Innicor releases financial results for fourth quarter and year ended 2006



    CALGARY, March 21 /CNW/ - Innicor Subsurface Technologies Inc., a leading
Canadian manufacturer and distributor of downhole tools and equipment used in
the oil and gas sector, today announced its financial results for the three
and twelve months ended December 31, 2006.
    Innicor's net income was $2,874,118 in 2006 or $0.16 per share basic and
diluted, versus $2,926,321 or $0.16 per share basic and diluted in the
previous year. Total revenues for the year ended December 31, 2006 increased
by 13% or $7,019,910 to $62,279,529 compared to $55,259,619 during the same
period in 2005.
    "Overall our financial performance for 2006 was similar to the previous
year despite the impact of a downturn in oilfield activity in the fourth
quarter," said Delton Campbell, President and CEO. "2006 was a year of stark
contrasts. In the first quarter we generated record levels of revenue and
profits and in the latter part of the year our results were impacted by a
15-20% reduction in drilling activity in western Canada."
    In the fourth quarter of 2006 Innicor reported a loss of $511,899 or
$0.03 per share basic and diluted compared to net income of $1,329,465 or
$0.07 per share basic and diluted in the fourth quarter of 2005. Revenues
during the fourth quarter of 2006 were $14,495,441 compared to $17,594,503
during the fourth quarter of 2005.
    Innicor's consolidated financial statements for the year ended
December 31, 2006 and its associated management discussion and analysis will
be filed on Sedar and copies can be obtained at www.sedar.com.


    
    FINANCIAL HIGHLIGHTS
    ($000's except percentages and per share amounts)

                                        Three Months           Twelve Months
                                   Ended December 31       Ended December 31

                                    2006        2005        2006        2005
                             ------------------------------------------------

    Total Revenues               $14,495     $17,595     $62,280     $55,260

    Gross Margin                   5,764       7,705      29,507      25,438

    EBITDA(*)                         98       2,844       7,277       7,060

    EBITDA
     - margin as a % of revenue       1%         16%         12%         13%

    Net Income (loss)               (512)      1,329       2,874       2,926

    Earnings (loss) per share
    - basic and diluted            (0.03)       0.07        0.16        0.16

    Number of shares
     outstanding
    (weighted average)
      - basic                 18,117,928  17,931,562  18,060,661  17,871,736
      - diluted               18,282,233  17,794,956  18,217,493  17,930,385

    (*) EBITDA, or earnings before interest, taxes, depreciation and
        amortization, is calculated in the above table by adding these items
        back to reported net income. Management uses EBITDA as a measurement
        to determine the ability of the Company to generate cash from
        operations. EBITDA does not have a standardized meaning prescribed
        under Canadian generally accepted accounting principles ("GAAP"), and
        therefore, may not be comparable with calculations of similar
        measures presented by other issuers. EBITDA is not intended to
        represent operating or net income for the period nor should it be
        viewed as an alternative to operating or net income or other measures
        of financial performance calculated in accordance with GAAP.
    

    NEW DISTRIBUTION OUTLETS AND MANUFACTURING FACILITIES

    On February 1, 2007, Innicor opened a new sales and service outlet in
Fort St. John, British Columbia, and during 2005 the Company opened new
outlets in Medicine Hat, Slave Lake, and Whitecourt, all in the province of
Alberta.
    Innicor now has distribution and service outlets in thirteen locations in
Alberta, Saskatchewan, and British Columbia that allows the Company to provide
equipment and services to its customers located throughout the Western
Canadian Sedimentary Basin. In late fall of 2006, Innicor expanded its
presence in Indonesia by opening an additional base of operation in Balikpapan
to complement the outlet established in 2005 in Jakarta. The operations in
Indonesia were established in conjunction with a local agent to provide
distribution and service to Innicor's customers in the region. Innicor is
currently in the process of also establishing a base of operations in the
United Arab Emirates to service its customers in the Middle East.
    During the second and third quarters of 2006, Innicor installed new
production and manufacturing equipment at its shaped charge plant located in
Standard, Alberta, and at its Calgary manufacturing facility. The total cost
of the additional production and manufacturing equipment including building
modifications was approximately $4,000,000 and it is expected to increase the
Company's perforating equipment production capacity by approximately 40%.

