TULSA, Okla., Feb. 5, 2004 (PRIMEZONE) -- The Company today announced that Mr. B.B. Tuley has been appointed as a Director of Icoworks Inc. Mr. Tuley is a CPA who will provide the Company with his insight in operations and corporate governance. Mr. Tuley brings to the board over 30 years of high level experience managing and consulting with companies in a wide range of industries. Mr. Tuley's experience, having served as CEO, CFO and director of several private and public companies as well as his public accounting background, will further strengthen the Icoworks team. Mr. Tuley also serves as a member of the Board of Trustees of the Research & Development Foundation of Texas A&M University and is a member of the Board's audit committee.
In addition, Mr. Gerry Linberg has been appointed as a Director of Icoworks Inc. Mr. Linberg is a seasoned sales executive who has been instrumental in a number of start up successes and as an innovator launched a successful CD based parts catalogue for American Honda and MAC Trucks. Mr. Linberg was Director of Operations for Autoweb.com, Inc. where he created corporate infrastructure and implemented their business plan. Mr. Linberg has a Bachelor of Arts in Political Science from Seton Hall University and a Juris Doctorate from Western New England College School of Law.
Graham Douglas, the Chairman, stated, "We are delighted that B.B. and Gerry have agreed to serve as we are sure to benefit from their operational experience and extensive contacts."
About Icoworks
Icoworks Inc. has acquired a 53% 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 47% 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 Inc., named after the Latin word "ico" (meaning to strike a bargain), is an integrated commercial/industrial auction company focused on consolidating the industry. Through its subsidiaries, Icoworks offers a complete array of industrial, oilfield, commercial appraisal, liquidation and auction services. As a consolidator of the traditional industrial auction industry, the company enhances bricks and mortar businesses by employing electronic information technologies to provide a trading environment that allows buyers and sellers of both mobile and stationary equipment to conduct transactions in a secure, convenient, geographically independent marketplace.
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.