IPIX Corporation Completes Sale of AdMission Business Unit in Continue

    Business Editors/Technology Writers

    VIENNA, Va.--(BUSINESS WIRE)--Feb. 17, 2005--IPIX Corporation (NASDAQ:IPIX), a premium supplier of visual intelligence technologies, announced today the completion of the sale of its AdMission business unit to AdMission Corporation, a privately held venture capital-funded and employee-owned company. The sale, which was previously announced by IPIX on January 11, 2005, is part of IPIX's strategic plan to continue to streamline its core business objectives to provide high-quality, high-resolution 360-degree surveillance technologies for critical government and commercial applications. Under the terms of the sale, AdMission Corporation acquired substantially all of the assets of the IPIX AdMission business unit in exchange for 1,035,000 shares of the Series A Convertible Preferred Stock of AdMission and a warrant to purchase 200,000 shares of the Common Stock of AdMission. Additionally, AdMission Corporation assumed certain liabilities associated with the AdMission Business Unit. IPIX has a seat on the board of directors of AdMission Corporation.

    About IPIX Corporation

    IPIX Corporation is a premium supplier of visual intelligence technologies for critical government and commercial security applications. IPIX patented 360-degree surveillance technology provides complete and continuous situational awareness, allowing users to see an entire 360-degree field of view simultaneously with no moving camera parts. Users can navigate within a still, live or recorded scene in all directions using digital pan-tilt-zoom. www.ipix.com

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CONTACT: IPIX Corporation Jean Watterson, 703-847-3676 Jean.Watterson@ipix.com or AdMission Corporation Tara Thomas, 925-242-4021 Tara.Thomas@admissioncorp.com

KEYWORD: VIRGINIA INDUSTRY KEYWORD: HARDWARE BANKING AEROSPACE/DEFENSE GOVERNMENT MERGERS/ACQ SOURCE: IPIX Corporation

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