Icefloe Technologies Inc.
TSX VENTURE : ICY

Icefloe Technologies Inc.

November 17, 2005 08:33 ET

icefloe Reports Continued Strong Results in Third Quarter

MISSISSAUGA, ONTARIO--(CCNMatthews - Nov. 17, 2005) -

Results of Operations-three months ending September 30, 2005

123% Increase in Total Sales

600%+ Increase in Gross Margin

28% Reduction in EBITDA Loss

15% Reduction in Net Loss

icefloe Technologies Inc. ("icefloe") (TSX VENTURE:ICY) today released its operating results for the 3 month period ending September 30, 2005 and the nine months ending September 30, 2005.

Total Third Quarter Sales were $574,568, an increase of $316,911 or 123% from the same period in 2004. Total Sales for the nine month period ending September 30, 2005 were $1,688,750, an increase of $663,798 or 64.8% from the nine month period ending September 30, 2004.

The increases were driven by sales of icefloe products; primarily continued sales of proprietary Booster products through icefloe's UK based partner Drinks Dispense Group (DDg); continued test market sales and installation of icefloe's Tower Booster technology incorporated in the Molson Canadian Sub Zero Draft Tower; and new sales of custom draft beer towers for Labatts' Keith's brand (the first Canadian sales of products manufactured by DDg and sold exclusively in Canada by icefloe).

icefloe's wholly-owned subsidiary, Draft Guys, whose primary business is sales, installation and service of on-premise draft beer systems for the hospitality industry, had a 56.5% increase in its core installation business in the quarter as a result of a stronger industry economy and the installation of the Molson Canadian Sub Zero Draft Towers for Molson Canada.

Overall, gross margin was $115,379 (20.1%) in the Third Quarter 2005, a six fold increase from the $18,434 reported in the same period in 2004, reflecting the strong growth of higher margin icefloe proprietary and exclusive products as well as a recovery at Draft Guys compared with the weak Third Quarter experienced in 2004.Year-to-date gross margin was 24.5% of sales compared with 17.7% in 2005.

"The strong growth trend is very encouraging, particularly as it reflects early success and acceptance of icefloe's core proprietary technologies", said Wayne Newson, icefloe's President and CEO. "Our year-over-year growth continued to ramp up in the Third Quarter of 2005."

About icefloe Technologies Inc.

Founded in March 2001, icefloe (TSX Venture Exchange: ICY) is a Canadian-based company dedicated to the development and commercialization of its proprietary chilling technology which brings flash chilling capability in a portable form and enables the beverage industry to serve ice cold draft beer without excessive foam loss, anytime and anywhere. Since April 2001, icefloe has focused its efforts on securing patents for its platform technologies, while developing, field-testing, manufacturing and marketing commercial products using its unique technologies. Its wholly owned subsidiary, Draught Guys Inc., provides installation, sales and service for both traditional draft systems and icefloe's proprietary products in the Ontario market.

icefloe commenced trading on Tier 2 of the TSX Venture Exchange on April 14, 2004 under the symbol "ICY".

For more information about icefloe, please visit the company website at www.icefloe.com.

Certain information included in this press release is forward-looking and may involve risks and uncertainties. The results or events predicted in these statements may differ materially from actual results or events. Factors that might cause a difference include, but are not limited to, competitive developments, risks associated with icefloe's growth, the development of the beverage market, regulatory risks, intellectual property infringement and other factors. Unless otherwise required by applicable securities laws, icefloe disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. More detailed information about potential factors that could affect icefloe's financial and business results is included in public documents icefloe files from time to time with Canadian securities regulatory authorities.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release. No Securities Commission or other regulatory authority having jurisdiction over icefloe has approved or disapproved of the information contained herein.

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