Boulder, CO -- (SBWire) -- 01/20/2010 -- VAIREX corporation of Boulder, Colorado announced today that ViCTORi LLC had exceeded the $100,000 offering minimum of its $1,250,000 Private Placement.

The funds are to be used to provide a Debtor in Possession loan to VAIREX, and the first tranche can now be released. VAIREX is operating under Chapter 11 of the Federal Bankruptcy code, and the transaction and terms were approved by the Court to allow VAIREX to operate during its reorganization.

VAIREX CEO Ski Milburn said, “This is an important step in supporting our operations under Chapter 11, and moving us towards emergence from bankruptcy protection. This first amount was raised from previous VAIREX angel investors, who are exhibiting great faith and courage after the events of the last six months. Their commitment is a real testament to their belief in our future potential.”

About VAIREX
VAIREX corporation (www.vairex.com), with offices in Boulder, Colorado, USA and Tokyo Japan, is a privately-held designer, manufacturer, and supplier of air management systems, enabling technology to the hydrogen fuel cell and diesel emissions control industries. These critical systems consist of integrated compressors, motors, and controllers that efficiently and precisely deliver clean air to support our customer’s process requirements. VAIREX's customers include leading Tier One suppliers and OEMs to the fuel cell and diesel industries in Europe, Asia, and North America.

VAIREX corporation is currently operating under Chapter 11 of the US Federal Bankruptcy Code, following the insolvency and pending liquidation of its UK corporate parent, VAIREX international limited. VAIREX managment is operating the company as Debtors in Possession, taking orders, shipping product, and raising capital to sever the corporate tie to our defunct parent and emerge from bankruptcy as a standalone company.