    FINANCIAL AND OPERATIONAL PERFORMANCE

    Oilfield activity in the first quarter of 2006 reached record high levels
in western Canada and was followed by the traditional lower levels of activity
in the second quarter due to spring break up conditions that restrict access
to well site locations. Although drilling activity increased in the third
quarter of 2006 it did not reach the levels achieved in the third quarter of
2005. The slow down in drilling activity continued into the fourth quarter and
was 15-20% below the previous year. This softening of field activity was due
in large part to natural gas prices declining with North American storage
volumes of natural gas at above average levels.

    
    FOR THE THREE MONTHS ENDED DECEMBER 31, 2006 AND 2005

                               Three months ended
                               31-Dec      31-Dec        Increase/(Decrease)
                                2006        2005
                                  $           $           $

    REVENUE                   14,495,441  17,594,503  (3,099,062)      (18)%

    COST OF GOODS SOLD         8,731,099   9,889,666  (1,158,567)      (12)%

                             ------------------------ -----------
    GROSS MARGIN               5,764,342   7,704,837  (1,940,495)      (25)%
                                     40%         44%
    OPERATING EXPENSES
      Salaries and wages       3,776,427   3,484,718     291,709          8%
      General and
       administrative          2,232,577   1,690,159     542,418         32%
      Foreign exchange (gain)    (73,113)    (32,199)    (40,914)     (127)%
      Interest                   196,764     101,094      95,670         95%
      Depreciation and
       amortization              322,447     238,973      83,474         35%
                             ------------------------ -----------
                               6,455,102   5,482,745     972,357         18%

    INCOME/(LOSS) BEFORE
     INCOME TAXES               (690,760)  2,222,092  (2,912,852)     (131)%
                             ------------------------ -----------

    PROVISION FOR (RECOVERY
     OF) INCOME TAXES           (178,861)    892,627  (1,071,488)     (120)%
                             ------------------------ -----------

    NET INCOME/(LOSS)           (511,899)  1,329,465  (1,841,364)     (139)%

    Net Income/(Loss) per
     share
    - basic and diluted            (0.03)       0.07       (0.10)     (143)%
    


    Total revenues for the three months ended December 31, 2006, were
$14,495,441 or 18% lower than the same period of the previous year due to
reduced levels of drilling activity in Canada during the fourth quarter, and
the timing of international shipments. Revenues from international sales were
$2,250,094 in the fourth quarter of 2006 compared to $4,394,056 in the fourth
quarter of 2005.
    The gross margin for the three and twelve months ended December 31, 2006
was 40% and 47% respectively compared to 44% and 46% respectively for the same
periods in 2005. In December 2006, Innicor expensed the cost of certain low
dollar value parts and consumables held in inventory at its field locations.
These items are used by the field stations to service and refurbish rental
equipment. These items will be inventoried at the main warehouse in Calgary
only, and will be expensed at the time they are requisitioned by the field
stations. The value of the existing inventory of these items at the field
stations totaling $466,000 was included in the cost of goods sold as a one
time expense, in the fourth quarter of 2006.
    Salaries and wages rose during the fourth quarter of 2006 compared to the
fourth quarter of 2005 by $291,709 or 8% due to increased compensation levels
and additional staff required to support the Company's growth initiatives. The
increase in general and administrative expenses of $542,418 during the same
period includes a loss on disposal of redundant manufacturing equipment of
$100,905 in 2006 and increased professional fees associated with being a
public company.
    Interest expense for the three months ended December 31, 2006 increased
by $95,670 or 95% versus the three months ended December 31, 2005 due to the
interest costs on the capital lease of new manufacturing equipment acquired in
2006, and an increase in the amount of the outstanding operating line to meet
working capital requirements.
    Depreciation and amortization expense during the fourth quarter of 2006,
including depreciation of manufacturing assets, which is allocated to cost of
goods sold, was $592,047 versus $520,655 in the fourth quarter of 2005. The
increase is due to the depreciation of the new manufacturing equipment added
in 2006. Depreciation and amortization of non-manufacturing assets was
$322,447 in the fourth quarter of 2006 compared to $238,973 in the fourth
quarter of 2005, reflecting the depreciation and amortization of additional
vehicles, intellectual property and leasehold improvements acquired during
2006.
    EBITDA was $98,051 for the three months ended December 31, 2006, compared
to $2,843,841 in the same period in 2005. The net loss for the three month
period ended December 31, 2006 was $511,899 or $0.03 per share basic and
diluted, compared to net income of $1,329,465 or $0.07 per share basic and
diluted in the corresponding period in 2005.

