International Bio Recovery Corporation V.IBR

IBR in Iran

[Cayman3]

IBR announces sale of Master License in Iran Thursday May 12, 9:32 am ET TSX Venture Exchange symbol: IBR VANCOUVER, May 12 /CNW/ - International Bio Recovery Corporation ("IBR") (TSX-V: IBR - News) a biotech company with a proprietary technology (EATAD) to convert organic waste into environmentally progressive soil fertility products, announced today that it has reached an agreement to sell a Master License covering up to eight (8) IBR Plants in Iran to a business consortium in Tehran. This sale represents the first sale of IBR technology concluded in the Middle East. The City of Tehran is a leader in managing organic wastes in an environmentally and financially sustainable manner, already having implemented a source separation program to divert organic waste from landfill disposal and having many years experience treating organic wastes. The buyers plan to construct and operate IBR Plants under the terms of a Master License Agreement giving them the exclusive right to build, operate and license IBR EATAD technology in Iran. The initial plants will be sized to treat 2,000 tonnes per day (at 8% solid content) in Tehran and 800 tonnes per day in other viable sites in Iran yet to be determined. To retain exclusivity rights the buyers must construct and operate 3 future plants in each of Tehran and other sites in Iran. In addition to the $7,000,000 fee payable for the two initial plants, plant license fees, royalties and technology fees will be payable to IBR for each additional plant built under this Master License Agreement. The buyers have paid IBR Can$400,000 as an initial non-refundable payment against the Can$7,000,000 initial Plant License Fees, with the balance being paid by scheduled payments over the next 11 months. IBR's innovative approach to processing organic materials brings a new concept to organic fertilizer production. Applying biotechnology and fermentation engineering principles and providing the optimal environment for the growth of naturally occurring thermophilic bacteria, IBR is able to produce uniformly digested material that is free of pathogens and inorganic contaminants. The proven process allows for the production of customized products for a wide variety of agricultural applications. About IBR Located in North Vancouver, BC, IBR markets its technology through the sale of licenses. The Company's current and medium term focus is to further develop its marketing capacity to enhance technology license sales. The Company is committed to research and development to continue to improve the effectiveness of its technology and the quality of its fertility products. It is further committed to developing a world wide marketing capability to ensure market acceptance of its fertility products. https://www.newswire.ca/en/releases/orgDisplay.cgi?okey=35806 For further information Ben Van Dyk, Chairman of the Board, IBR, [phone] ext 304, [phone] fax, [e-mail] Henry J. Bow, Manager Corporate Relations, IBR, [phone] ext 309, [phone] fax, [e-mail]