SOURCE: Ikona Gear International, Inc.

July 18, 2007 13:00 ET

Ikona Completes First Closing of Equity Financing

COQUITLAM, BC--(Marketwire - July 18, 2007) - Ikona Gear International, Inc. "Ikona" (OTCBB: IKGI), an innovator in compact, lightweight, gearing systems solutions, announced that it has received $1,000,000 (USD) in exchange for 1,666,667 units. The units will be issued at $0.60 per unit and consist of one share of Ikona Common Stock and one half of a warrant. Each whole warrant entitles the holder to acquire a share of Ikona Common Stock at an exercise price of $0.65 per share for a period of one year.

Having completed this first closing of equity financing, Ikona is now negotiating a second tranche with a commercial strategic partner for an additional investment. The Company then plans to use the total proceeds to:

Repay the $1,200,000 10% Convertible Promissory Notes.

Expand its product awareness within select Industries where it has had intitial successes.

Enhance the Company's investor awareness program with targeted activities including International road shows and attending key financial conferences.

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 is 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 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/.

Contact Information

  • 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