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ICPbio Exits Final APH Group Property Development

June 6, 2006

Media Statement

ICBbio Exits Final APH Group Property Development

Statement made by Dr Earl Stevens, Managing Director,
ICP Biotechnology Limited

ICP Biotechnology is pleased to advise that, through its Australian subsidiaries, late Friday afternoon (in Sydney, Australia) it exchanged contracts for the sale of all its rights, titles and interest in 'The Escarpments' project, Katoomba, NSW, Australia.

Settlement is scheduled to take place on or before 23rd June 2006. Shareholders approved the disposal at the Special Meeting held on 5th May 2006.

Settlement is conditional upon consent to the transactions by the Blue Mountains City Council and execution of a Deed of Settlement and Release between the ICP Biotechnology group, the project lender and joint venture partner prior to settlement.

At the Blue Mountains City Council meeting held 30th May 2006, the council agreed to consent to the proposed assignment subject to finalisation of a few outstanding matters.

Consideration comprising cash and the assumption of liabilities will total approximately NZ$ 18,175,540 subject to timing.

This will bring to an end the property development activities of the former Australasian Property Holdings Group and will enable ICP Biotechnology to fully focus on the rapid expansion of its manufacturing and global marketing of quality biological products for the biotechnology, animal and human pharmaceutical industries.

ICPbio is one of New Zealand's longest established biotechnology companies. It manufactures and markets products for use in animal reproduction, animal health care and the fine biochemicals field. Nearly 100% of its products are exported, primarily to North America and Europe, with increasing amounts to Asia and South America.


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