NIR DIAGNOSTICS ANNOUNCES $900,000 TAX ASSISTED FINANCING

NIR Diagnostics, a developer of near-infrared instruments, has completed a tax-assisted financing for gross cash proceeds of $901,350, received from GTTS as part of the company's participation in the Biotechnology Investment Fund Program, managed by IATRA Management Services. Under the financing, the assets of the company's GlucoNIR business have been transferred to GTTS, in exchange for aggregate consideration consisting of $901,350 in cash, promissory notes and limited partnership units of GTTS.

Canada NewsWire (http://www.newswire.ca/en/releases/archive/December2004/31/c9410.html)