Icefloe Technologies Inc.
TSX VENTURE : ICY

Icefloe Technologies Inc.

May 27, 2005 12:15 ET

icefloe Reports Strong First Quarter Results

MISSISSAUGA, ONTARIO--(CCNMatthews - May 27, 2005) - icefloe Technologies Inc. (TSX VENTURE:ICY) -

Results of Operations - 3 Months Ending March 31, 2005

ICEFLOE REPORTS STRONG FIRST QUARTER RESULTS

35% Increase in Sales

18.6% Improvement in EBITDA

16% Reduction in Net Loss

icefloe Technologies Inc. ("icefloe") (TSX VENTURE:ICY) today released its operating results for the 3-month period ending March 31, 2005.

Total sales, at $386,530, increased $100,449, or 35%, from the same 3-month period in 2004. The increase was driven by strong March sales as a result of the Ontario introduction of the Molson Canadian Sub Zero Draft Tower on March 22, 2005. icefloe developed and designed the new patent-pending technology, which allows beer to be poured below 0C/32F.

Also, on March 31, 2005, icefloe announced a mutual distribution agreement with Drinks Dispense Group Ltd. ("DDG"), a United Kingdom-based manufacturer and supplier of technically advanced drinks dispensing equipment, primarily for draught beer towers. DDG purchased 200 patented icefloe Boosters in late March for a market test with a brewery located in Wales.

"We are very encouraged by the positive response and early sales of the Molson Canadian Sub Zero Towers. This, coupled with the new DDG agreement and March sales to DDG for their market test, lifted icefloe direct sales of our proprietary products to $174,546 in the 3 months ended March 31, 2005, from sales of $10,199 in the same period in 2004" said Wayne Newson, icefloe's President and CEO.

"icefloe now has five patented or patent-pending products in its lineup. We have fully commercialized three of our proprietary products, the icefloe Chiller, the icefloe Booster and the new icefloe Tower Booster, which powers the Molson Canadian Sub Zero Tower. We look forward to continued growth with the rollout of these new technologies as well as developing new applications for our beverage chilling process," Newson added.

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".

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.

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.

Contact Information