Industrial Enterprises of America Delays Fiscal 2007 Third Quarter Filing

  
    
  
  
    
      Industrial Enterprises of America, Inc. (OTC BB:IEAM), a specialty 
      automotive aftermarket supplier, today announced it will file a Form 
      12b-25 with the Securities and Exchange Commission for an automatic five 
      day extension to file its Quarterly Report on Form 10-Q for the period 
      ended March 31, 2007. Due to the sudden illness of the Company’s 
      recently-appointed CFO, Dennis O’Neill, 
      Industrial Enterprises requires additional time to complete the 
      remaining work necessary to file its Quarterly Report on Form 10-QSB. 
      The Company now plans to file its fiscal third quarter results on May 
      22, 2007. Effective immediately, as Mr. O’Neill 
      is recovering, current CEO John Mazzuto will serve as acting CFO. 
      Details regarding the Company’s third quarter 
      earnings conference call will be provided in a subsequent press release.
    
    
      Additionally, Industrial Enterprises of America is holding an investor 
      and analyst tour of its Pitt Penn Facility on June 6, 2007. If you are a 
      professional investor or analyst and would like to attend the facility 
      tour or have questions concerning this event, please call either Chris 
      Witty of Lippert Heilshorn at 212-838-3777 or David Zazoff of Industrial 
      Enterprises of America at 212-505-5976.
    
    
      About Industrial Enterprises of America
    
    
      Industrial Enterprises of America, Inc., headquartered in New York, NY, 
      is an automotive aftermarket supplier that specializes in the sale of 
      anti-freeze, auto fluids, charcoal fluids, and other additives and 
      chemicals. The company has distinct proprietary brands that collectively 
      serve the retail, professional and discount automotive aftermarket 
      channels.
    
    
      Except for the historical information contained herein, the matters 
      discussed in this press release may include forward-looking statements 
      or information. All statements, other than statements of historical 
      fact, including, without limitation, those with respect to the 
      objectives, plans and strategies of Industrial Enterprises of America 
      set forth herein and those preceded by or that include the words 
      ``believes,'' ``expects,'' ``given,'' ``targets,'' ``intends,'' 
      ``anticipates,'' ``plans,'' ``projects,'' ``forecasts'' or similar 
      expressions, are forward-looking statements. Although the Company's 
      management believes that such forward-looking statements are reasonable, 
      it cannot guarantee that such expectations are, or will be, correct. 
      These forward-looking statements involve a number of risks and 
      uncertainties which could cause the Company's future results to differ 
      materially from those anticipated, including: (i) the Company's history 
      of ongoing operating losses; (ii) the overall marketplace and clients' 
      usage of products, including demand therefore, the impact of competitive 
      technologies, products and pricing, particularly given the substantially 
      larger size and scale of certain competitors and potential competitors, 
      control of expenses, and revenue generation by the acquisition of new 
      customers; Other risks are detailed from time to time in the Company's 
      2006 Annual Report on Form 10-K, as amended, its Quarterly Reports on 
      Form 10-QSB, and in its other Securities and Exchange Commission reports 
      and statements. The Company assumes no obligation to update any of the 
      information contained or referenced in this press release.