ICFAI ORG

The Company's Directors have approved a private placement offering of up to 10, 000, 000 units (the "Units") at a price of $0. 65 US per Unit, with each Unit consisting of one (post-split) share of the Company's common stock and one half of one share purchase warrant. Each whole warrant entitles the holder to purchase an additional (post-split) share of common stock exercisable for a period of 12 months at a price of $1. 00 US per share. The Company will have the option to accelerate the exercise term of the warrants in circumstances where the Company's common stock trades at a weighted average price above $2. 00 for twenty consecutive trading days.

The offering will be made in the United States to persons who are accredited investors as defined in Regulation D of the Securities Act of 1933.

FOREIGN PRIVATE PLACEMENT

The Company's Directors have also approved a concurrent private placement offering of up to 10, 000, 000 Units to persons who are not "U. S. Persons" as defined in Regulation S of the Securities Act of 1933. The Units will be identical to those to be offered under the U. S. Private Placement as described above.

The proceeds of the U. S. Private Placement and the Foreign Private Placement offerings will be used for prop-erty acquisition and development and for general corporate purposes.

Inc. (OTCBB: IREL) announced a private placement of 20 million units at $0. 65 per unit for gross proceed of $13 million on April 25, 2007. Each unit will consist of one common share and one half share purchase warrant. Each whole warrant entitles the holder to purchase an additional share of common stock exercisable for a period of 12 months at a price of $1 per share. The Company will have the option to accelerate the exercise term of the warrants in circumstances where the company's common stock trades at a weighted average price above $2 for 20 consecutive trading days.