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GGraessle

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Monday, 02/24/2003 2:48:58 PM

Monday, February 24, 2003 2:48:58 PM

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International BioChemical Industries, Inc. Responds to SEC Actions
Wednesday February 12, 1:05 pm ET


ATLANTA, Feb. 12 /PRNewswire-FirstCall/ -- International BioChemical Industries, Inc. (OTC Bulletin Board: IBCL - News) confirms that the Company and Timothy C. Moses, the Company's President and CEO, have been served with a complaint filed in Federal Court by the Securities and Exchange Commission (SEC) concerning certain press releases issued by the Company between January 29, 2003 and February 3, 2003. The SEC has imposed a temporary suspension on the trading of the Company's stock.

Both the Company and Mr. Moses have retained the law firm of Schreeder, Wheeler, & Flint, LLP with respect to this matter. The Company and Mr. Moses deny the SEC's allegations and are vigorously defending their positions. A hearing on the SEC's request for a preliminary injunction has been set for Thursday, February 20, 2003.

About International BioChemical Industries:

International BioChemical Industries, Inc. is a Norcross, Georgia-based emerging growth company focused in biotechnology and antimicrobial products. Its core business is committed to the discovery, development, marketing and sale of surface-modifying antimicrobial and biostatic products. The company's antimicrobial technology is an alternative to conventional sanitizers, disinfectants, bleaches, biocides or preservatives primarily because it kills bacteria on contact and can remain active for extended time periods. To date IBCI has received four US patents, four international patents and eight EPA registrations, including the first U.S. germ killer and disinfectant against Salmonella cholerasuis, Staphylococcus aureus and other microorganisms. The company has developed several alliances in different industries, such as healthcare, textiles and storm water.

Further information on IBCI and its line of products can be found by visiting the firm's web site at http://www.bioshield.com, or by calling 1-770-925-3653, Tim Moses.

Safe Harbor/Forward-looking Statements:

Statements in this news release that are not historical are forward- looking statements. These forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those anticipated in any forward-looking statements, all of which are difficult to predict and many of which are beyond the control of the company, including areas such as: developing technologies; dependence on collaborative partners; the inherent complexity and uncertainty regarding the development of products; early-stage development of IBCI; the result of research and development efforts; future capital needs; uncertainty of additional funding; government regulations; and other factors which are detailed in the company's periodic reports and registration statements filed with the Securities and Exchange Commission. IBCI does not undertake to revise or update any forward- looking statement to reflect events or circumstances that may arise after the date hereof. BioShield is a trademark of IBCI.






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