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T-Ray Science, Inc. Approved for BC Tax Credit Program


December 16, 2010 at 6:05 pm

Investors eligible for 30 percent tax credit

Vancouver, Canada: T-Ray Science, Inc. (TSX-V: THZ) (the “Company” or “T-Ray”) announced today that it has been approved by British Columbia’s Ministry of Finance for its Venture Capital Program, which offers significant tax credits to investors in early-stage B.C.-based companies.

Under the program, T-Ray is classified as an Eligible Business Corporation. A 30% refundable tax credit is available to qualified investors who are residents of British Columbia, or as a tax credit to corporations which owe provincial tax and file a tax return in British Columbia. T-Ray has been authorized to raise up to $5 million in equity financing under the program.

“The market is large and growing for cancer detection technologies that save lives and save money,” said Thomas Braun, CEO, T-Ray. “We will use the money raised through the Venture Capital Program to commercialize the innovative technologies for cancer detection that we have licensed from the BC Cancer Agency.”

The Verisānte™ Core™ series for lung cancer detection and the Verisānte™ Aura™ for skin cancer detection utilize a proprietary cancer detection technology platform developed by the BC Cancer Agency while the operating software and probe technology are unique to each device. This exclusive platform technology allows T-Ray to develop and offer a range of cancer detection devices for many of the most common cancers. The technologies licensed by T-Ray are non-invasive and provide information quickly and accurately.

Tax Credit Program Highlights

•    A 30% refundable tax credit is available to qualified investors who are B.C. residents or as a tax credit to corporations which owe provincial tax and file a tax return in British Columbia.
•    The investment is eligible for RRSP contribution. Tax credits are eligible for the 2010 taxation year if T-Ray shares are purchased in the first 60 days of 2011.
•    The maximum tax credit per individual, per year, is $60,000. There is no limit on tax credits claimed by corporations, however, the credit may only be used to offset provincial taxes owing.
•    Individuals and corporations may carry forward an unclaimed tax credit for four subsequent tax years.
•    Shares issued must be held for five years.
•    Qualified investors must not have disposed of any T-Ray shares in the past two years.

For more information on the B.C. government program and eligible investments, please contact your investment advisor.

The Company also announces that it has received TSX Venture Exchange approval for, and has closed, the private placement previously announced on November 29, 2010.  The securities issued are subject to a twelve month hold period from the date of issuance.

About T-Ray Science, Inc.

T-Ray Science, Inc. is a medical device company committed to  commercializing  innovative systems for the early detection of cancer. The Verisānte™ Core™ series for lung cancer detection and the Verisānte™ Aura™ for skin cancer detection utilize a proprietary cancer detection platform developed by the BC Cancer Agency while the operating software and probe technology are unique to each device. This exclusive platform technology allows T-Ray to develop and offer a range of compact, non-invasive cancer detection devices that offer immediate results for many of the most common cancers, including gastro-intestinal, colorectal and cervical cancers.

The Company’s initial focus is the Verisānte™ Aura™ for the early detection of skin cancers.  The Verisānte™ Aura™ has been clinically tested over a six year period on about 1,000 lesions. While the Verisante Aura detects all skin cancers, published intermediate results demonstrated exceptional sensitivity of 100% and specificity of 70% for the detection of melanoma, the most deadly form of skin cancer.

About the BC Cancer Agency

The BC Cancer Agency, an agency of the Provincial Health Services Authority, is committed to reducing the incidence of cancer, reducing the mortality from cancer, and improving the quality of life of those living with cancer. It provides a comprehensive cancer control program for the people of British Columbia by working with community partners to deliver a range of oncology services, including prevention, early detection, diagnosis and treatment, research, education, supportive care, rehabilitation and palliative care. The BC Cancer Foundation raises funds to support research and enhancements to patient care at the BC Cancer Agency. www.bccancer.bc.ca

The TSX Venture Exchange has neither approved nor disapproved of the contents of this press release. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.

For further information contact:

T-Ray Science, Inc.
Thomas Braun, President & CEO   
Telephone: 1-877-605-0507

Email: info@t-rayscience.com
Website:  www.t-rayscience.com

Forward Looking Statements


This release contains forward-looking statements, including, but not limited to, statements regarding the future commercialization of medical devices, the market demand for these products and the proprietary protections the Company will obtain with regard to the technology, all of which statements are subject to market risks, and the possibility that the Company will not be able to obtain patent protection or obtain sufficient customer demand. These statements are made based upon current expectations and actual results may differ from those projected due to a number of risks and uncertainties.

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