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IPICO announces proposed $10 million private placement

^{Published on 2009-07-23 05:40:42, Last Modified on 2009-07-23 05:40:50 - Market Wire}
 

 BURLINGTON, ON, July 23 /CNW/ - IPICO Inc. (TSX-V: RFD) announced that it has reached agreement in principle with CATS LUHAI (Beijing) Investment Co., Ltd. (CATS LUHAI), a subsidiary of the China Academy of Transportation Sciences, an agency of the Chinese national Ministry of Transport, on the material terms of a private placement of $10 million in common shares of IPICO at the price of $0.25 per share. CATS LUHAI and IPICO recently entered into a joint venture to use IPICO's RFID technology for Electronic Vehicle Identification (EVI) applications within Greater China (see IPICO release dated April 29, 2009). The parties will be proceeding directly to binding definitive agreements and applying for regulatory approvals in both jurisdictions. The private placement will be subject to the approvals of the shareholders of IPICO and the TSX Venture Exchange. ABOUT IPICO Inc.: IPICO Inc. is an RFID solution supplier with operations in Canada, USA, South Africa, Europe, Asia and Australia. IPICO produces smart labels and tags based on the IP-X communication protocol. IPICO's low interference readers are designed to meet regulatory requirements in many major markets, and allow for multi-reader rollout in close proximity. IPICO's low cost RFID products excel at long read range, fast multi-read anti-collision and high thru-beam read-speeds of dynamic tag populations. These products are used to optimize the management of items, people, animals and processes within the logistic supply chain and other value chains. For further information, go to [ www.ipico.com ]. This news release contains certain forward-looking statements pertaining to future anticipated projected plans, performance and developments, as well as other statements relating to future operations and results, including, without limitation, statements as to sales forecasts and required minimum future revenues. Any statements in this news release that are not statements of historical fact may be considered to be forward-looking statements. Written words such as "may", "will", "expect", "believe", "anticipate", "estimate", "intends", "goal", "objective", "seek", "attempt", "suggest" or variations of these or similar words, identify forward-looking statements. These statements by their nature are estimates of future results only. Actual results could differ materially from those contained in the forward-looking statements and are based on current expectations that involve substantial risks and uncertainties, including but not limited to the failure to meet market growth, order volume, delivery commitment or minimum revenue expectations, political intervention, and those other risks and uncertainties detailed from time to time in IPICO's periodic reports filed on SEDAR ([ www.sedar.com ]). THE TSX VENTURE EXCHANGE DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR THE ACCURACY OF THIS RELEASE. %SEDAR: 00023515E 

For further information: Gordon Westwater, President & CEO, IPICO Inc., Tel: (905) 631-6310, Email: [ gordon.westwater@ipico.com ]