SOURCE: Ikona Gear International, Inc.

July 31, 2006 09:00 ET

Ikona Industries Receives Order From Schlumberger Limited

Schlumberger to Develop New Oil and Gas Well Servicing Application Powered by Ikona's Innovative Proprietary Transmission Design

COQUITLAM, BC -- (MARKET WIRE) -- July 31, 2006 --Ikona Gear International, Inc. (OTCBB: IKGI), an innovator in compact, lightweight, gearing systems solutions, today announced that its new oil and gas field machinery division, Ikona Industries, has received an order from Schlumberger Limited, the world's leading oilfield services company. Ikona will provide Schlumberger two customized prototype gear boxes for use in an innovative oil and gas well servicing application. Schlumberger has requested that the exact nature of the application remain confidential at this time.

The prototype systems are to be delivered by September 2006, and will be assessed by Schlumberger in both internal and field tests. A successful test program is expected to result in an initial order with a value of approximately $2.5 million. Schlumberger is the first significant entry into the oil and gas market for the company since forming its new Ikona Industries division in January and launching six new products at the Global Petroleum Oil Show in June 2006.

"We are pleased to be working with the world's leading oilfield services company in the development of a new technology to increase oil production," said Ikona CEO and President Laith Nosh. "In addition to our success in the automotive sector, the oil and gas industry holds tremendous promise for Ikona as analysts project the North American market for oil and gas field machinery to be approximately $11 billion per year."

About Schlumberger

Schlumberger is the world's leading oilfield services company supplying technology, information solutions, and integrated project management that optimize reservoir performance for customers working in the oil and gas industry. The company employs more than 66,000 people of over 140 nationalities working in more than 80 countries. Schlumberger supplies a wide range of products and services from seismic acquisition and processing; formation evaluation; well testing and directional drilling to well cementing and stimulation; artificial lift and well completions; and consulting, software, and information management. In 2005, Schlumberger operating revenue was $14.31 billion. For more information, visit www.SLB.com.

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

    Company Contact:
    Scott Rose
    Ikona Gear International
    604.523.5507
    Email Contact