SOURCE: Ikona Gear International, Inc.

May 22, 2006 09:35 ET

Ikona Gear Receives Order for Prototype From New World Associates, Inc.

Letter of Intent Provides for Gearing Technology to Drive Advanced Prosthetic Applications

COQUITLAM, BC -- (MARKET WIRE) -- May 22, 2006 -- Ikona Gear International, Inc. (OTCBB: IKGI), an innovator in compact, lightweight, gearing systems solutions, today announced that it has received a new order to design and build for a prototype gear set for advanced prosthetic applications. The order was announced along with a Letter of Intent ("LOI") with New World Associates, Inc., a Virginia-based product development and engineering firm focused on the rapid prototyping and commercialization of cutting edge technologies.

"New World's team has a reputation for thoroughly assessing and rapidly developing new technology-driven applications," said Ikona CEO and President Laith Nosh. "Given our previous success in medical gearing solutions such as our Mayo Clinic Arm Brace, we anticipate use of our patented gearing technology in prosthetics should prove beneficial. We look forward to working closely with New World's team on moving from prototype to the next phase in product development."

Under the terms of the LOI, Ikona will design, develop and deliver to New World up to 10 engineering prototypes using a customized gear profile for use in a variety of advanced prosthetic devices. New World will provide in-depth testing and evaluation of the Ikona Gear technology platform as it relates to New World's target applications. Upon successful completion of testing, New World will provide an engineering assessment and enter into a licensing agreement with Ikona.

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.ikonagear.com/.

About New World Associates, Inc.

New World Associates, Inc. is a privately held engineering and product development firm engaged in the development of medical products, testing and analysis services for military vehicles, nuclear, biological, and chemical (NBC) protection systems for buildings, ships, and shelters, and commercial products. New World provides engineering and product development services to a broad customer base that includes local high technology companies, shipyards, and Fortune 100 companies. For more information, contact Megan O'Rourke at (540) 373-1435 or via email at news@newworldassociates.com.

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 or Mark D. Tullio
    McCloud Communications, LLC
    949.553.9748
    Email Contact
    Email Contact

    Company Contact:
    Scott Rose
    Ikona Gear International
    604.523.5507
    Email Contact