Refunding At SmarTire

SmarTire Systems Inc. has strengthened its financial position with the completion of three private placements totalling $6.4 million.

Since September 2002, $1.184 million has been released to the Company. A total of $5.

2 million is subject to registration. The financings include a $1.0 million placement of common shares and warrants with European investors, $400,000 in convertible debentures and a $5.

0 million facility for the placement of common shares. Proceeds from these private placements will fund ongoing operations, purchase inventory to satisfy current and projected product demand and retire debt.”With implementation of the TREAD Act less than a year away, we have been extremely busy formalizing corporate relationships, completing supply agreements and quoting for new business,” says Robert Rudman, President and Chief Executive Officer of SmarTire.