Icefloe Technologies Inc.
TSX VENTURE : ICY

Icefloe Technologies Inc.

August 24, 2007 16:17 ET

icefloe Technologies Inc. Announces 2nd Quarter 2007 Operating Results

Gross Margin increase of 32% EBITDA loss reduced by 89% Net Loss reduced by 61%

MISSISSAUGA, ONTARIO--(Marketwire - Aug. 24, 2007) - icefloe Technologies Inc. ("icefloe") (TSX VENTURE:ICY) today released its operating statements for the 3 month and 6 month periods ending June 30, 2007.

- Second Quarter Sales of $939,963, a decrease of $23,095 or 2% from the same period in 2006. Year-to-date Sales of $1,351,937, an increase of $51,235 or 4% from the same period in 2006.

- Gross Margin in the Second Quarter of $331,915 or 35% of sales, a significant improvement of $80,645 or 32% from the same period in 2006. Year-to-Date Gross Margin of $489,984 or 36% of sales, an increase of $146,451 or 43% from the same period last year.

- EBITDA loss in the Second Quarter was $20,943 versus a loss of $188,830 in the same period in 2006. Year-to-date EBITDA loss of $212,676, a 61% improvement from an EBITDA loss of $548,519 in the same period last year.

- Second Quarter Net Loss of $214,369, an improvement of $334,234 or 61% from the same period in 2006. Year-to-date Net Loss of $610,517, an improvement of $345,095 or 36% from the same period last year.

"We are pleased with the progress made on profitability, as seen at the Gross Margin, EBITDA and Net Loss levels," commented Wayne Newson, icefloe's President & CEO. "These significant improvements are a result of the Company's continued focus on developing and commercializing the higher margin icefloe products and Product Development joint ventures, combined with a continued focus on cost containment at all controllable levels."

"The relatively flat Sales Revenue is a result of product mix and a change in purchasing process initiated by a major customer. The Sales Revenue line in 2007 is not a reflection of unit volumes or margin reductions as the profit line results clearly indicate. We expect continued growth on all measures in the balance of 2007."

ABOUT ICEFLOE TECHNOLOGIES INC

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 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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