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February 9, 2010 – Redlen Technologies is pleased to announce that it is has completed a $7.8 million financing led by BC Advantage Funds with participation from other major investors including Growthworks Capital, Export Development Canada and the Velo Fund. Redlen Technologies, a leading manufacturer of high resolution Cadmium Zinc Telluride (CZT) semiconductor radiation detectors, will use proceeds from the financing for its new corporate headquarters featuring an expansive manufacturing facility which will support high volume production of its CZT products to meet the strong demand for high resolution radiation detection and imaging equipment.

Having successfully pioneered a breakthrough production process for manufacturing advanced CZT semiconductor materials using its proprietary Traveling Heater Method (THM) growth process, Redlen is revolutionizing the performance, cost and availability of high resolution solid state radiation detection and imaging – enabling the widespread adoption of this technology for the medical and security markets. The expansion into this new production facility represents a strategic investment into the ongoing growth strategy for the company into these two markets, and its commitment to delivering volume production and performance efficiencies to its customers.

In addition to the completion of this financing, Redlen is pleased to announce that Ken Spencer has been appointed its new Chairman. Ken co-founded Creo in 1983, which grew to be British Columbia’s largest technology company with more than 4,000 employees in BC, the United States, Europe and Israel and was acquired in 2005 by Kodak Corporation. Ken also serves as co-founder, chair or director of numerous technology companies, educational associations, and institutions. The company is also pleased to announce that David Raffa, Eugene Siklos and Maria Pacella have joined the company’s Board of Directors. All three bring invaluable expertise in the areas of strategic finance and investment banking, which will play an integral role in the ongoing growth of Redlen.

The company would also like to thank Dr. John Linton for his service as a director of Redlen Technologies and the pivotal role he played in the company’s progression from concept to initial production. His commitment and contributions to the company over the past eight years are gratefully acknowledged and highly regarded.

“This financing is key to enabling our rapid capacity expansion to address the strong demand for our products, and to fully serve this multi-billion dollar radiation detection and imaging market,” says Glenn Bindley, President and CEO of Redlen. The depth of our scientific and engineering teams, coupled with the new financial resources and board expertise now in place, position Redlen for continued growth and success.

Redlen Technologies is a leading manufacturer of high resolution Cadmium Zinc Telluride (CZT) semiconductor radiation detectors which are enabling a new generation of high performance detection and imaging equipment including Nuclear Cardiology, Scintimammography, CT Scanning, Baggage Scanning and Dirty Bomb Detection. The company also offers thin film solar Cadmium Telluride (CdTe) feedstock products in , volume quantities providing high purity, high performance semiconductor material to the Thin Film Solar Photovoltaic (PV) market. For more information on the company and its products, please visit its website