TULSA, Okla., Feb. 5, 2004 (PRIMEZONE) -- Icoworks Inc. (OTCBB:ICOW): The Company today announced that its 53% subsidiary Icoworks Holdings Inc. has opened an office in Portland Oregon
Graham Douglas, Chairman stated, "The addition of a west coast presence enhances our diversity across a number of major North American markets. The Portland office marks our first U.S. expansion out of Oklahoma and Texas and is part of our overall strategy to become one of the leaders in the asset realization business in North America. The expansion compliments our oilfield operations unit, Premier Auctioneers International Inc., which is arguably the preeminent oilfield equipment liquidator in North America.
"Carl Henriksen, will head up our Portland, Oregon office. He is another seasoned veteran in the auction business who has joined our Icoworks Services Inc. subsidiary. Carl will oversee and manage the expansion and integration of this new business unit located in the North West USA region. Carl will also provide his expertise to our existing operations."
Carl stated, "I am looking forward to working with the outstanding team that has been established and contributing to the growth of the Company"
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.