icefloe Technologies Inc. Files an Assignment in Bankruptcy Under the Bankruptcy and Insolvency Act

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

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