Icefloe Technologies Inc.

Icefloe Technologies Inc.

April 19, 2007 16:55 ET

icefloe Technologies Inc.: Exploring Strategic Options Including Sale of Company

MISSISSAUGA, ONTARIO--(CCNMatthews - April 19, 2007) - The Board of Directors of icefloe Technologies Inc. ("icefloe") (TSX VENTURE:ICY) today announced that the Company is exploring all options to maximize shareholder value, including the sale of the Company.

Wayne Newson, icefloe's President and CEO stated "icefloe's development over the last few years has been steady, with continued significant increases in revenues and margins. However, it has become increasingly apparent that the Company is not growing at the rate required to fund the Research & Development and other costs required to continuously and successfully develop and commercialize its' growing range of proprietary products."

"We had one patent developed and commercialized when the business was formed in 2001. We now have 5 patents or patents applied for developed and commercialized and another 5 continue in development." Newson continued. "The products we have developed are not reaching their market potential, largely due to our lack of resources, both money and people. In order to achieve commercial success and value for our stakeholders we intend to explore all options, including the sale of the Company."


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.

Contact Information

  • icefloe Technologies Inc.
    Wayne Newson
    President and CEO
    (905) 712-7777 x222
    (905) 712-2826 (FAX)