SOURCE: Ikona Gear International, Inc.

March 21, 2007 09:00 ET

Ikona Receives $1.7 Million Purchase Order

COQUITLAM, BC -- (MARKET WIRE) -- March 21, 2007 -- Ikona Gear International, Inc. (OTCBB: IKGI) ("Ikona"), an innovator in compact, lightweight, gearing systems solutions, today announced that it has received a purchase order in excess of US$1.7 million to provide five oil and gas drawworks to a new U.S. customer. The order was received with the Company's standard 10 percent deposit payment.

The purchase order is the first the Company has received for multiple drawworks. Ikona has a variety of quotes out for its oil and gas products with potential customers and as a result, Ikona expects to receive further orders for increasing amounts of products over the coming weeks. The Company's sales focus has been on increasing the size and quantity of product required by customers.

"This is the most significant oil and gas related order we have received to date," commented Ikona CEO and President Laith Nosh. "The fact that we have customers prepared to purchase multiple products is a true endorsement of the added value our technology brings to the oil and gas industry. The uplift for Ikona will be significant as we accelerate our market penetration. In addition, our non oil and gas activities have made some significant progress and we expect to report increased business activities within these industries shortly," added Nosh.

About Ikona's Drawworks

A drawworks, the heart of the drilling rig, is the main hoisting winch on a drilling platform, designed to lift drilling lines up and down the drill hole. Ikona's 2 speed drawworks provide the operator with enhanced lifting capacity, improved maneuvering at high speed, and the required power for heavy lifts. Ikona's drawworks are completely enclosed with minimal maintenance requirements and provide a smaller footprint than competitive products on the drilling deck. Their rugged, compact and lightweight design facilitates the ease of relocating a rig between drilling locations. The ability to quickly and easily relocate a drilling rig reduces downtime and gives customers a significant competitive advantage.

About Ikona Gear International, Inc.

Ikona Gear is 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 Contact:
    Marty Tullio
    McCloud Communications, LLC
    949.553.9748
    Email Contact

    Company Contact:
    Scott Rose
    Ikona Gear International
    604.523.5507
    Email Contact