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SmarTire Announces Two New Financings

July 29, 2003

SmarTire Systems Inc. announces that it has closed two financings representing $16.7 million. The financings include a $1.7 million debenture convertible into shares and warrants and a $15.0 million equity line of credit. Terms of these financings will be released in the Company's 8-K filing. The equity line of

credit will be accessed if necessary and may complement possible future fundings such as additional equity or debt financings. No additional financing is currently contemplated by the Company.

The company says proceeds from the completed financings will be used to retire debt, purchase inventory, fund ongoing operations, and satisfy current and projected product demand. The Company's investment banker introduced SmarTire to the investors and arranged for the financing. This latest round brings to date $19.85 million in total financings arranged by its investment banker.

Robert Rudman, president and CEO of SmarTire stated, "The Company arranged this equity line of credit to assure its partners, suppliers and potential customers that SmarTire has the financial resources necessary to deliver on current and future orders."

SmarTire Systems Inc. develops and markets proprietary tire monitoring systems for the transportation industry worldwide. Incorporated in 1987, SmarTire is a public company with offices in North America and Europe. Additional information can be found at www.smartire.com.

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