Northern Lights Airlines a Joint Venture of ICBS signs MOU for 12.5 million equity investment.

NEW YORK and MONTREAL, Dec. 10  /PRNewswire-FirstCall/ -- Northern Lights Airlines Ltd., a start up charter airline and joint venture of ICBS Limited (PINKSHEETS: ICBM), announced today that Northern Lights Airlines , has signed a Memorandum of Understanding for a $12.5 million dollar equity investment by a private equity group.

Airline executive Peter Papadatos, President and CEO along with Garth McIntosh, President and CEO of ICBS signed a formal MOU with a private equity investors on December 6, 2007. Northern Lights Airlines is expected to launch in the spring of 2008 with its first flights to Tunisia, and other Mediterranean destinations. An exclusive two year deal was signed with the Tunisian government, (September 19, 2007 PR) which will make NLA the only Canadian carrier to have such an exclusivity. Flights will originate from Montreal and Toronto Canada and are expected to produce between 40-50 million dollars in revenue per year.

Northern Lights Airlines, Ltd. ("NLA") is a new international charter airline. NLA was organized to exploit a gap in the long-haul international travel market that exists with low cost, high comfort and high quality service.

The gap in the availability of low cost international service to and from Canada, coupled with high demand for passenger travel on selected routes from Montreal and Toronto, indicates that this new entrant airline is well positioned to capture a significant portion of current air travel business in that market. Northern Lights Airlines,. intends to fill that gap and revolutionalize charter travel across the Atlantic with standard-setting service levels that restore respect to passengers.

  Peter Papadatos, President & CEO , Northern Lights Airlines.

  http://www.northernlightsairlines.com/



This news release includes statements that constitute forward-looking statements. Please be aware that any such forward-looking statements are not guarantees of future performance and involve significant risks and uncertainties, and that actual results may vary materially from those in the forward-looking statements as a result of any number of factors, including the risk factors contained in the Company's disclosure documents. 

DATASOURCE: Inter Canadian Business Service



CONTACT: Garth McIntosh, President & CEO, ICBS, 1-888-932-4402,

http://www.icbs.ca/

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