A SIGNIFICANT MILESTONE FOR IKONA GEAR: IKONA GEAR TECHNOLOGY LICENSED FOR FIRST AUTOMOTIVE APPLICATION
IKONA GEAR TECHNOLOGY LICENSED FOR FIRST AUTOMOTIVE APPLICATION
COQUITLAM, B.C. -- November 22, 2006 -- Ikona Gear International, Inc. (OTCBB: IKGI), announced that its patented gearing system has been licensed for its first automotive application, an electric parking brake actuator.
The new electric parking brake actuator (patent pending) is a plastic assembly that incorporates Ikona's gearing technology, providing a self-locking design which provides the highest single stage of gearing in a stronger, smaller, lighter and more efficient electric parking brake system. The electric parking brake replaces the manual hand brake and offers a range of advantages through its integration into the on-board vehicle network and control systems.
For the car manufacturer the electric parking brake provides more freedom in the vehicle interior and contributes to an attractive interior design. For the driver the electric parking brake offers effortless brake setting by simply pressing a dash-mounted button. The introduction of electric parking brakes is widely seen as the first step toward fully electric braking and brake by wire applications in the automotive industry.
"The Ikona technology is one of the keys to our electric parking brake system, enabling us to make it both compact and light weight. We hope to continue our collaboration with Ikona as we investigate Ikona technology for use in other geared applications," said Manfred Gingl, Executive Vice-Chairman of Magna International Inc.
Magna Drivetrain AG & Company KG will incorporate Ikona's technology into the electric parking brake actuator pursuant to the terms of a license agreement dated December 15, 2005, between Ikona and Magna Drivetrain's indirect parent, Magna International Inc. This application will be on an exclusive basis, for which Magna Drivetrain has paid Ikona a "designation fee," and is also subject to a per unit royalty.
"Being selected by Magna Drivetrain for our first automotive application is a major milestone for the Ikona technology," commented Ikona CEO and President Laith I. Nosh.
