Icefloe Technologies Inc.

Icefloe Technologies Inc.

April 30, 2007 06:00 ET

icefloe Technologies Inc. Announces 2006 Results

- Net Sales of $3.1 million, up 54% from 2005 - Gross Margin of $0.8 million, up 75% from 2005

MISSISSAUGA, ONTARIO--(CCNMatthews - April 30, 2007) - icefloe Technologies Inc. ("icefloe") (TSX VENTURE:ICY) today released its audited Financial Results for the 12 month period ending December 31, 2006. icefloe also announced that its Annual General Meeting of shareholders will be held on Thursday, May 31, 2007 in Mississauga, Ontario.

Consolidated financial results for the 12 month period ending December 31, 2006 showed revenue of $3,080,088, up 54%, a Gross Margin of $820,140 (27% of revenue), up 75%, and a Net Loss of $1,688,968, representing an improvement of 16% (all comparisons are with the 12 month period ending December 31, 2005).

Operating results for the 3 month period ending December 31, 2006 show revenue of $733,575, up 134%.

Subsequent to the year end icefloe announced:

- On April 10, 2007, that it had received a significant order to produce custom draft beer towers for Labatt Canada, with estimated incremental revenue of $450,000 in 2007;

- On April 11, 2007 that it had signed a one-year extension of a Services Agreement with Molson Canada for Molson's Sub Zero Draught initiative;

- On April 19, 2007 that it was exploring all options to maximize shareholder value, including the sale of the Company.

Wayne Newson, icefloe's President and CEO stated "while we are very pleased to see more than 50% revenue growth, driven entirely by the growth of proprietary icefloe products, we remain focused and concerned with obtaining the financial resources to continue to fund our Research and Development."

"Our R&D capability and the Intellectual Property process are at the core of who we are and what we do." Newson continued, "To date we have been unable to cover all of our development costs through internally generated margins. This led to our recent decision to explore all options, including the sale of the company, to secure a more stable funding base for the future."


Founded in March 2001, icefloe 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

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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