icefloe Technologies Inc. Files an Assignment in Bankruptcy Under the Bankruptcy and Insolvency Act

icefloe Technologies Inc. ("icefloe") (TSX VENTURE:ICY) today announced that it
has filed an assignment in bankruptcy under the Bankruptcy and Insolvency Act.


The company is unable to meet its ongoing obligations, and specifically was
unable to make a January 24, 2008 interest payment due to its secured lenders.
The secured lenders have exercised their right to of enforcement and icefloe was
today served with a Notice of intention to enforce security pursuant to s.244 of
the Bankruptcy and Insolvency Act.


Icefloe, with the consent and agreement of the secured lenders, has appointed
BDO Dunwoody to act as Trustee in Bankruptcy.


J. Robert Furse, icefloe's Chairman of the Board, commented "The company has
been aggressively pursuing all recapitalization options, including the sale of
the company, as announced in April, 2007. Regrettably we have been unsuccessful
in finding a solution to the company's ongoing working capital requirements."


Wayne Newson icefloe's President and CEO added "Our Company's success is
dependent on our ability to develop and commercialize proprietary heat exchange
technologies for beverages. Over the last 7 years the company has acquired or
developed a number of new processes and technologies, and has invested
substantially in Research and Development and patent filings. Our ability to
commercialize these new technologies has been below expectations and, as a
result, there are insufficient earnings to cover current and long term
obligations."


ABOUT ICEFLOE TECHNOLOGIES INC

Founded in March 2001, icefloe is a Canadian- based company dedicated to the
development and commercialization of its proprietary chilling technology which
brings flash chilling capability in a portable form and enables the beverage
industry to serve ice cold draft beer without excessive foam loss, anytime and
anywhere. Since April 2001, icefloe has focused its efforts on securing patents
for its platform technologies, while developing, field-testing, manufacturing
and marketing commercial products using its unique technologies. Its wholly
owned subsidiary, Draught Guys Inc., provides installation, sales and service
for both traditional draft systems and icefloe's proprietary products in the
Ontario market. icefloe commenced trading on Tier 2 of the TSX Venture Exchange
on April 14, 2004 under the symbol "ICY".


For more information about icefloe, please visit the company website at
www.icefloe.com.


Certain information included in this press release is forward-looking and may
involve risks and uncertainties. The results or events predicted in these
statements may differ materially from actual results or events. Factors that
might cause a difference include, but are not limited to, competitive
developments, risks associated with icefloe 's growth, the development of the
beverage market, regulatory risks, intellectual property infringement and other
factors. Unless otherwise required by applicable securities laws, icefloe
disclaims any intention or obligation to update or revise any forward-looking
statements, whether as a result of new information, future events or otherwise.
More detailed information about potential factors that could affect icefloe's
financial and business results is included in public documents icefloe files
from time to time with Canadian securities regulatory authorities.


No Securities Commission or other regulatory authority having jurisdiction over
icefloe has approved or disapproved of the information contained herein.

Icefloe Technologies (Tier2) (TSXV:ICY)
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