Intellipharmaceutics to Acquire Real Property that Houses its Manufacturing, R&D and Office Facilities in Toronto, ON

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Intellipharmaceutics International Inc. (NASDAQ: IPCI) announced Monday, that it has agreed to purchase the land and building from which it conducts its operations at 30 Worcester Road, Toronto, Ontario (the "operating property") as well as the land and building of the adjoining property at 22 Worcester Road (the "adjoining property") for a combined purchase price of Cdn. $4,700,000. The operating property has been occupied by the Company since 2004 pursuant to a lease, and is approximately 25,000 sq. ft. The adjoining property includes a building of approximately 40,000 sq. ft. that is not currently occupied by the Company. The adjoining property is expected to provide the Company with space that will permit expansion of the Company's operations. There can be no assurance that the purchase transaction will be completed

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