Icefloe Technologies Inc.
TSX VENTURE : ICY

Icefloe Technologies Inc.

July 04, 2005 12:16 ET

icefloe Technologies Announces Appointment of David E. Elliott MBA, CA, CBV, as Executive Vice President and Chief Financial Officer

MISSISSAUGA, ONTARIO--(CCNMatthews - July 4, 2005) - icefloe Technologies Inc. (TSX VENTURE:ICY) is pleased to announce the appointment of David E. Elliott as Executive Vice President and Chief Financial Officer, effective immediately. Mr. Elliott brings more than 20 years of experience to icefloe, most recently in the investment banking profession. Under its employment agreement with Mr. Elliott, icefloe has granted him 200,000 options to purchase common shares in the capital of the Corporation at an exercise price of $0.60 per share, in accordance with the terms and conditions of icefloe's Employee Stock Option Plan. The options will vest over a four-year period from the date of grant.

Mr. Elliott's most recent experience was as Managing Director, Mergers and Acquisitions at Orion Securities Inc. (formerly Yorkton Securities Inc.) from 2000 to 2003. He was Director, Mergers and Acquisitions, at Merrill Lynch Canada Inc. from 1998 to 2000, Senior Vice President & Managing Director, Mergers and Acquisitions, at Midland Walwyn Capital Inc. from 1994 to 1998 and held various positions, lastly as Vice President & Director, Mergers and Acquisitions, at Burns Fry Limited from 1982 to 1994.

Mr. Elliott holds a Masters of Business Administration from the University of Western Ontario (1974) and designations as a Chartered Accountant (1978) and Chartered Business Valuator (1992).

"We are delighted to have Dave Elliott join our senior management team," said Wayne Newson, icefloe's CEO and President. "Dave's senior level experience in investment banking, combined with his extensive background and knowledge in finance and capital markets, strengthens our overall management team capabilities significantly."

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.

Contact Information

  • icefloe Technologies Inc.
    Wayne Newson
    President and CEO
    (905) 712-7777
    (905) 712-2826 (FAX)
    wnewson@icefloe.com