TIR Systems Completes Public Offering (in Canada) of Common Shares Raising $10 Million
Source/Type: Press Releases - As issued by company

November 3, 2004... NOT FOR DISTRIBUTION TO THE U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE U.S.

Vancouver, British Columbia - TIR Systems Ltd. (TSX: TIR), a world leader in light enabling technology, announced today that it has completed its previously announced public offering of 2,223,500 common shares at $4.50 per share for gross proceeds of $10,005,750.

TD Securities Inc. acted as lead underwriter, together with Dlouhy Merchant Group Inc., and Sprott Securities Inc., acting as co-lead underwriters. The Company has also granted the underwriters an option, exercisable for a period of 30 days from the closing date, to purchase up to an additional 333,500 common shares on the same terms as the offering to cover over-allotments, if any.
About TIR Systems Ltd.

TIR Systems Ltd., a world leader in delivering specialty lighting systems, is building the foundations of tomorrow’s lighting. Through sound innovation and proven technical capability, TIR is developing, designing and marketing the core technologies that will allow Solid State Lighting (SSL) to move to the forefront of mainstream lighting.

This News Release does not constitute an offer to sell or a solicitation of an offer to buy any of the common shares for sale in the United States or to U.S. Persons. The common shares have not been and will not be registered under the United States Securities Act of 1933, as amended (the U.S. Securities Act) or any other US State securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws, or an exemption from such registration is available.

This News Release is published as a matter of record only and does not constitute an offer to sell or a solicitation of an offer to buy any of the common shares, nor shall there be any sale of these shares in any jurisdiction in which such an offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction.

For more information, please contact:

Issa Nakhleh
Chief Financial Officer

Tel: 604-473-2302

Email: issa.nakhleh@tirsys.com

J. Caren Holtby
Investor Relations Manager
Tel: 604-473-2318
Email: caren.holtby@tirsys.com

This News Release contains forward-looking statements concerning the financing and itsexpected impact on the Company’s business. Forward-looking statements are statements about the future and include, but are not limited to, our success developing, designing and marketing the sales of our products or technologies. Such statements are inherently uncertain, and the actual events or results could be materially different than those anticipated in those forward-looking statements as a result of numerous factors, including without limitation; the Company’s need for additional future capital, which may not be available in a timely manner, or at all; as well the other risks and uncertainties affecting the Company and its business, as contained in the Company’s most recent Annual Information Form and other subsequent news releases and filings with the Canadian Securities Regulatory Authorities, any of which could cause actual events or results to vary materially from the Company’s expectations. Forward-looking statements are based on the beliefs, opinions and expectations of the Company’s management at the time they are made, and the Company does not assume any obligation to update its forward-looking statements if those beliefs, opinions or expectations, or other circumstances should change.

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