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Ikona Receives Initial Orders of $650,000 for New Oil and Gas Drilling Products

Posted on: Tuesday, 15 August 2006, 15:01 CDT

Ikona Gear International, Inc. (OTCBB: IKGI), an innovator in compact, lightweight, gearing systems solutions, today announced that its oil and gas field machinery division, Ikona Industries, has received orders in excess of $650,000 for its recently launched proprietary oil and gas drilling machinery. The product applications include drawworks, mud pump drives and speed increasers. The customers, leading oil and gas field explorations companies, have chosen Ikona's products over current equipment supplied into the market by competitors due to inherent advantages of performance, ease of integration and reduced capital costs to the drilling companies.

"We are very excited to see such a rapid response, in terms of orders, to the recent launch of our new oil and gas related products," said Laith Nosh, Ikona CEO and President. "This initial endorsement by leading oil and gas field explorations companies is further evidence of the tremendous benefits provided by our proprietary gearing technologies."

Ikona's drawworks are rugged, compact and lightweight oil field machinery, designed to require smaller footprints on the drilling deck and facilitate ease of lifting and relocation. Ikona's 2 speed drawworks design provides the operator with enhanced lifting capacity, improved maneuvering at high speed, and desired power for the heavy lifts when needed. A drawworks is the main hoisting winch on a drilling platform, designed to lift drilling lines up and down the drill hole.

Ikona's proprietary mud pump drives designs are lighter and more compact than any other equipment with comparable rating currently available to the market. Mud pump drives are important integrated components of a drilling rig, facilitating the operation of the drilling rig mud pump at desired speed and power, and producing the required flow and pressure for powering the drilling head.

By 2009, the drilling equipment market is expected to account for 40 percent of the $13 billion North American oil and gas field machinery market. (www.euromonitor.com)

Ikona Industries is engaged in discussions with a number of drill rigs manufacturers and oil and gas explorations companies interested in using Ikona's patented gear technology in the development of their products. These and other initiatives have potential to translate into very significant revenue for 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. The company currently markets applications for oil and gas field machinery, automotive, telecommunications, and medical devices, identified as high growth sectors in the $100 billion global gearing technology 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.

 Investor Relations Contacts: Mark D. Tullio Contact via http://www.marketwire.com/mw/emailprcntct?id=C66FE7D990737B8A or Marty Tullio Contact via http://www.marketwire.com/mw/emailprcntct?id=4AEFB1CAF130F361 McCloud Communications, LLC 949.553.9748  Company Contact: Scott Rose Contact via http://www.marketwire.com/mw/emailprcntct?id=15526BB80D390A92 Ikona Gear International 604.523.5507  

SOURCE: Ikona Gear International, Inc.

Source: MARKET WIRE

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