TIR EXERCISES ITS OPTION TO ACQUIRE LIMITED PARTNERSHIP RIGHTS -- 2,500,000 COMMON SHARES TO BE ISSUED -

Vancouver, BC - TIR Systems Ltd., a leading speciality lighting technology company, today reported that it has given notice to exercise its option to acquire the outstanding units held by Discovery Capital 2001 Technology Limited Partnership in the TIR Systems Limited Partnership.

The Company will issue 2,500,000 common shares at the closing to acquire the 1,250 units held by Discovery Capital 2001 Technology Limited Partnership. The units were purchased in September 2001 for $1,250,000. The 2,500,000 common shares will be subject to a four-month hold period as per securities regulations. This option was disclosed at the time of the funding of the limited partnership.

After the closing, the Company and Morgan P.W. Sturdy would be the only unit holders in the TIR Systems Limited Partnership, with 1,250 and 150 units respectively.

The Company also would like to reaffirm its previously disclosed revenue estimate of $1.7M for the second quarter ending March 31, 2002. In addition, the Company continues to see positive signs of increased quote activity across all product lines. Our strong order backlog and large number of current sales opportunities in our funnel, give us the confidence in achieving much better financial results for the balance of fiscal 2002.

TIR Systems Ltd., a world leader in delivering specialty lighting systems, is building the foundations for tomorrows lighting. Through sound innovation and proven technical capability, TIR is developing, designing and marketing the core technologies that will allow Solid State Lighting (SSL) to move to the forefront of mainstream lighting.

To find out more about TIR Systems Ltd. (CDNX: TIY), visit our website at www.tirsys.com

For more information, please contact:

J. Caren Holtby   
Investor Relations Manager   
Tel: 604-473-2318   
Email: caren_holtby@tirsys.com