SOURCE: Ikona Gear International

January 28, 2008 07:00 ET

Ikona Secures $300,000 Order for Mud Pump Drives From Canadian Oil & Gas Equipment Integrator

Follow-Up Order Is a Strong Endorsement of Ikona's Innovative Oil & Gas Products

COQUITLAM, BC--(Marketwire - January 28, 2008) - Ikona Gear International, Inc. (OTCBB: IKGI), an innovator of compact, lightweight, oil and gas machinery and gearing technology, today announced that it has received a $300,000 purchase order for its Two-Speed Mud Pump Drive from a Saskatchewan-based equipment integrator of oilfield equipment.

"Our lead products target the oil and gas industry, which is enjoying significant global expansion," commented Ikona CEO and President Laith Nosh. "Here in Canada, we are pleased to see strong indications of renewed growth and activity developing in Alberta, Saskatchewan and Manitoba, that will boost the sales of our family of compact, lightweight Mud Pumps Drives, Drawworks and Speed Increasers."

Ikona's Mud Pump Drives are an integral part of Ikona's innovative oil and gas product offering, which also includes the Ikona Drawworks, Hydraulic Clutch Power Takeoff and Speed Increasers. Ikona's compact, lightweight oil and gas products offer customers considerable competitive advantages with respect to performance, efficiency, operating and relocation costs.

"This is the second order we have received from this integrator," stated Ikona's Executive Vice President Joe Vosburgh. "We believe this reinforces the superior design, features and end-user benefits provided by our Mud Pump Drive product line -- an indication that the market is demanding innovative, cost effective oil and gas rig technology."

Ikona Mud Pump Drives

Ikona's Mud Pump Drives facilitate the desired speed and power of the drilling rig mud pump and produce the required flow and pressure for powering the drilling head. They represent a considerable savings in capital expenditure versus existing assembled solutions and enable oil and gas packagers to reduce the overall footprint of the Mud Pump package by up to 40 percent. Their compact footprint eases permitting requirements, making the Mud Pump system easier and less costly to transport, which minimizes rig downtime.

About Ikona Gear International, Inc.

Ikona Gear is a knowledge-based company with innovative and proprietary products targeting two significant markets: oil and gas field machinery and gearing and power transmission applications. The company provides a family of mud pump gear drives, hoisting drawworks and speed increasers that have established new standards within the oil and gas industry for their efficiency, weight and small footprint on the drilling platform. The company's unique patented gear technology enables engineers to design gear products with a higher power-to-weight ratio, increased control and precision of gear movement, extremely high input-to-output speed ratios and generally superior application performance over standard gearing systems. It is best suited for applications with deep ratio requirements and weight and size constrains such as the automotive industry, satellite communications equipment, robotics and medical devices. Ikona trades on the OCTBB trading system under the symbol "IKGI" and on the Frankfurt Exchange under the symbol "lG2." For more information, 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 and Media Relations Contact:
    Marty Tullio
    McCloud Communications, LLC
    949.553.9748
    Email Contact

    Company Contact:
    Scott Rose
    Ikona Gear International
    604.523.5507
    Email Contact