SOURCE: Ikona Gear International

April 16, 2008 09:45 ET

Ikona's Mud Pump Drive Incorporated Into Wagner Power Systems' New Pump Drive Package

COQUITLAM, BC--(Marketwire - April 16, 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 purchase order for its single-speed Mud Pump Drive from Albuquerque, New Mexico-based Wagner Power Systems, a division of Wagner Equipment Company.

"Ikona's mud pump drives were selected for their compact, lightweight design which reduces its footprint by over 40 percent when compared to other solutions currently available," said Wagner Power Systems Project Engineer Kevin Phelan. "We believe the combination of Ikona's small footprint, integrated clutch, and reduced output shaft speed, combined with the strong performance of the new Caterpillar C27 and C32 Pump Drive Packages, will provide a competitive advantage with respect to functionality, efficiency, operating and packaging costs."

Wagner Power Systems provides Caterpillar engines, pump packages, generator sets and related equipment used in a variety of power applications. Their expertise extends to the production of pump packages and other one-of-a-kind custom applications tailored for the oil and gas industry. Ikona's Mud Pump Drive will be incorporated into Wagner's new Caterpillar C27 Pump Drive Package and showcased at the Four Corners Oil and Gas Conference in Farmington, New Mexico in May, and at the Permian Basin Oil Show held in Odessa, Texas in October. Both are premier shows for the oil and gas industry.

"The Ikona Mud Pump Drive is an integral part of our specialized oil and gas product line, which also includes the Ikona Drawworks, Hydraulic Clutch Power Takeoff, and Speed Increasers," said Ikona COO George Stefan. "Our integration strategy with Wagner Power Systems will provide tremendous exposure within the industry and is a clear indication that our mud pump drives are leading edge components for minimizing cost and space on the oil rig."

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