Terrace Ventures Announces Proposed Business Combination with Pyro Pharmaceuticals, Inc.

BLAINE, WA--(Marketwire - July 16, 2008) - (OTCBB: TVEN) Terrace Ventures Inc. (the "Company") announced today that it has entered into an interim agreement (the "Interim Agreement") with Pyro Pharmaceuticals, Inc. ("Pyro"), a privately held Delaware corporation engaged in the business of developing therapeutics against multi-drug resistant infectious microorganisms. Pyro currently holds two patents, under United States patent numbers 6,852,485 and 6,955,890, in connection with its business. Pyro has also filed 10 patent applications with the United States Patent and Trademark Office. These patent applications are at various stages of review within the United States Patent and Trademark Office.