IKONA GEAR INTERNATIONAL LAUNCHES NEW DIVISION FOR OIL AND GAS INDUSTRY APPLICATIONS

New Division Generating Revenue as Company Expands into New Vertical Markets

[ClickPress, Tue Jan 24 2006] Ikona Gear International, Inc. (OTCBB: IKGI), a leader in innovative gearing systems technology, today announced it has launched a new division, Ikona Industries Corporation, to focus on developing, manufacturing and shipping novel gearing applications for the oil and gas and related industries. The company announced that the new division has already secured its first customer, with the lead project boasting revenue potential in excess of $250,000. Market development for the division is being spearheaded by Vladimir Scekic, P.Eng., who recently joined the Ikona management team as Vice President of Business Development.


“The oil and gas industry provides tremendous potential for Ikona,” said Ikona CEO and President Laith I. Nosh. “We have spent considerable time cultivating industry relationships, hiring a team of oil and gas experts, and developing customized gearing technologies, in preparation for the division launch. This high-growth sector is marked by relatively minimal competition and lends itself perfectly to our gearing technology. We anticipate the oil and gas industry sector will prove to be of strategic importance to Ikona moving forward.”


The new division will continue developing innovative gearing technology solutions in three primary application areas: (1) speed increaser applications – average value $28,000 per unit in a Canadian market size of more than 300 units per year; (2) speed reducer applications – average value $40,000 per unit in the U.S. market size of more than 300 units per year; and (3) drawworks – average value $300,000 to $500,000 per unit in the North American market size of more than 250 units per year.


“The oil and gas market is the hottest it’s ever been,” commented Ikona Vice President of Business Development, Vladimir Scekic. “It’s characterized by an older generation of inefficient technologies and, with today’s equipment utilization rates well over 90 percent across the market, new technology is necessary to meet burgeoning demands. Not only does the oil and gas industry provide the perfect arena for our technology, but the applications we’ve developed are portable across other alternative energy markets, including wind power generation. With its first client on board, Ikona is poised to quickly capture market share in 2006.”


The Ikona Industries Corporation is being led by a team of oil and gas industry veterans. Prior to joining Ikona, Vladimir Scekic, George Stefan and Sasa Tesic formed the nucleus of Pacific Rim Engineered Products, a multi-million dollar manufacturer of mechanical power transmissions in Surrey, British Columbia. Together, the three were instrumental in converting an engineering and service firm of less than 10 employees into the leading player in power transmissions for oil and gas applications.




About Ikona Gear International


Ikona Gear is an engineering and low-volume manufacturing, knowledge-based company focused on the design and manufacture of innovative solutions for gearing applications. The company’s unique, patented gearing technology platform is ideally suited for demanding situations that involve manipulation of force, torque, and movement. Ikona's intellectual property, a unique gear tooth form that provides for very high gear reduction and very high tooth contact ratio, affords significant advantages over traditional planetary gearing systems including: very high torque, reduced size and weight, zero backlash, accurate back-and-forth actuation, low friction, superior efficiency and low noise. Ikona trades on the Over the Counter market under the symbol "IKGI" and on the Frankfurt Exchange under the symbol "IG2". For more information on Ikona, please visit us at www.ikonagear.com/.


Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: This news release contains forward-looking information 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, including statements that include the words "believes," "expects," "anticipates" or similar expressions. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the company to differ materially from those expressed or implied by such forward-looking statements. In addition, description of anyone's past success, either financial or strategic, is no guarantee of future success. This news release speaks as of the date first set forth above and the company assumes no responsibility to update the information included herein for events occurring after the date hereof.

# # #