    
    FOR THE TWELVE MONTHS ENDED DECEMBER 31, 2006 AND 2005

                                                       Increase/
                                2006        2005      (Decrease)      %
                                  $           $           $

    REVENUES                  62,279,529  55,259,619   7,019,910         13%

    COST OF GOODS SOLD        32,772,236  29,821,206   2,951,030         10%

                              ----------- ----------- -----------
    GROSS MARGIN              29,507,293  25,438,413   4,068,880         16%
                                     47%         46%

    OPERATING EXPENSES
    Salaries and wages        14,829,931  12,035,817   2,794,114         23%
    General and
     administrative            8,519,030   7,201,055   1,317,975         18%
    Foreign exchange
     (gain)/loss                 (89,728)    106,326    (196,054)     (184)%
    Depreciation and
     amortization              1,118,048     807,777     310,271         38%
    Interest                     491,873     375,498     116,375         31%
                              ----------- ----------- -----------
                              24,869,154  20,526,473   4,342,681         21%

    INCOME BEFORE
     INCOME TAXES              4,638,139   4,911,940    (273,801)       (6)%
                              ----------- ----------- -----------

    PROVISION FOR
     INCOME TAXES              1,764,021   1,985,619    (221,598)      (11)%
                              ----------- ----------- -----------

    NET INCOME                 2,874,118   2,926,321     (52,203)       (2)%

    Net Income per share
     - basic and diluted            0.16        0.16        0.00          0%
    


    Total revenues for the year ended December 31, 2006 increased by
$7,019,910 or 13% compared to the same period in 2005. The increase in revenue
is primarily due to increased oilfield activity levels in the first nine
months of 2006 versus the first nine months of 2005 and market share gains in
Canada. Revenue from sales to international customers declined in 2006 to
$11,110,212 from $13,569,073 in 2005, primarily due to a focus on the
increased demand domestically during the first half of the year and the lead
time required developing new international markets. The gross margin in 2006
increased by $4,068,880 or 16% over the previous year, and the gross margin as
a percentage of sales increased to 47% in 2006 versus 46% in 2005. A higher
proportion of revenue from rental and service in 2006 had a favorable impact
on the gross margin offset by inventory adjustments including a one time item
of $466,000 recorded in December 2006 (see also results FOR THE THREE MONTHS
ENDED DECEMBER 31, 2006 AND 2005).
    Operating expenses for the twelve months ended December 31, 2006 were
$24,869,154 compared to $20,526,473 during the same period in the previous
year. Salaries and wages increased during the year by $2,794,114 or 23% over
the previous year. This increase is primarily due to the impact of programs
undertaken to attract and retain employees in a very competitive labour market
in western Canada. Approximately $1 million of the increase was due to
increases to base salaries and the cost of additional staff and another
$1 million was related to a performance based bonus plan and an employee
retention plan implemented at the beginning of 2006. The cost of remunerating
technicians that provided an increased level of service component at our
customer's well sites resulted in an incremental labor cost of $691,070 in
2006. Innicor had a total of 279 employees at the end of 2006 compared to
261 employees at the end of 2005.
    General and administrative expenses incurred in 2006 were $8,519,030
versus $7,201,055 in 2005, an increase of $1,317,975 or 18%. Following is a
breakdown of the major components of the increase:

    
                                                2006        2005    Increase
                                                ----        ----    --------

    Professional fees                     $1,105,549    $840,411    $265,138
    Facilities costs and related expenses  1,401,563   1,237,130     164,433
    Travel expenses including
     vehicle costs                         2,297,328   2,114,842     182,486
    Provision for liabilities related
     to a previous Acquisition                     -    (299,500)    299,500
    Other                                  3,714,590   3,308,172     406,418
                                          ----------- ----------- -----------
                                          $8,519,030  $7,201,055  $1,317,975
    


