IBEX Acquires Bio-Research Products, Inc.

IBEX Technologies Inc. (TSX VENTURE:IBT) today announced that it has acquired
Bio-Research Products Inc. ("BRP"), an Iowa-based maker of specialized reagents.



BRP specializes in the production of enzymes, lectins, protease inhibitors,
organics, substrates and assay solutions for diagnostic, industrial and research
use. Manufacturing is conducted in 10,000 sq. ft. facility with fermentation
capability up to 300L. 


BRP was founded by Dr. Bryce Cunningham in 1975 and employs 12 people in North
Liberty, Iowa. BRP will operate as a wholly-owned subsidiary of IBEX and will
retain the Bio-Research Products name 


"We are extremely pleased to have been able to acquire a company so
complementary to our current business" said Paul Baehr, President and CEO of
IBEX. "In addition to an expanded product line of enzymes, BRP brings an
excellent manufacturing facility with a skilled professional staff including
expert scientists in protein purification, characterization and analysis". 


Dr. Bryce Cunningham, President and Founder of BRP, said "After having spent so
many years building the company, I am happy to see, for the sake of our
employees and our customers, that BRP will find a home with a company like IBEX,
which shares our values and our aspirations". 


The shareholders of BRP will receive US$2,000,000 in cash and future earn out to
a maximum of US$700,000). IBEX funded the acquisition from its cash reserves,
but expects to obtain a mortgage of approximately US$1,000,000 on BRP's land and
buildings, for a net IBEX outlay of US$1,000,000 in cash for the acquisition. 


IBEX expects that the acquisition will have no impact on its fiscal 2013
earnings, but should be accretive in fiscal 2014.


ABOUT IBEX 

The Company manufactures and markets a series of proprietary enzymes
(heparinases and chondroitinases). These enzymes are used in pharmaceutical
research, quality assurance and, in the case of Heparinase I, in diagnostic
devices which measure hemostasis in patients.


IBEX also develops, manufactures and markets arthritis assays which are widely
used in pharmaceutical research. These assays enable the measurement of
cartilage synthesis and degradation, and are powerful tools in the study of
osteo and rheumatoid arthritis. 


For more information, please visit the Company's web site at www.ibex.ca. 

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, based as they are on the current 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.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Paul Baehr
President & CEO
IBEX Technologies Inc.
514-344-4004 x 143
(514) 344-8827 (FAX)

Ibex Technologies (TSXV:IBT)
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