Business News | Sep 27, 2006

TIR Systems retains Montgomery & co. to explore strategic opportunities

Vancouver, BC – TIR Systems Ltd. (TSX: TIR), the developer of the first fully integrated Solid State Lighting (SSL) source for general lighting, the Lexel™, has retained Montgomery & Co. to assist TIR’s Board of Directors and management in evaluating a range of strategic opportunities to build and strengthen the company’s leading position in SSL and enhance shareholder value.

TIR has appointed a Strategic Review Committee of independent directors chaired by Jean-François Heitz who, along with Stephen Rooney, are mandated to oversee this process and make a recommendation to the Board.

“TIR has received indications of interest regarding potential strategic options which may include partnerships, investments or other types of transactions”, said Leonard Hordyk, President and CEO, TIR Systems Ltd. “The industry is beginning to recognize TIR’s unique position at the center of the emerging shift towards solid state lighting for the general ‘white light’ lighting market. Today, we have a global network of partners, including many of the industry’s largest and most innovative lighting manufacturers, a high quality portfolio of SSL-related intellectual property, and a growing base of lighting designers who are embracing the Lexel for high-end retail and residential, museum, restaurant and hotel applications. Additionally, we are shipping low volumes of the Lexel today and remain on track to begin shipping high volumes of commercial product, manufactured by an established group of world-class contract manufacturers, by year end.”

TIR’s strategic review is underway and preliminary discussions with interested parties have begun. No timetable has been set for completion of the review, and there can be no assurance that this process will result in any specific strategic or financial transaction. TIR does not intend to update its progress or disclose developments with respect to potential initiatives unless the Board of Directors has approved a definitive course of action or transaction.

About Lexel™

The Lexel™ is a perfectly controllable new solid state light source incorporating light emitting diodes (LEDs) that has the potential to use up to 80% less energy to produce the same amount of light as a conventional light source and does not degrade its output or color temperature over its 50,000 hour life. The Lexel combines breakthroughs in thermal design, optics, and feedback to provide precise color temperature control and dimming in a cost effective design, resulting in a truly intelligent light source for illumination.

About TIR Systems Ltd.

TIR Systems Ltd., a world leader in light enabling technology, is building the foundations for tomorrow’s lighting. TIR developed the Lexel™, which is the first, fully integrated, Light Emitting Diode (LED) based light source, designed specifically to produce high quality white light essential for general lighting applications. The benefits of the Lexel technology will encourage a more rapid adoption of Solid State Lighting and the Lexel is positioned to become a new standard in the global lighting market.

To find out more about TIR Systems Ltd. (TSX: TIR), visit www.tirsys.com

About Montgomery & Co, LLC

Founded in 1986, Montgomery & Co. has extensive experience in providing strategic advisory services to growth industries, including communications, information technology, media, and healthcare. The firm assembles cross-disciplinary teams with deep industry knowledge, strong M&A and private placement transaction experience, extensive capital markets experience and strategic advisory expertise, to assist its clients. The firm offers a range of services, including merger and acquisition advisory, private placements, public finance, initial public offerings and related capital market services. Headquartered in Santa Monica, CA, the firm also has offices in San Diego, San Francisco and Kirkland, WA. Montgomery & Co. is a member of the National Association of Securities Dealers, Inc. (NASD) and the SIPC, and its professional associates are registered with the NASD-SIPC. For more information, please visit www.monty.com.

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