    The increased professional fees are partially due to additional costs
incurred as a public company complying with new securities and reporting
requirements and incremental costs incurred in business development
initiatives. Additional facilities costs are a result of opening three new
sales and service outlets in 2005 and rate increases at existing facilities.
Travel expenses and vehicle costs have increased due to an increase in the
number of vehicles in the fleet and an increase in the cost of fuel.
    The gain and loss on foreign exchange was due to fluctuations in the
Canadian dollar that has been strengthening over the last two years. Interest
expense for the year ended December 31, 2006, increased by $116,375 or 31%
over the same period in the previous year. The increase is due to additional
interest expense on new capital leases for production equipment and vehicles,
and on additional funds outstanding on the operating line to meet working
capital requirements.
    Total depreciation and amortization, including depreciation of
manufacturing assets, which is allocated to cost of goods sold, was $2,146,581
in the current year versus $1,772,172, in 2005. Depreciation and amortization
on non-manufacturing assets was $1,118,048 in 2006 compared to $807,777 in
2005. The increase is due to the additional manufacturing assets, equipment
and leasehold improvements, and vehicles acquired through capital leases
during the year.
    EBITDA was $7,276,593 during 2006, compared to $7,059,610 in 2005, an
increase of $216,983. Income before income taxes for the year ended
December 31, 2006 was $4,638,139 compared to $4,911,940 in the corresponding
period of the previous year. Net income was $2,874,118 in 2006 or $0.16 per
share basic and diluted, versus $2,926,321 or $0.16 per share basic and
diluted in the previous year.

    PRODUCT LINES

    Innicor is engaged in the business of designing, manufacturing, renting,
servicing, and selling equipment used in the completion phase or work-over of
oil and gas wells. The completion phase is the final phase of oil and gas well
development before a well goes into production. Innicor's customers are
primarily exploration and production companies or other service providers that
work for exploration and production companies during the well completion
phase. Innicor's business is considered to be a single operating segment for
reporting purposes consisting of a number of product lines. The product lines
fall into two general categories: (i) perforating equipment and (ii)
completion tools and services, and are sold in Canada and internationally.

    
    Percentage Revenue Breakdown
    ----------------------------

                    2006 Revenue                                2005 Revenue

                             13%    International Completions            14%
                              5%    International Perforating            11%

                             46%    Canada Completions                   39%
                             36%    Canada Perforating                   36%
    

    OUTLOOK

    Activity levels in the oilfield services sector have been impacted by
some uncertainty related to oil and gas prices in the short term. Drilling
activity in 2006 was below the record levels of drilling experienced in 2005.
Taking into account the extremely high activity levels of the first quarter,
the year over year reduction in wells drilled was due to lower activity levels
for the third and fourth quarter of 2006. Industry analysts are expecting
oilfield activity levels in 2007 to be below the levels achieved in 2006 in
Canada. Reduced industry activity levels will have some impact on Innicor's
business; however the Company is highly diversified geographically in Canada
and its products are used in both oil and gas well operations and to some
degree in the "workover" of producing wells as opposed to newly drilled wells.
The success achieved to date in developing domestic and international markets
is also expected to continue to contribute to the Company's revenue base for
the remainder of the year and into the future.

    
    QUARTERLY DATA
    ($ 000's except where noted)

                                        2006                            2005
                  Q4      Q3      Q2      Q1      Q4      Q3      Q2      Q1
              ---------------------------------------------------------------

    Revenue   14,495  16,494  11,440  19,850  17,595  13,767  11,144  12,753

    Cost of
     goods
     sold      8,731   8,474   5,924   9,643   9,890   7,209   6,257   6,464
              ---------------------------------------------------------------

    Gross
     margin    5,764   8,020   5,516  10,207   7,705   6,558   4,887   6,289

    Operating
     expenses  6,455   6,448   5,523   6,443   5,483   5,231   4,863   4,951
              ---------------------------------------------------------------

    Income
     (Loss)
     before
     income
     taxes      (690)  1,572      (7)  3,764   2,222   1,327      24   1,338

    Provision
     for
     income
     taxes      (179)    601      58   1,283     893     530      86     477
              ---------------------------------------------------------------

    Net Income
     (loss)     (512)    971     (65)  2,481   1,329     798     (62)    861
              ---------------------------------------------------------------
              ---------------------------------------------------------------

    Add back:
    Depreciation
     & Amor-
     tization    592     536     517     502     521     428     437     386

    Interest     197     124      99      72     101     119      95      61

    Taxes       (179)    601      58   1,283     893     530      86     477
              ---------------------------------------------------------------

    EBITDA        98   2,231     609   4,338   2,844   1,875     556   1,785
              ---------------------------------------------------------------
              ---------------------------------------------------------------

    Earnings
     (loss)
     per share
    ($) -
     basic and
     diluted   (0.03)   0.05    0.00    0.14    0.07    0.04    0.00    0.05
    

    Certain figures in the above table have been rounded accordingly to
conform to the financial statements.

