SOURCE: Ikona Gear International, Inc.

June 07, 2007 10:00 ET

Ikona Provides Business Update

COQUITLAM, BC--(Marketwire - June 7, 2007) - Ikona Gear International, Inc. (OTCBB: IKGI) ("Ikona"), an innovator in compact, lightweight, gearing systems solutions, today announced that it has made significant progress in the first part of 2007. Ikona's business development strategy for the remainder of 2007 is to focus on penetrating customers in the oil and gas machinery industry and finalizing its contractual supply agreement with a large U.S. defense contractor.

Highlights

--  Ikona completed the build-out of its oil and gas product assembly
    facilities in Coquitlam, B.C., which enables the company to produce more
    than $30 million of product annually.
    
--  Ikona recently attended its first offshore oil and gas technology
    conference in Houston, TX.  Boasting attendance of over 65,000 oil and gas
    professionals, Ikona has received several inquires for equipment supply and
    manufacturing from companies attending the conference.
    
--  Ikona received its most significant order from the oil and gas
    machinery industry -- a $1.7 million order for multiple drawworks.
    Drawworks, the heart of the drilling rig, is the main hoisting winch on a
    drilling platform used for lifting drilling lines up and down the drill
    hole.
    
--  The first commercial delivery of Ikona's mud pump drives was made to
    major oil and gas companies in the U.S. and Canada. Mud pump drives
    facilitate the desired speed and power of the drilling rig mud pump. The
    drives are available in two speeds and sell for approximately $55,000.
    
--  Upon execution of a Designation Addendum between Magna Powertrain and
    Ikona for an application designated as the 'Park Brake Actuator,' Ikona
    received its first exclusivity fee. Magna has identified and is working on
    a number of new applications, which are currently in various testing
    stages.
    
--  Ikona expanded its leadership team with the appointment of Joe
    Vosburgh to the position of executive vice president. Mr. Vosburgh's 12
    years of success in the development, marketing and commercialization of
    breakthrough technologies has been a significant advantage to Ikona as the
    company has transitioned from R&D to commercialization of its products.
    
--  Ikona is currently in the final phase of prototype development with a
    sizable U.S. defense contractor for a satellite antenna pedestal. The
    company expects this phase of the project to complete in the coming weeks,
    and a pre-production phase to begin during the third quarter of calendar
    year 2007.
    
--  Ikona will be showcasing their mud pump drives and drawworks at the
    Calgary Oil and Gas Exposition being held June 12 - 14 at Stampede Park in
    Calgary, Canada.  This is Canada's largest oil and gas event with over
    20,000 registered attendees and 600 exhibitors.
    
About Ikona Gear International, Inc.

Ikona Gear is a 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/.

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995:

This news release contains forward-looking information within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements that include the words "believes," "expects," "anticipate" or similar expressions. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the company to differ materially from those expressed or implied by such forward-looking statements. In addition, description of anyone's past success, either financial or strategic, is no guarantee of future success. This news release speaks as of the date first set forth above and the company assumes no responsibility to update the information included herein for events occurring after the date hereof.

Contact Information

  • CONTACTS:

    Investor Relations
    Marty Tullio
    McCloud Communications, LLC
    949.553.9748
    Email Contact

    Company
    Scott Rose
    Ikona Gear International
    604.523.5507
    Email Contact