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Don Green Named Chairman of International Bioanalogics' Board.

Business Editors

TORONTO--(BUSINESS WIRE)--March 8, 2001

International Bioanalogics Systems Inc. (CDNX:IBO.) today announced the appointment of Mr. Don Green as Chairman of its Board of Directors.

Mr. Green is currently a member of the Board of Directors of International Bioanalogics. He is Chairman and CEO of Greenfleet Ltd., a technology investment company based in Burlington, Ontario and is also Deputy Chairman of the CGU Group Canada Ltd. (formerly General Accident and Commercial Union), and a member of the Board of Governors of McMaster University.

Prior to 1999, Mr. Green was President and CEO of Tridon Ltd., a leading international manufacturer of systems for the automotive industry. He previously served as Founding Chairman of early stage technology investment fund Innovation Ontario Corporation and as Governor of the Ontario Research Foundation (Ortech), and is the former director of a number of companies and organizations, including the National Bank of Canada and the Canadian Chamber of Commerce.

Mr. Green is the recipient of many honours and has numerous achievements to his credit. In 1980 he was awarded the Order of Canada, the highest civilian honour awarded to Canadians.

"I look forward to taking on the role of Chairman and playing a more significant part in e-celerate's growth. The Company's recent investment in J!VE Media Technologies clearly demonstrates e-celerate's ability to attract superior investment opportunities," stated Mr. Green. "I am pleased to be part of e-celerate's Board and Advisory Team which provides the management expertise needed to unlock the growth potential within our investee companies. With J!VE Media about to launch, we are looking forward to the demonstration of significant ongoing value creation for e-celerate shareholders."

"We have enjoyed a close relationship with Don and have been continually impressed by his judgement and vision, as well as benefited from his willingness to contribute to the long-term growth strategy of our Company as well as our investee companies," remarked Dave Valliere, CEO of e-celerate.

As previously announced, International Bioanalogics will change its business to focus on investing in next-generation technology companies, and change its name to e-celerate inc., subject to shareholder and regulatory approval. e-celerate investments inc. has entered into a $3,000,000 agreement to acquire 39% of J!VE Media Technologies Inc., a technology company that has developed an innovative solution to the problem of media piracy.

About e-celerate inc.

Headquartered in Toronto, Ontario, e-celerate is a next-generation merchant banking and venture capital firm that invests in carefully selected technology companies with high growth potential. The investment focus is on companies that operate in the areas of Internet infrastructure, wireless, and B2B e-commerce platform technologies.

e-celerate's strategy is to acquire interests in leading-edge technology companies which have proven proprietary technologies and major market opportunities, have already passed the early stages of development, and have solid expectations of profitability in the near term with a potential to reach IPO or RTO status within 18 months. In addition to providing capital, e-celerate also provides creative and capable business management support to its partner companies, thereby accelerating their overall development and assisting them to sustain meaningful growth. By selectively investing in today's marketplace at reasonable valuations, e-celerate will partner with the strongest young companies with solid business models in order to help them achieve rapid growth.

The CDNX has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
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Publication:Business Wire
Date:Mar 8, 2001
Words:563
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