Perth, Jan 10, 2008 (ABN Newswire) - The Directors of Stirling Products Limited (ASX: STI) are pleased to announce that the Company has completed a private placement of 42,770,000 fully paid ordinary shares at $0.05 raising A$2,138,500 million. The placement of these shares was approved by Shareholders at the Company's Annual General Meeting held on 22 November, 2007.

These shares were allotted today.

Pursuant to a prospectus to be lodged in due course, investors who participated in the placement will be offered one free attaching option exercisable by 30 June 2010 at $0.20 for each two shares issued. Application for these options to be listed will be made to ASX at the time the prospectus is lodged.

The funds raised will be used for:

- Development and working capital for the market expansion of ProValeTM

- Progression of formulation development of products for the treatment of companion animals

- Development of complementary technologies to R-salbutamol and ProValeTM that have short term revenue potential and can expand the Company's current market valuation

- Development of Safety and Toxicity testing for R-salbutamol

- Working Capital

- Costs of the Offer

The Company advises that all options previously on issue, being 26,178,400 unlisted options and 23,175,342 listed options (STIO), have now expired. As announced on 15 August 2007 the Company will offer up to 5,500,000 options exercisable at $0.20 by 30 June, 2010 to investors who participated in that placement. Following the offer of options pursuant to these placements, the company will have up to 26,885,000 $0.20 options expiring on 30 June, 2010 on issue.

About Progressive BioActives Inc:

Progressive BioActives Inc. (PBI) is a privately held innovative bioscience company located in Prince Edward Island, Canada. PBI comprises a group of leading scientists and business people, experienced in the development and production of natural immune stimulants which are extracted from specialized yeast cells and purified to achieve optimal bioactivity/immune stimulation. ProVale(tm) is the latest high purity beta glucan extract that is designed as an alternative tool for sustainable livestock management in face of increasing viral disease challenges where antibiotics have no or limited application. ProVale(tm) will be made available for targeted applications in swine, poultry and farmed aquaculture with a future focus on further developing applications for companion animals (e.g. horses, dogs, cats and reptiles).

PBI is part of the Prince Edward Island Bioscience cluster represented by the PEI BioAlliance (www.peibioalliance.com). The cluster, which consists of public and private stakeholders, has already made very significant investments to further the development of bioscience commercialisation in the province of Prince Edward Island. Stirling and PBI intend to submit applications to this group and the Atlantic Innovation Fund for research funding to progress the development of their technologies.

PBI produces and currently sell its products to the swine, poultry, and farmed fish and shrimp markets.