SOURCE: Ikona Gear International, Inc.

October 11, 2007 14:13 ET

Ikona Completes Second Tranche of Equity Financing

COQUITLAM, BC--(Marketwire - October 11, 2007) - Ikona Gear International, Inc. "Ikona" (OTCBB: IKGI), an innovator in compact, lightweight, gearing systems solutions, announced that it has completed the second tranche of US$1,656,666 in exchange for 3,313,332 units. The units will be issued at $0.50 per unit and consist of one share of Ikona Common Stock and one half of a warrant. Each whole warrant entitles the holder to acquire a share of Ikona Common Stock at an exercise price of $0.54 per share for a period of two years.

Now that the company has completed its second tranche of funding, it has raised in excess of US$2.6 million, at an average price of $0.53 per unit. The investment was made by a group in the Middle East with significant regional expertise, which will greatly assist Ikona as it begins to introduce its oil and gas products in the region.

"We have been focused on building commercial and corporate relationships in preparation for the launch of Ikona's oil and gas equipment in the Middle East," commented Ikona CEO Laith Nosh.

About Ikona Gear International, Inc.

Ikona Gear is a knowledge-based company focused on the design and manufacture of innovative and patented solutions for gearing and power transmission applications, a $100 billion market. The Ikona gear system is better, stronger, more precise and generally superior to standard gearing systems. The company's unique, patented technology is ideally suited for deep ratio, weight and size constrained applications where often it is the only solution. The Ikona gear technology is the only technology that enables internal gear-sets with only one tooth difference, resulting in a much higher meshing of gears, and significantly higher gear ratios -- very important factors, especially in plastic gearing solutions. Ikona trades on the Over the Counter market under the symbol "IKGI" and on the Frankfurt Exchange under the symbol "IG2." For more information on Ikona, please visit www.ikona.ca/.

Contact Information

  • Investor Relations Contact:
    Marty Tullio
    McCloud Communications, LLC
    949.553.9748
    Email Contact

    Company Contact:
    Scott Rose
    Ikona Gear International
    604.523.5507
    Email Contact