Icefloe Technologies Inc.

Icefloe Technologies Inc.

November 20, 2007 16:03 ET

icefloe Technologies Inc. Announces 3rd Quarter 2007 Operating Results and Update on Recapitalization Initiative

EBITDA loss reduced by 37% Net Loss reduced by 17 %

MISSISSAUGA, ONTARIO--(Marketwire - Nov. 20, 2007) - icefloe Technologies Inc. ("icefloe") (TSX VENTURE:ICY) today released its operating statements for the 3 month and 9 month periods ending September 30, 2007.

- Third Quarter Sales of $719,580, a decrease of $326,231 or 31% from the same period in 2006. Year-to-date Sales of $2,071,517, a decrease of $274,996 or 12% from the same period in 2006.

- Gross Margin in the Third Quarter of $266,409 or 37% of sales, a decrease of $49,910 or 16% from the same period in 2006. Year-to-Date Gross Margin of $756,393 or 37% of sales, an increase of $96,541 or 15% from the same period last year.

- EBITDA loss in the Third Quarter was $59,900 versus a loss of $94,498 in the same period in 2006. Year-to-date EBITDA loss of $272,576, a 58% improvement from an EBITDA loss of $643,017 in the same period last year.

- Third Quarter Net Loss of $238,850, an improvement of $47,847 or 17% from the same period in 2006. Year-to-date Net Loss of $849,357, an improvement of $392,942 or 32% from the same period last year.

"We are pleased with the progress we have made on profitability in 2007, as reflected in the year-to-date 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, combined with a continued focus on cost containment at all controllable levels."

"The Third Quarter and year-to-date reductions in Sales Revenue are a result of product mix and a change in commercial process initiated by a major customer, plus a slow down in our UK business compared to 2006. These Revenue reductions are not a negative reflection on our overall business as the significant improvements in EBITDA and Net Loss attest."

"On April 19, 2007, icefloe announced that it was commencing exploration of all options to maximize shareholder value, including the sale of the Company." Newson continued, "To date icefloe has been unable to secure the required additional investment required to carry it through the next year. The Company will immediately retain outside assistance to evaluate potential additional capitalization options."


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.

No Securities Commission or other regulatory authority having jurisdiction over icefloe has approved or disapproved of the information contained herein.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

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