IBEX Shareholders Approve Sale of the Company

MONTRÉAL, Québec, April 03, 2024 (GLOBE NEWSWIRE) -- IBEX Technologies Inc. ("IBEX" or the "Company") (TSX Venture: IBT) is pleased to announce that at an annual and special meeting held today, IBEX shareholders approved the previously-announced proposed amalgamation (the "Amalgamation") of IBEX and 15720273 Canada Inc., a newly-incorporated wholly-owned subsidiary of BBI Solutions OEM Limited ("BBI"), whereby BBI will acquire all of the issued and outstanding shares of IBEX at a price of $1.45 per share in cash. The total consideration is approximately $37.9 million.

The Amalgamation was approved by IBEX shareholders with a positive vote of approximately 99.83% of the shares voted and by a positive vote of approximately 99.80% of the "minority" shares voted as required by applicable securities regulations. More than 75% of IBEX's outstanding shares as of the record date were voted at the meeting.

Closing of the Amalgamation is expected to take place on Monday, April 8, 2024. IBEX first announced the transaction with BBI on February 9, 2024.

Fasken Martineau DuMoulin LLP is acting as legal counsel to IBEX in connection with the Amalgamation.

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 www.ibex.ca.

ABOUT BBI

BBI is an international provider of immunoassay products and services to the global diagnostics and life sciences industries. The company offers high-performance recombinant and native reagents across the entire immunodiagnostic workflow, including antigens, antibodies, enzymes and complementary reagents. It also offers a one-stop service for lateral flow assay development and lateral flow point of care manufacturing. Our core purpose is serving the science of diagnostics and in doing so we supply the majority of the main IVD players globally.

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. In particular, completion of the proposed acquisition of IBEX by BBI is subject to numerous conditions, termination rights and other risks and uncertainties, including the ability of IBEX to satisfy closing conditions. Accordingly, there can be no assurance that the proposed transaction with BBI will occur, or that it will occur on the timetable or on the terms and conditions contemplated. IBEX disclaims any intention or obligation to update these statements, except if required by applicable laws.

Contact:

Paul Baehr
Chairman, President & CEO
IBEX Technologies Inc.
514-344-4004 x 143