SOURCE: GeckoSystems, Inc.

February 13, 2007 16:30 ET

GeckoSystems, Inc. (GKSY) Board and Management Resign

ATLANTA, GA -- (MARKET WIRE) -- February 13, 2007 -- GeckoSystems, Inc. (PINKSHEETS: GKSY) R. Martin Spencer, President/CEO/Chairman of GeckoSystems, Inc. (formerly International Shoe Manufacturing Corporation) today announced the resignation of the officers and directors of the company. Resigning as officers are: R. Martin Spencer, as President/CEO, George MacLeod, as Senior Vice President, and Neil Wallace, as Vice President. Messrs. Spencer and MacLeod and Ms. Elaine G. Spencer resigned as members of the Board of Directors of GeckoSystems, Inc.

The election and appointment of the foregoing officers and directors of GeckoSystems occurred in connection with an acquisition of a majority of the outstanding common stock of GeckoSystems in September 2006. The intent was to integrate the robotic operations of GeckoSystems of Georgia, Inc. with International Shoe Manufacturing Corporation, an entity trading on the Pinksheets. While working toward operations integration, management became aware of various misrepresentations made by parties to the stock acquisition agreement and have been unable to satisfactorily resolve many issues regarding this transaction. "Accordingly we will no longer be integrating the operations of GeckoSystems of Georgia with GeckoSystems," stated Mr. Spencer.

In announcing the need to undo the previous transaction, Mr. Spencer cited several reasons: "We have encountered numerous problems since attempting to close the acquisition of the Company in connection with the failure of performance regarding certain obligations under the acquisition agreement."

Mr. Spencer indicated that these numerous problems forced management's decision. "We cannot conduct our business affairs through this entity. We made every effort to rectify the problems, but were met with continual resistance," concluded Mr. Spencer.

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