INDUSTRY NEWS

International Barrier Technology Acquires All of Pyrotite Corporation's Interest in IPOSB Technology

07/14/2010

WATKINS, MN -- International Barrier Technology, Inc., a developer, manufacturer, and marketer of proprietary fire-resistant building materials, announces that it has acquired from Pyrotite Corporation of Seattle all of Pyrotite's interest in its Integrally Treated Oriented Strand Board (IPOSB) technology.

In 1994, the parties had entered into a technology purchase and sale agreement whereby, among other things, Pyrotite retained the rights to the IPOSB technology subject to the obligation to make certain revenue sharing payments to Barrier. The new agreement with Pyrotite terminates Pyrotite's rights with respect to the IPOSB technology and transfers them to the company.

IPOSB technology refers to the process of creating fire-resistant OSB panels by introducing the substances that create fire resistance (Pyrotite(TM)) into the raw fiber mix during the OSB material blending process. In so doing, the fire resistive properties are distributed throughout the entire panel and not just located on the surface of the OSB panel. OSB panels produced in this manner are considered to be integrally treated OSB (IPOSB) panels.

Dr. Michael Huddy, President and CEO of International Barrier Technology, Inc., stated, "This acquisition represents a key step forward as we look to grow our business and refine our technology. The Company intends to leverage its existing relationships with OSB producers in order to assess interest in developing markets for this product as well as developing the manufacturing capability to produce it in an operational setting."

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