2023, the Company announced that the Toronto Stock Venture Exchange approved the renewal of the Normal Course Issuer Bid (“2024 NCIB”) that was originally launched on July 29, 2022. Under the terms of the 2024 NCIB, the Company may purchase for cancellation up to 1,500,000 common shares of the Company, which represented 10% of its public float as at July 14, 2023. The new 2024 NCIB commenced on August 5, 2023 and will end on the earlier of August 4, 2024 or when the Company completes its maximum purchases under the NCIB. Furthermore, IBEX entered into an agreement with a broker to facilitate purchases of its common shares under the NCIB. Under IBEX’s automatic share purchase plan, the broker may purchase common shares, which would ordinarily not be permitted due to regulatory restrictions or self-imposed blackout periods. After year-end and as of the date of the financial statements, 64,600 shares were repurchased and cancelled for a total of $42,584 for the original 2023 NCIB and 114,400 shares have been repurchased for the 2024 NCIB for a total of $111,820. LOOKING FORWARD As always, the future financial results of the Company are difficult to predict as the Company’s customers have significant variations in their purchasing patterns, as can be seen from our quarterly results over the past few years. COVID 19 had a significant impact, as customers increased their purchases in F2022 for fear of supply chain interruptions. Our sales softened somewhat as some of those customers worked off those inventories in F2023. On a positive note, our largest market (hemostasis) continues to grow at a rapid pace which we expect to continue into F2024. Customers in other markets appear to be working off their inventory cushion, which may have an impact in F2024. The Company continues to work on a number of new heparinase-containing clinical device projects with its key customers. However, as with all developmental projects, we cannot give assurances that any of these customer-driven projects will come to market and produce significant revenues. Development of DiaMaze® (diamine oxidase) continues to advance. DiaMaze® is an enzyme targeted to persons suffering from histamine intolerance and will be marketed as a nutraceutical. We continue to make good progress in the development of a commercial scale manufacturing process. The next critical development steps will be selecting a manufacturer for commercial product, and conducting toxicology studies which, if undertaken, will increase R&D expenses in fiscal 2025. ABOUT IBEX IBEX manufactures and markets proteins for biomedical use through its wholly owned subsidiary IBEX Pharmaceuticals Inc. (Montréal, QC). For more information, please visit the Company’s website at . Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. Safe Harbour Statement All of the statements contained in this news release, other than statements of fact that are independently verifiable at the date hereof, are forward-looking statements. Such statements, as they are based on the current assessment or expectations of management, inherently involve numerous risks and uncertainties, known and unknown. Some examples of known risks are: the impact of general economic conditions, general conditions in the pharmaceutical industry, changes in the regulatory environment in the jurisdictions in which IBEX does business, stock market volatility, fluctuations in costs, and changes to the competitive environment due to consolidation or otherwise. Consequently, actual future results may differ materially from the anticipated results expressed in the forward-looking statements. IBEX disclaims any intention or obligation to update these statements, except if required by applicable laws. In addition to the risk factors identified above, IBEX is, and has been in the past, heavily reliant on three products and five customers, the loss of any of which could have a material effect on its profitability. Contact: Paul Baehr President & CEO IBEX Technologies Inc. 514-344-4004 x 143