    The seasonal nature of the business and the timing of business
acquisitions impact the quarterly financial results. Financial performance in
the second quarter of the year is normally not as strong as the other three
quarters of the year. Weather conditions in Canada during the second quarter
restrict access to a significant number of well sites as winter roads thaw and
other roadways need to dry out before summer operations can be fully
commenced. The impact of adverse weather conditions during the second quarter
of 2005 and 2006 was prolonged by abnormally heavy rainfall. Oilfield activity
in the second quarter of 2006 was also adversely impacted by lower gas prices.
The financial results for the fourth quarter of 2006 were impacted by a
reduction in Canadian drilling activity compared to the same period of the
previous year and a one time adjustment to inventory recorded during the
quarter.


    
    Innicor Subsurface Technologies Inc.
    CONSOLIDATED BALANCE SHEETS
    December 31
                                                          2006          2005

    ASSETS

    CURRENT ASSETS
      Accounts receivable                         $ 12,309,850  $ 10,554,833
      Inventory                                     22,805,926    18,825,910
      Prepaid expenses and deposits                    327,510     1,054,905
                                                  ------------- -------------
                                                    35,443,286    30,435,648

    CAPITAL ASSETS                                  16,143,794    11,695,846

    GOODWILL                                         2,331,781     2,331,781

                                                  ------------- -------------

                                                  $ 53,918,861  $ 44,463,275
                                                  ------------- -------------
                                                  ------------- -------------

    LIABILITIES

    CURRENT LIABILITIES
      Operating loan                              $  4,008,516  $  1,494,619
      Accounts payable and accrued liabilities       7,198,086     7,526,488
      Current portion of obligations under
       capital leases                                1,758,333     1,044,768
      Callable portion of long-term debt               425,523       554,355
                                                  ------------- -------------
                                                    13,390,458    10,620,230

    OBLIGATIONS UNDER CAPITAL LEASES                 5,385,957     2,675,256

    FUTURE INCOME TAX LIABILITY                        907,950       335,605

                                                  ------------- -------------
                                                    19,684,365    13,631,091
                                                  ------------- -------------

    SHAREHOLDERS' EQUITY
      Share capital                                 25,516,699    25,321,934
      Contributed surplus                              682,287       348,858
      Retained Earnings                              8,035,510     5,161,392
                                                  ------------- -------------
                                                    34,234,496    30,832,184
                                                  ------------- -------------

                                                  ------------- -------------
                                                  $ 53,918,861  $ 44,463,275
                                                  ------------- -------------
                                                  ------------- -------------



    Innicor Subsurface Technologies Inc.
    CONSOLIDATED STATEMENTS OF INCOME AND RETAINED EARNINGS
    For the years ended
    December 31
                                                          2006          2005

    REVENUE                                       $ 62,279,529  $ 55,259,619

    COST OF GOODS SOLD                              32,772,236    29,821,206

                                                  ------------- -------------
    GROSS MARGIN                                    29,507,293    25,438,413
                                                  ------------- -------------

    OPERATING EXPENSES
      Salaries and wages                            14,829,931    12,035,817
      General and administrative                     8,519,030     7,201,055
      Foreign exchange (gain)/loss                     (89,728)      106,326
      Interest                                         491,873       375,498
      Depreciation and amortization                  1,118,048       807,777
                                                  ------------- -------------
                                                    24,869,154    20,526,473
                                                  ------------- -------------

    INCOME BEFORE INCOME TAXES                       4,638,139     4,911,940

    PROVISION FOR INCOME TAXES
      Current                                        1,296,723     1,648,411
      Future                                           467,298       337,208
                                                  ------------- -------------

