Icefloe Technologies Inc.
TSX VENTURE : ICY

Icefloe Technologies Inc.

November 22, 2006 16:55 ET

icefloe Technologies Inc. Record 3rd Quarter Results

Sales of $1,045,811 up 82% vs. 2005 Gross Margin up 174% vs. 2005

MISSISSAUGA, ONTARIO--(CCNMatthews - Nov. 22, 2006) - icefloe Technologies Inc. ("icefloe") (TSX VENTURE:ICY) today released its operating statements for the three month and nine month periods ending September 30, 2006. The statements are prepared by management and have not been audited by icefloe's auditors.

- Third Quarter Sales were a record $1,045,811, an increase of $471,243 or 82% from the same period in 2005.

- Nine Month Sales were $ 2,346,513, an increase of $657,763 or 39% from the same period in 2005.

- Gross Margin in the Third Quarter was $316,319 or 30.2% of sales, an increase of $200,760 or 174% from the same period in 2005.

- Nine Month Gross Margin was $659,852 or 28.1% of sales, an increase of $245,790 or 59% from the same period in 2005.

- Third Quarter Net Loss was $286,697, an improvement of $243,759 or 46% from the same period in 2005.

- Nine Month Net Loss was $1,242,299, an improvement of $412,774 or 25% from the same period in 2005.

"This Quarter results represent the second quarter of record growth in revenue," said Wayne Newson, icefloe's President and CEO.

"These results reflect strong continuing growth in icefloe's proprietary product sales, tempered by continuing revenue softness at icefloe's wholly owned installation subsidiary, Draft Guys."

"Sales of icefloe's proprietary products were up 141% in the Third Quarter, and have increased 104% in the Nine Month period ending September 30, 2006."

"We are very pleased with the 2006 growth to date and expect the trend to continue. We will continue to seek operational improvements and reduce our cost base where possible, while maintaining our strong proprietary product development and commercialization goals," Newson concluded.

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.

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.

Contact Information

  • icefloe Technologies Inc.
    Wayne Newson
    President and CEO
    (905) 712-7777
    (905) 712-2826 (FAX)
    Email: wnewson@icefloe.com
    or
    icefloe Technologies Inc.
    David Elliott
    Executive Vice President and CFO
    (905) 712-7777
    (905) 712-2826 (FAX)
    Email: delliot@icefloe.com
    Website: www.icefloe.com