Icefloe Technologies Inc.
TSX VENTURE : ICY

Icefloe Technologies Inc.

July 19, 2005 11:04 ET

icefloe Technologies Announces Signing of Amended Employment Agreement With Wayne Newson, President and Chief Executive Officer

MISSISSAUGA, ONTARIO--(CCNMatthews - July 19, 2005) - icefloe Technologies Inc. ("icefloe") (TSX VENTURE:ICY) is pleased to announce the completion of an amended and restated employment agreement with its President and Chief Executive Officer, Wayne Newson. Under the terms of the amended employment agreement, Mr. Newson will continue to serve as President and Chief Executive Officer of icefloe indefinitely. In addition, icefloe will issue 1,000 Class A special shares (which were recently approved by shareholders and previously announced by icefloe) to Mr. Newson as part of a long-term incentive plan. Simultaneously with the signing of the amended employment agreement, Mr. Newson surrendered 400,000 options to purchase common shares of icefloe at an exercise price of $1.50 per common share to icefloe for cancellation.

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