MONTRÉAL, June 07, 2023 (GLOBE NEWSWIRE) -- IBEX Technologies Inc. (“IBEX” or the “Company”) (TSX Venture: IBT) today reported its financial results for the third quarter and the nine months ended April 30, 2023. According to Paul Baehr, IBEX President and CEO, “Our net earnings for the quarter increased 57% versus the same period year ago. Revenues were up 2% for this reporting period, well above expectations based on the extremely strong F2022 where customers had built inventories due to COVID concerns regarding supply chain interruptions. However, when compared to the same period in fiscal 2021, revenues were up 54%.” He further stated, “We now expect F2023 revenues, while lower than the exceptional 2022 fiscal year, to be significantly higher than fiscal year 2021. The engine for this growth is the underlying increasing demand and market penetration of our major customers in the high-growth, hemostasis-rapid-testing market segment.” Note: All figures are in Canadian dollars unless otherwise stated. The Company’s audited consolidated financial statements for the year ended July 31, 2022, and the accompanying notes and the related management’s discussion and analysis can be found on the Company’s website at or under the Company’s pro SEDAR at . FINANCIAL RESULTS FOR THE THIRD QUARTER OF FISCAL 2023 Revenues for the quarter ended April 2023, totaled $2,264,196, up $54,962 from $2,209,234 for the same period the prior year, and 54% higher than the same period in fiscal 2021. Fiscal 2023 revenues were higher than expected which we attribute to higher foreign exchange rates as well as to underlying growth of the market segments in which we compete which has the effect of depleting the inventories build up in F2022 faster than forecasted. Net expenses totaled $1,372,765, a decrease of $266,867 versus $1,639,632. The decrease is mainly due to lower financial expenses of $100,466 as a result of an increase in interest income; the recording of the SR&ED tax credits of $195,617, offset mainly by an increase in R&D expenses of $52,607. Net earnings totaled $891,431, an increase of $321,829 as compared to Q3 FY2022, as explained above. The Company recorded EBITDA of $919,650 versus $686,674 in the same period a year ago, an increase of $232,976 mainly due to the increase in earnings, partially offset by the increase in interest income (interest income is excluded from the EBITDA calculation). It should be noted that “EBITDA” (Earnings Before Interest, Tax, Depreciation & Amortization) is not a performance measure defined by IFRS, but we, as well as investors and analysts, consider that this performance measure facilitates the evaluation of our ongoing operations and our ability to generate cash flows to fund our cash requirements, including our capital expenditures program. Note that our definition of this measure may differ from the ones used by other public corporations. EBITDA for the three months ended April 30, 2023 April 30, 2022 Net earnings $891,431 $569,602 Depreciation of property, plant, equipment and intangible assets $47,202 $35,531 Depreciation of right-of-use assets $65,769 $58,056 Interest – Net ($75,972 ) $23,485 Income tax expense (recovery) (8,780 ) - Earnings before interest, tax, depreciation and amortization $919,650 $686,674 FINANCIAL RESULTS FOR THE NINE MONTHS ENDED APRIL 30, 2023 Revenues for the nine months ended April 30, 2023, totaled $5,737,837, a decrease of $84,636 as compared to $5,822,473 in the same period of the prior year, but 45% higher than the same period in fiscal 2021. Fiscal 2023 revenues were higher than expected which we attribute to the impact of higher foreign exchange rates as well as to the underlying growth of the market segments in which we compete. Net year-to-date expenses totaled $4,067,866, a decrease of $114,976. The drop relates mainly to a significant decrease in financial expenses of $222,692, due to higher interest income on our cash balances, as well as to the positive impact of SR&ED tax credits for FY2022 and FY2023 ($195,617). These two factors are partially offset by an increase in R&D expenses of $290,911, relating mainly to the diamine oxidase (DiaMaze®) development program. Net earnings totaled $1,669,971, up $30,340 vs the same period year ago as a result of a decrease in net expenses of $114,976 offset by a decrease in revenues of $84,636. The Company recorded EBITDA of $1,778,130, a decrease of $167,538 vs. $1,945,668 in the same period year ago despite the slight increase in net earnings. The difference is attributed mainly to an increase in net interest of $226,242 due to higher interest income on our cash balances, which is excluded from EBITDA. Financial Summary for the nine months ended April 30, 2023 April 30, 2022 Revenues $5,737,837 $5,822,473 Earnings before interest, tax, depreciation & amortization (EBITDA) $1,778,130 $1,945,668 Depreciation of property, plant, equipment and intangible assets $117,889 $114,844 Depreciation of right-of-use assets $197,270 $163,094 Net earnings $1,669,971 $1,639,631 Earnings per share $0.06 $0.06 EBITDA for the nine months ended April 30, 2023 April 30, 2022 Net earnings $1,669,971 $1,639,631 Depreciation of property, plant, equipment and intangible assets $117,889 $114,844 Depreciation of right-of-use assets $197,270 $163,094 Interest - Net ($198,220 ) $28,099 Income tax expense ($8,780 ) - Earnings before interest, taxes, depreciation and amortization $1,778,130 $1,945,668 The Company’s substantial cash balance of $7,518,058 decreased by $122,994 despite a strong EBITDA. This was mainly due to the timing of a receivable, the purchases of production related fixed assets and the payout of the FY2022 Profit-Sharing Plan (PSP) which was recorded in Q4 F2022. Net working capital increased by $1,119,716 during the nine months ended April 30, 2023, as compared to the year ended July 31, 2022, due to strong earnings, despite significant purchases of production related fixed assets during the year. Balance Sheet Summary as at April 30, 2023 July 31, 2022 Cash and cash equivalents $ 7,518,058 $ 7,641,052 Net working capital $ 8,394,049 $ 7,274,333 Outstanding shares at report date (common shares) 24,784,244 24,823,244 LOOKING FORWARD As always, the future financial results of the Company are difficult to predict as the Company’s customers have significant variations in their purchasing patterns, as has been illustrated in the quarterly results over the past few years. The impact of COVID-19 added further variability. Our expectation for F2023 was that we would experience a significant revenue downturn as customers worked off their inventory excess, but to date we have not seen such an effect. We attribute this mainly to the underlying strength of the markets we serve. We may see some softening in the fourth quarter, but the positive trend points to IBEX generating net earnings significantly higher than F2021, although not approaching the extraordinary F2022. Looking beyond Fiscal 2023, the future looks very favorable for IBEX as the market for hemostasis testing grows at a rapid pace, driven by the accelerated adoption of the new rapid viscoelastic testing devices. The Company continues to work on a number of new heparinase-containing clinical device projects with its key customers, some of which may result in additional revenues in Fiscal 2023. However, as with all developmental projects, we cannot give assurances that any of these customer-driven projects will come to market and produce significant revenues. Development of DiaMaze® (diamine oxidase) continues to advance. DiaMaze® is an enzyme targeted to persons suffering from histamine intolerance and will be marketed as a nutraceutical. We continue to make good progress in the development of a commercial scale manufacturing process. The next critical development steps will be selecting a manufacturer for commercial product, and conducting toxicology studies which, if undertaken, will increase R&D expenses considerably in fiscal 2024. ABOUT IBEX IBEX manufactures and markets proteins for biomedical use through its wholly owned subsidiary IBEX Pharmaceuticals Inc. (Montréal, QC). IBEX Pharmaceuticals also manufactures and markets a series of arthritis assays, which are widely used in osteoarthritis research. For more information, please visit the Company’s website at . Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. Safe Harbor Statement All of the statements contained in this news release, other than statements of fact that are independently verifiable at the date hereof, are forward-looking statements. Such statements, as they are based on the current assessment or expectations of management, inherently involve numerous risks and uncertainties, known and unknown. Some examples of known risks are: the impact of general economic conditions, general conditions in the pharmaceutical industry, changes in the regulatory environment in the jurisdictions in which IBEX does business, stock market volatility, fluctuations in costs, and changes to the competitive environment due to consolidation or otherwise. Consequently, actual future results may differ materially from the anticipated results expressed in the forward-looking statements. IBEX disclaims any intention or obligation to update these statements, except if required by applicable laws. In addition to the risk factors identified above, IBEX is, and has been in the past, heavily reliant on three products and five customers, the loss of any of which could have a material effect on its profitability. Contact: Paul Baehr President & CEO IBEX Technologies Inc. 514-344-4004 x 143

