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Icoworks purchases plant equipment and hardwood flooring inventory of Janus
Flooring for liquidation
Total Gross Sales Estimated at CDN $3.2 Million
TORONTO, Nov. 4 /PRNewswire-FirstCall/ -- Icoworks Inc.'s (OTCBB:ICOW)
(FRANKFURT:ICOW.F) wholly owned subsidiary, Icoworks Eastern Limited
("Icoworks"), is pleased to announce that it has acquired the hardwood flooring
inventories of Janus Flooring Corporation, as well as the equipment and other
contents of its hardwood flooring manufacturing plant, and anticipates
liquidating the inventory for total gross sales of approximately CDN $3.2
Million.
"This is our first major liquidation in the Metro Toronto area, and we
anticipate an active liquidation of this fine hardwood flooring as we approach
the Christmas buying season," stated Mr. Graham Douglas, President of Icoworks
Holdings Inc.
Icoworks will be liquidating the hardwood flooring which includes red and white
oak, maple, birch, ash, bamboo, exotics and parquet flooring, as well as
auctioning all manufacturing equipment including moulds, saws and dust
collectors. The liquidation will be held at 1, Laird Drive, Toronto, Ontario at
8:00 AM EST on November 30, 2003. To preview these items please visit our
website at http://www.icoworks.com/ or contact Ron Krause at (403) 680-7742.
About Icoworks Inc.
Icoworks Inc. has acquired a 56% interest in Icoworks Holdings Inc.
(http://www.icoworks.com/) an integrated Commercial/Industrial Auction company.
In November of 2002 Icoworks Inc. announced its intent to merge with Icoworks
Holdings. Icoworks Inc. plans to acquire the remaining 44% interest in Icoworks
Holdings by issuing two shares of its common stock for each remaining share of
Icoworks Holdings. The Icoworks merger remains subject to approval by the
shareholders. The shareholder meeting will be held once requisite regulatory
documents have been prepared and filed.
Icoworks, through its subsidiaries, offers a complete array of industrial,
oilfield and commercial appraisal, liquidation and auction services. Every
Icoworks auction or liquidation benefits from many years of experience in the
industry, and a corresponding network of almost 200,000 proven purchasers.
Icoworks Holdings has a 25-year history of profitability, qualified experienced
management, excellent industry contacts, and a high- quality reputation for
finding qualified buyers for their sellers.
For more information contact:
Investor Relations
Westin Communications Inc.
Toll: 800-430-4034
Tel: 604-669-3707
Email:
Web: http://www.westincomm.com/
Regency Financial Public Relations
Tel: 303-771-7300
Email:
This Press Release may contain, in addition, to historical information,
forward-looking statements 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. These statements are based on management's expectations and beliefs,
and involve risks and uncertainties. These statements may involve known and
unknown risks and uncertainties and other factors that may cause the actual
results to be materially different from the results implied herein. Key factors
that could cause actual results to differ materially from those described in
forward-looking statements are:
(i) the inability of Icoworks to complete the merger with Icoworks
Holdings to acquire the minority interest of Icoworks Holdings that
it does not own, of which there is no assurance; and
(ii) the inability of Icoworks to achieve the financing required to
pursue its plan of operations, of which there is no assurance.
Readers are cautioned not to place undue reliance on the forward-looking
statements made in this Press Release.
DATASOURCE: Icoworks, Inc.
CONTACT: Investor Relations, Westin Communications Inc., Toll:
800-430-4034, Tel: 604-669-3707, Email: , Web:
http://www.westincomm.com/; Regency Financial Public Relations, Tel:
303-771-7300,
Email: