IBR Obtains Strategic Loan

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FOR IMMEDIATE RELEASE:

IBR Obtains Strategic Loan

CANADA, BRITISH COLUMBIA, VANCOUVER, Apr. 18 -/E-Wire/-- International Bio Recovery Corp. ("IBR") reports that the Company has arranged a secured loan of $12.5 million Hong Kong dollars (approximately $2.5 million Canadian dollars) from Galaxy Power Enterprises Limited ("GPEL") of Hong Kong. This loan, subject to CDNX approval, will provide IBR with additional working capital to finance its ongoing operations.

This loan comes at a time when IBR is actively engaged with GPEL and its associated companies for the launch of the IBR technology throughout certain regions of China.

As announced on October 30th, 2000, Canada Pacific Sunshine Technology Co. Ltd., ("CPST") paid a $330,000 deposit to IBR towards the License Fee for the first plant in China. The Company also reported that GPEL is in the process of sub-licensing the IBR technology from CPST. "This loan represents a significant measure of GPEL's commitment to its business relationship with our Company", stated Frank Dixon, IBR President and CEO. "The loan enables the Company to raise significant capital without approaching the equity markets at a time when they are fraught with volatility and uncertainty. We are pleased that our capital requirements have been met without dilution to our shareholders and with terms that are beneficial to all parties concerned."

The terms of the loan include:

1. $12.5 million Hong Kong dollars.

2. Interest rate at 10% per annum. Interest to be paid monthly.

3. Term of the loan is 12 months with a renewable option.

4. The loan is a non-brokered financing with no commissions to be paid.

5. IBR will grant to GPEL 500,000 warrants exercisable at a price of $2.25 per warrant for a period of 3 years.

6. If any principal payments remain unpaid on the loan after a period of 12 months, Galaxy may at its option convert any unpaid balance of the loan into IBR shares at a price calculated at 15% below market or at $2.25, whichever is greater.

7. In consideration of this loan, IBR will return to GPEL the irrevocable Letter of Credit provided by CPST and GPEL which was reported in the Company's October 30th, 2000 news release. The Letter of Credit will be reinstated at the end of the loan term unless GPEL has commenced construction of an IBR plant per the Master License Agreement.

International Bio-Recovery Corporation (www.ibrcorp.com) is an innovative environmental biotechnology company leading the way in alleviating the global organic waste disposal problem through its proprietary technology that efficiently converts biodegradable waste into valuable end products.

IBR is a publicly listed company trading on the Canadian Venture Exchange under the symbol IBR.

On behalf of the Board, Frank Dixon, President & Chief Executive Officer

International Bio Recovery Corporation

Ross MacLachlan, [REDACTED-EMAIL], Vice President of Corporate Communications & Government Affairs, International Bio Recovery Corporation, Tel: [REDACTED-PHONE] or Daniela Louie, [REDACTED-EMAIL], Corporate Communications, International Bio Recovery Corporation, Tel: [REDACTED-PHONE]

http://www.ibrcorp.com

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