icefloe Technologies Inc. Files an Assignment in Bankruptcy Under the Bankruptcy and Insolvency Act
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MISSISSAUGA, ONTARIO, Jan 31 (MARKET WIRE) -- icefloe Technologies Inc. ("icefloe") (TSX VENTURE: ICY) today announced that it has filed an assignment in bankruptcy under the Bankruptcy and Insolvency Act. The company is unable to meet its ongoing obligations, and specifically was unable to make a January 24, 2008 interest payment due to its secured lenders. The secured lenders have exercised their right to of enforcement and icefloe was today served with a Notice of intention to enforce security pursuant to s.244 of the Bankruptcy and Insolvency Act. Icefloe, with the consent and agreement of the secured lenders, has appointed BDO Dunwoody to act as Trustee in Bankruptcy. J. Robert Furse, icefloe's Chairman of the Board, commented "The company has been aggressively pursuing all recapitalization options, including the sale of the company, as announced in April, 2007. Regrettably we have been unsuccessful in finding a solution to the company's ongoing working capital requirements." Wayne Newson icefloe's President and CEO added "Our Company's success is dependent on our ability to develop and commercialize proprietary heat exchange technologies for beverages. Over the last 7 years the company has acquired or developed a number of new processes and technologies, and has invested substantially in Research and Development and patent filings. Our ability to commercialize these new technologies has been below expectations and, as a result, there are insufficient earnings to cover current and long term obligations." ABOUT ICEFLOE TECHNOLOGIES INC Founded in March 2001, icefloe is a Canadian- based company dedicated to the development and commercialization of its proprietary chilling technology which brings flash chilling capability in a portable form and enables the beverage industry to serve ice cold draft beer without excessive foam loss, anytime and anywhere. Since April 2001, icefloe has focused its efforts on securing patents for its platform technologies, while developing, field-testing, manufacturing and marketing commercial products using its unique technologies. Its wholly owned subsidiary, Draught Guys Inc., provides installation, sales and service for both traditional draft systems and icefloe's proprietary products in the Ontario market. icefloe commenced trading on Tier 2 of the TSX Venture Exchange on April 14, 2004 under the symbol "ICY". For more information about icefloe, please visit the company website at www.icefloe.com. Certain information included in this press release is forward-looking and may involve risks and uncertainties. The results or events predicted in these statements may differ materially from actual results or events. Factors that might cause a difference include, but are not limited to, competitive developments, risks associated with icefloe 's growth, the development of the beverage market, regulatory risks, intellectual property infringement and other factors. Unless otherwise required by applicable securities laws, icefloe disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. More detailed information about potential factors that could affect icefloe's financial and business results is included in public documents icefloe files from time to time with Canadian securities regulatory authorities. No Securities Commission or other regulatory authority having jurisdiction over icefloe has approved or disapproved of the information contained herein. TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release. Contacts: icefloe Technologies Inc. Wayne Newson President and Chief Executive Officer (905) 712-7777 Website: www.icefloe.com Copyright 2008, Market Wire, All rights reserved. -0-
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