Ikona Sells Line of Mud Pump Drives to Its Canadian Distributor
Wednesday August 6, 10:30 am ET
Company to Focus on Developing Products Around Patented Gearing Technology
COQUITLAM, BC--(MARKET WIRE)--Aug 6, 2008 -- Ikona Gear International, Inc. (OTC BB:IKGI.OB - News), an innovator of compact, lightweight, oil and gas field machinery and gearing technology, today announced that it has entered into an Agreement of Purchase and Sale of Assets with Canadian-based Saskatchewan LTD.
In keeping with world demand for more efficient products, Ikona has successfully designed, developed and manufactured a line of innovative mud pump drive systems. Under the terms of the Agreement, Saskatchewan LTD will acquire from Ikona the exclusive rights to manufacture and distribute the product line on a worldwide basis. The proceeds from the sale were not disclosed due to the competitive nature of the oil and gas machinery sector.
"Saskatchewan LTD has a stellar reputation within the industry and has been an excellent distributor of our products for the past two years," commented Ikona Gear CEO Laith Nosh. "They had significant input into the development of the mud pump drives and are experienced in the assembly and testing of the products."
Nosh continued, "This sale demonstrates not only our ability to design innovative, cutting-edge products, but our ability to commercialize these products. We will continue to develop our oil and gas machinery equipment, including our drawworks, in parallel with focusing our assets on the development of additional applications for our patented gearing technology. Currently we have applications within the automotive, communications, and medical device industries, upon which we plan to expand.
"Ikona and ICA Advisors, a division of Intellian Capital, are also investigating partnerships within the alternative energy sector that would allow us to incorporate our patented gearing technology in wind energy turbines."
Ikona's mud pump drives (MPD) are recognized within the oil and gas industry 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.
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.
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