SOURCE: Ikona Gear International

December 11, 2007 16:30 ET

Ikona Achieves Record Revenue for Its Fourth Quarter and Doubles Revenue for Fiscal 2007

COQUITLAM, BC--(Marketwire - December 11, 2007) - Ikona Gear International, Inc. (OTCBB: IKGI) ("Ikona"), a provider of compact, lightweight, gearing systems solutions, today announced that it has achieved a record fourth quarter, ended August 31, 2007, with revenues in excess of $500,000 for the period. In addition, the company has doubled its annual revenue in fiscal 2007 to $1,041,789, from $464,213 in the previous fiscal year, ended August 31, 2006. Ikona currently has an order backlog in excess of $2 million and is significantly building its pipeline of new sales. The audited financial statements have been filed in its Form 10KSB with the SEC (www.sec.gov).

2007 Highlights included:

--  Received purchase orders for $2,075,000
    
--  Raised $2,245,000 at an average price per share of $0.54
    
--  Significant milestone achieved with Magna Power Train for license of
    gear technology in first automotive application, with new applications
    being developed
    
--  Delivery of initial satellite pedestals for a major U.S.
    telecommunications company
    
--  Executed a distribution agreement with Amerimex Motor and Control of
    Houston, Texas. Amerimex has been instrumental in assisting Ikona with
    initial penetration into the U.S. market
    

Subsequent to Year End:

--  The company has raised additional capital of $1,656,000 at an average
    of $0.50 per share
    
--  The company has repaid in full the accrued capital and interest on a
    10 percent convertible note totaling $1,200,000
    

"As demonstrated by the fourth quarter revenue, we have seen significant momentum build in demand for our products," said Ikona CEO Laith Nosh. "With our current oil and gas order book alone, we believe that our revenue for the first six months of fiscal 2008 could be more than double the total revenue for fiscal 2007."

About Ikona Gear International, Inc.

Ikona Gear is a knowledge-based company focused on the design and manufacture of innovative and patented solutions for gearing and power transmission applications, a $100 billion market. The Ikona gear system has features that we believe are better, stronger, more precise and generally superior to standard gearing systems. The Company's unique, patented technology is ideally suited for deep ratio, weight and size constrained applications where often it is the only superior solution. The Ikona gear technology is the only technology that enables internal gear-sets with only one tooth difference, resulting in a much higher meshing of gears, and significantly higher gear ratios -- very important factors, especially in plastic gearing solutions. Ikona trades on the Over the Counter market under the symbol "IKGI" and on the Frankfurt Exchange under the symbol "IG2." For more information on Ikona, please visit www.ikona.ca/.

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: This news release contains forward-looking information within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements that include the words "believes," "expects," "anticipate" or similar expressions. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the company to differ materially from those expressed or implied by such forward-looking statements. In addition, description of anyone's past success, either financial or strategic, is no guarantee of future success. This news release speaks as of the date first set forth above and the company assumes no responsibility to update the information included herein for events occurring after the date hereof.

Contact Information

  • CONTACTS:
    Investor Relations Contact
    Marty Tullio
    McCloud Communications, LLC
    949.553.9748
    Email Contact

    Company Contact
    Scott Rose
    Ikona Gear International
    604.523.5507
    Email Contact