BIB Holdings Intends to Sell Apparel Unit.

NEW YORK -- BIB Holdings Ltd. ("BIB") (OTCBB: BIBO) today announced its plans to sell its existing apparel business as a component of the company's proposed overall restructuring plans.

The sale is a condition of the company's agreement to acquire Incode Corp. ("Incode"), a privately held technology services company, and a component of the company's restructuring plan, which were both announced earlier this week. The proposed sale of the apparel business will include the assumption of the operating assets and liabilities by the planned purchaser of the apparel business.

Gail Binder, chief executive officer of BIB Holdings, said, "We believe our apparel operation will benefit from becoming a private company under the new leadership of Robert Sautter, who will become president and chief executive officer of the apparel company upon the completion of the proposed sale, and that the sale of the apparel company is necessary to the reinvention of our business and to the long-term benefit of our shareholders. We remain very excited by this process and look forward to providing our shareholders with further updates as they become current."

Earlier this week, BIB announced that it had executed an agreement to acquire 100% of the capital stock of Incode for 1 million shares of a new class of preferred stock in BIB that is convertible into 200 million shares of common stock 18 months after closing. The Incode acquisition is subject to various conditions that must be satisfied prior to closing.

The acquisition of Incode is expected to be the vehicle for the first stage of BIB's proposed restructuring plan. The restructuring plan will include efforts, the key components of which are: (1) the acquisition and development of strategic technologies and assets that drive improvement in the relative financial strength of BIB; (2) the disposition of assets and operating divisions that are dilutive to BIB's earnings and overall financial strength; and, (3) the refinancing of BIB's various financing arrangements.

More information regarding either of Incode's or BIB's plans was not disclosed at the time of this release.

About Incode Corp.

Incode Corp. ("Incode") is a private company whose business model are the acquisition, development and commercialization of innovative subscription-based eBusinesses. Additional information is available online at www.incodetech.com.

About BIB Holdings Ltd.

BIB Holdings Ltd. designs, manufactures, imports, sells and markets branded and non-branded apparel. The company has a showroom in New York, a distribution center in Pennsylvania and a distribution center in Las Vegas, within a Foreign Trade Zone. The company designs, sources and markets a brand of high quality apparel under the m.Sasson, Elk Canyon and New Terrain labels as well as private label. Product lines have included underwear, loungewear and outerwear, as well as accessories such as ties, hats, scarves, gloves, jewelry, backpacks and small leather goods as well as apparel. BIB Holdings Ltd. distributes its clothing via leading retailers throughout the United States and abroad. Additional information is available online at www.msasson.com.

Safe Harbor Statement

This press release contains statements, which may constitute "forward-looking statements" within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995. Those statements include statements regarding the intent, belief or current expectations of BIB Holdings Ltd., and members of their management as well as the assumptions on which such statements are based. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those contemplated by such forward-looking statements. Important factors currently known to management that could cause actual results to differ materially from those in forward-statements include fluctuation of operating results, the ability to compete successfully and the ability to complete before-mentioned transactions. The company undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results.