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Gold/Mining/Energy : IBI CORP IBIC (CDN) -- Ignore unavailable to you. Want to Upgrade?

To: Elizabeth A Rice who wrote (290)	6/10/1999 4:07:00 PM
From: Elizabeth A Rice	Respond to of 422

IBI Reports Memex Signs $2.23 Million Dollar Deal TORONTO, CANADA--IBI Corporation (IBIC-CDN), on behalf of Memex Electronics Inc., is pleased to announce that Memex signed a letter of intent on May 29th with Compact Manufacturing Systems ("CMS") to supply CMS with 350 of Memex's Enhanced Technology Architecture CNCs (computerized numerical controls) over the next two years, provided that Memex controls meet CMS' technical expectations and pricing points. The contract is estimated to be worth approximately $2,230,000 based on Memex's estimate of the average price of units to be shipped. Tom Gaasenbeek, President of Memex said: "This is the first of many OEM long-term contracts we expect to sign over the course of the next year. Simply put, the Internet and e-commerce is about connecting people to people in a global market. We believe that Memex technology (hardware and software) is the first industrial application of the Internet, connecting people to machines; management to the engine of their plants anywhere in the world in real time via the Internet. CMS recognizes the benefits of this technological leap, and they want to be at the forefront of primary manufacturers offering this upgrade to their customers first." IBI is a minerals exploration, development, and production company whose primary focus is the Bukusu Carbonatite Complex in Uganda. In addition, IBI currently owns a 3 percent interest in Memex with the option to acquire an aggregate 40 percent interest. Further to IBI's press release dated May 19, 1999 the due diligence period relating to IBI's option to acquire its remaining 37 percent interest in Memex has been extended by mutual consent of the parties. IBI Corporation trades on the Canadian Dealing Network under the symbol IBIC. The company has 200,048,089 common shares issued, after receiving subscriptions for the early exercise of June 30th warrants. Each warrant exercised up to June 30, 1999 entitles the holder to a share and a half bonus warrant. Each whole bonus warrant entitles the holder to purchase an additional share at 10 cents up to June 30, 2000.