Ikona Ships $200,000 Mud Pump Drive Order to Its Canadian Distributor
Date : 06/04/2008 @ 10:00AM
Source : MarketWire
Stock : Ikona Gear International (IKGI)
Quote : 0.08 -0.01 (-11.11%) @ 2:12PM
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Ikona Ships $200,000 Mud Pump Drive Order to Its Canadian Distributor
COQUITLAM, BC , an innovator of compact, lightweight, oil and gas machinery and gearing technology, today announced that it has shipped a US$200,000 order for two-speed mud pump drives to its distributor in Saskatchewan, Canada.
Ikona's mud pump drives (MPD) were selected for their compact, lightweight design, which presents a footprint that is approximately 40 percent smaller when compared to other solutions currently available. Its enhanced power-to-weight ratio lowers overall equipment costs and provides additional space on the oil rig.
"We are looking forward to exhibiting our MPDs and drawworks at the June 10 - 12 Global Petroleum Show at Stampede Park in Alberta, Canada," commented Ikona CEO Laith Nosh. "One of the pivotal industry events, the show has become the main stage for buying and selling products and services, the exchange of technology, sharing of ideas, and industry networking. This is an excellent venue to exhibit our innovative oil and gas products, as we expect over 20,000 executives from all aspects of the oil and gas industry to be attending the show."
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.
Ikona Drawworks
A drawworks is the heart of the drilling rig -- the main hoisting winch on a drilling platform, designed to lift drilling lines up and down the drill hole. Ikona's 2-speed Drawworks provide the operator with enhanced lifting capacity, improved maneuvering at high speed, and the required power for heavy lifts. Ikona's drawworks are completely enclosed with minimal maintenance requirements and provide a smaller footprint than competitive products. Ikona's Drawworks are 50-60 percent smaller and lighter than all competing products -- a critical feature for offshore drilling applications where space and weight are at a premium. Their rugged, compact and lightweight design facilitates the ease of relocating a rig between drilling locations, reducing downtime and providing Ikona's customers with a significant competitive advantage.
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 "IG2." 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.
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
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