Icoworks Inc. Expands and Strengthens Board of Directors


TULSA, Okla., Jan. 13, 2004 (PRIMEZONE) -- Icoworks Inc. (OTCBB:ICOW) is pleased to announce the following appointments to its Board of Directors.

Mr. Graham Douglas is appointed as Director, and will serve as CEO. Mr. Douglas has extensive business experience and has directed the growth and operations of Icoworks Holdings Inc., a 53% owned subsidiary of Icoworks Inc. for several years.

Michael Diening is appointed as Director, and will serve as President and COO of the Company and its subsidiaries. Mr. Diening, an engineer by profession, has directed and managed international business units of several multi national corporations.

Mssrs Thomas Butt and Crawford Shaw were appointed to the board as well. Mr. Butt is a healthcare management consultant with substantial experience in design, building and process management practices. Mr. Shaw is a member of the firm Sonfield and Sonfield, a law firm based in Houston, Texas with extensive experience in commercial law, corporate finance and litigation.

The appointment of these new Directors will significantly strengthen the board of Icoworks Inc. as the company continues its growth strategy.

Mr. Ian Brodie, who served as the Company's sole Director and officer has stepped down, having served on the board since the Company acquired its interest in Icoworks Holdings in February of 2003. Mr. Brodie was a founder of Icoworks Holdings Inc.

Graham Douglas stated that "this expansion of the Board is part of the evolution of the Company and I look forward to working with the new board members to move the Company forward. We will focus our efforts on profitable integration of all of our acquired businesses over the next 12 months."

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.

For Further Information Contact: Icoworks Investor Relations at 918 499 8900

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.



            

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