An anonymous director reports

BIOREM REPORTS SALE OF SECURITIES BY MAJOR SHAREHOLDERS

Biorem Inc. has been advised by its major shareholders, Clean Technology Fund I LP and Clean Technology Fund II LP, United States-based venture capital funds which together hold approximately 59 per cent of the common shares of Biorem (on a fully diluted, as converted basis), that they have entered into an agreement for the disposition of their entire equity holdings in Biorem to TUS Holdings Co. Ltd. at a purchase price equivalent to 34.5 cents per common share. Biorem understands that the sale is subject to certain closing conditions including:

• Any approvals required from the TSX Venture Exchange;
• The resignation of Bernardo Llovera from the board of directors of Biorem;
• The expansion of the board of directors to five members;
• The appointment of two directors nominated by TUS to the board of directors.

Biorem is not a party to the transaction and has made an application to TSX-V for confirmation that the only approval required from the TSX-V in respect of the transaction is the approval of TUS as a new insider of Biorem.