MONTREAL, March 20, 2023 (GLOBE NEWSWIRE) -- IBEX Technologies Inc. (“IBEX” or the “Company”) (TSX Venture: IBT) today reported its financial results for the second quarter and the six months ended January 31, 2023. “Our results for this reporting period, while lower than year ago, were above expectations since many of our customers were drawing down prior year’s inventories faster than we forecasted. While revenues were down 6% in the period, they were up 31% from the same period in fiscal 2021. We now expect that revenues, while lower than the exceptional 2022 fiscal year, to be significantly higher than fiscal year 2021,” said Paul Baehr, IBEX President & CEO. “The engine for this growth is the underlying increasing demand and market penetration of our major customers in the high-growth, hemostasis-rapid-testing market segment”. Note: All figures are in Canadian dollars unless otherwise stated. The Company’s audited consolidated financial statements for the year ended July 31, 2022, and the accompanying notes and the related management’s discussion and analysis can be found on the Company’s website at or under the Company’s pro SEDAR at . FINANCIAL RESULTS FOR THE SECOND QUARTER OF FISCAL 2023 Revenues for the quarter ended January 31, 2023, totaled $1,722,070, down $109,968 (6%) from $1,832,038 for the same period the prior year, but 31% higher than the same period in fiscal 2021. Fiscal 2022 sales were influenced by several major customers building surplus inventory due to concerns about supply chain interruptions. It appears that our customers are working off their inventory faster than we expected however, which points to the underlying growth of the market segments in which we compete. Expenses totaled $1,622,037, an increase of $195,468 versus $1,426,569. The increase in expenses includes a negative foreign exchange impact of $155,209 and an increase in R&D expenses of $145,067 partially offset by a decrease in financial expenses of $82,451. Net earnings totaled $100,033, a decrease of $305,436 as compared to Q2 FY2022 due to the reduction in revenues and increase in expenses as described above. The Company recorded EBITDA of $117,247 versus $495,783 in the same period a year ago, a decrease of $378,536 primarily due to the reduction in net earnings. It should be noted that “EBITDA” (Earnings Before Interest, Tax, Depreciation & Amortization) is not a performance measure defined by IFRS, but we, as well as investors and analysts, consider that this performance measure facilitates the evaluation of our ongoing operations and our ability to generate cash flows to fund our cash requirements, including our capital expenditures program. Note that our definition of this measure may differ from the ones used by other public corporations. EBITDA for the three months ended January 31, 2023 January 31, 2022 Net earnings $ 100,033 $ 405,469 Depreciation of property, plant, equipment and intangible assets $ 36,825 $ 35,932 Depreciation of right-of-use assets $ 65,769 $ 52,746 Interest – Net $ (85,380 ) $ 1,636 Income tax expense - - Earnings before interest, tax, depreciation and amortization $ 117,247 $ 495,783 FINANCIAL RESULTS FOR THE SIX MONTHS ENDED JANUARY 31, 2023 Revenues for the six months ended January 31, 2023, totaled $3,473,641, a decrease of $139,598 (4%) as compared to $3,613,239 in the same period of the prior year, but 40% higher than the same period in fiscal 2021. Fiscal 2022 sales were influenced by several major customers building surplus inventory due to concerns about supply chain interruptions. It appears that our customers are working off their inventory faster than we expected however, which points to the underlying growth of the market segments in which we compete. Total Expenses at $2,695,101 increased by $151,891. The increase relates mainly to the diamine oxidase (DiaMaze®) development program, partially offset by a significant decrease in financial expenses, due mainly to higher interest revenue on our cash balances. Net earnings totaled $778,540, down $291,489 vs the same period year ago as a result of the decrease in revenues of $139,598 and increase in expenses of $151,891. The Company recorded EBITDA of $858,481, down $400,514 vs. $1,258,995 in the same period year ago. The difference is attributed to the decrease in net earnings of $291,489, in addition to a decrease in net interest expense of $126,862, offset by an increase in total depreciation of $17,837. Financial Summary for the six months ended January 31, 2023 January 31, 2022 Revenues $ 3,473,641 $ 3,613,239 Earnings before interest, tax, depreciation & amortization (EBITDA) $ 858,481 $ 1,258,995 Depreciation of property, plant, equipment and intangible assets $ 70,687 $ 79,313 Depreciation of right-of-use assets $ 131,502 $ 105,039 Net earnings $ 778,540 $ 1,070,029 Earnings per share $ 0.03 $ 0.04 EBITDA for the six months ended January 31, 2023 January 31, 2022 Net earnings $ 778,540 $ 1,070,029 Depreciation of property, plant, equipment and intangible assets $ 70,687 $ 79,313 Depreciation of right-of-use assets $ 131,502 $ 105,039 Interest - Net $ (122,248 ) $ 4,614 Income tax expense - - Earnings before interest, taxes, depreciation and amortization $ 858,481 $ 1,258,995 The Company’s substantial cash balance of $7,489,644 decreased from $7,641,052 despite a strong EBITDA. This was mainly due to the payout of the FY2022 Profit-Sharing Plan (PSP), following the approval of the F2022 Audited Financial Statements. The IBEX PSP is an all-employee plan based solely on profit and is in lieu of a bonus plan. Net working capital increased by $237,742 during the six months ended January 31, 2023, as compared to the year ended July 31, 2022. Balance Sheet Summary as at January 31, 2023 July 31, 2022 Cash and cash equivalents $ 7,489,644 $ 7,641,052 Net working capital $ 7,512,075 $ 7,274,333 Outstanding shares at report date (common shares) 24,784,244 24,784,244 LOOKING FORWARD As always, the future financial results of the Company are difficult to predict as the Company’s customers have significant variations in their purchasing patterns, as has been illustrated in the quarterly results over the past few years. The impact of COVID-19 added further variability. Considering the above, customer drawdown of their accumulated inventory has been stronger than we had forecasted, mainly due to the underlying strength of the markets we serve and customers working off their supply chain safety stocks faster than we had expected. This positive trend points to IBEX generating net earnings significantly higher than F2021, although not approaching the extraordinary F2022. Looking beyond Fiscal 2023, the future looks very favorable for IBEX as the market for hemostasis testing grows at a rapid pace, driven by the accelerated adoption of the new rapid viscoelastic testing devices. The Company continues to work on a number of new heparinase-containing clinical device projects with its key customers, some of which may result in additional revenues in Fiscal 2023. However, as with all developmental projects, we cannot give assurances that any of these customer-driven projects will come to market and produce significant revenues. Development of DiaMaze® (diamine oxidase) continues to advance. DiaMaze® is an enzyme targeted to persons suffering from histamine intolerance and will be marketed as a nutraceutical. We continue to make good progress in the development of a commercial scale manufacturing process. The next critical development steps will be; selecting a manufacturer for commercial product, and the investment in toxicology studies (which, if undertaken, will increase R&D expenses considerably in fiscal 2024). ABOUT IBEX IBEX manufactures and markets proteins for biomedical use through its wholly owned subsidiary IBEX Pharmaceuticals Inc. (Montréal, QC). IBEX Pharmaceuticals also manufactures and markets a series of arthritis assays, which are widely used in osteoarthritis research. For more information, please visit the Company’s website at . Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. Safe Harbor Statement All of the statements contained in this news release, other than statements of fact that are independently verifiable at the date hereof, are forward-looking statements. Such statements, as they are based on the current assessment or expectations of management, inherently involve numerous risks and uncertainties, known and unknown. Some examples of known risks are: the impact of general economic conditions, general conditions in the pharmaceutical industry, changes in the regulatory environment in the jurisdictions in which IBEX does business, stock market volatility, fluctuations in costs, and changes to the competitive environment due to consolidation or otherwise. Consequently, actual future results may differ materially from the anticipated results expressed in the forward-looking statements. IBEX disclaims any intention or obligation to update these statements, except if required by applicable laws. In addition to the risk factors identified above, IBEX is, and has been in the past, heavily reliant on three products and five customers, the loss of any of which could have a material effect on its profitability. Contact: Paul Baehr President & CEO IBEX Technologies Inc. 514-344-4004 x 143