SOURCE: Ikona Gear International, Inc.

February 14, 2007 09:00 ET

Ikona Delivers First Commercial Shipments of Mud Pump Drives to Oil and Gas Customers

Light Weight, Compact Design of Ikona Mud Pump Drives Provide Customers With a Significant Competitive Advantage

COQUITLAM, BC -- (MARKET WIRE) -- February 14, 2007 --Ikona Gear International, Inc. (OTCBB: IKGI) ("Ikona"), an innovator in compact, light weight, gearing systems solutions, today announced that it has made its first commercial shipments of its new Mud Pump Drives (MPD) to major oil and gas companies in Canada and the U.S.

The company is in the final stages of equipping its new oil and gas product assembling facilities in Coquitlam, B.C. and intends to significantly expand its MPD production over the coming months. The MPD 1100 Series 1- and 2-speed mud pumps sell for approximately $45,000. During March, Ikona plans to begin shipments of its Draw Works (DW) products which sell for approximately $500,000. A drilling rig requires at least one MPD and a DW.

Mud pump drives are important integrated components of a drilling rig, as they facilitate the desired speed and power of the drilling rig mud pump and produce the required flow and pressure for powering the drilling head. The market for these products is expanding and it is estimated that during 2005 more than 75,000 wells were drilled worldwide.

"With our new oil and gas product assembly facility capable of producing more than US $30 million in sales, we are highly focused on rapidly building our oil and gas customer base," said Ikona CEO and President Laith Nosh. "The incorporation of our proprietary gear technology allows our mud pump drives to be designed lighter and more compact than competitive equipment with a comparable rating. A key benefit of Ikona's lighter, more compact MPD design is the reduction of downtime when moving a rig between drilling locations. By reducing downtime we provide our customers with a significant competitive advantage," added Nosh.

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/.

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

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

    Company Contact:
    Scott Rose
    Ikona Gear International
    604.523.5507
    Email Contact