    NET INCOME                                       2,874,118     2,926,321

    RETAINED EARNINGS, beginning of year             5,161,392     2,235,071
                                                  ------------- -------------

    RETAINED EARNINGS, end of year                $  8,035,510  $  5,161,392
                                                  ------------- -------------
                                                  ------------- -------------

    NET INCOME PER SHARE
      Basic                                       $       0.16  $       0.16
                                                  ------------- -------------
                                                  ------------- -------------
      Diluted                                     $       0.16  $       0.16
                                                  ------------- -------------
                                                  ------------- -------------



    Innicor Subsurface Technologies Inc.
    CONSOLIDATED STATEMENTS OF CASH FLOWS
    For the years ended
    December 31
                                                          2006          2005

    OPERATING ACTIVITIES
      Net Income                                  $  2,874,118  $  2,926,321
      Add items not involving cash
        Depreciation and amortization                2,146,581     1,772,172
        Future income taxes                            467,298       337,208
        Stock based compensation expense               337,162       228,554
        Contingent shares issued                             -        35,360
        Loss on disposal of equipment                  107,024       115,995
                                                  ------------- -------------
                                                     5,932,183     5,415,610

      Change in non-cash operating assets
       and liabilities                              (5,230,994)   (3,699,899)
                                                  ------------- -------------
                                                       701,189     1,715,711
                                                  ------------- -------------

    INVESTING ACTIVITIES
      Proceeds on disposal of capital assets         3,541,792     1,261,963
      Purchase of capital assets                    (5,402,065)   (2,310,576)
                                                  ------------- -------------
                                                    (1,860,273)   (1,048,613)
                                                  ------------- -------------

    FINANCING ACTIVITIES
      Issue of share capital net of share
       issue costs                                     191,032        67,264
      Proceeds of operating loan                     2,513,897       310,861
      Repayments of obligations under
       capital leases                               (1,417,013)     (916,634)
      Repayment of long-term debt                     (128,832)     (128,589)
                                                  ------------- -------------
                                                     1,159,084      (667,098)
                                                  ------------- -------------

    INCREASE IN CASH AND CASH EQUIVALENTS                    -             -

    CASH AND CASH EQUIVALENTS, beginning of year             -             -

                                                  ------------- -------------
    CASH AND CASH EQUIVALENTS, end of year        $          -  $          -
                                                  ------------- -------------
                                                  ------------- -------------

    Supplementary cash flow information:

    Interest paid                                 $    491,873  $    375,498
                                                  ------------- -------------
                                                  ------------- -------------

    Income taxes paid                             $  2,292,558  $  1,189,928
                                                  ------------- -------------
                                                  ------------- -------------

    Capital assets acquired under capital leases  $  4,841,279  $  2,277,076
                                                  ------------- -------------
                                                  ------------- -------------
    


    Certain information contained herein constitutes forward-looking
information under applicable securities laws. All statements, other than
statements of historical fact, which address activities, events or
developments that we expect or anticipate may or will occur in the future, are
forward-looking information. Forward-looking information typically contains
statements with words such as "seek", "anticipate", "plan", "continue",
"estimate", "expect", "may", "will", "project", "potential", "targeting",
"intend", "could", "might", "should", "believe" or similar words suggesting
future outcomes or outlook. The following discussion is intended to identify
certain factors, although not necessarily all factors, which could cause
future outcomes to differ materially from those set forth in the forward-
looking information. The risks and uncertainties that may affect the
operations, performance, development and results of Innicor's businesses
include, but are not limited to, the following factors: the availability of
capital, supplies and costs of materials, the demand for Innicor's products,
the level of exploration and development activity in the petroleum industry
and changing market conditions. The reader is cautioned that these factors and
risks are difficult to predict and that the assumptions used in the
preparation of such information, although considered reasonably accurate by
Innicor at the time of preparation, may prove to be incorrect or may not
occur. Accordingly, readers are cautioned that the actual results achieved
will vary from the information provided herein and the variations may be
material. Readers are also cautioned that the foregoing list of factors and
risks is not exhaustive. Additional information on these and other risks,
uncertainties and factors that could affect Innicor's operations or financial
results are included in our filings with the securities commissions or similar
authorities in certain provinces of Canada, as may be updated from time to
time. There is no representation by Innicor that actual results achieved will
be the same in whole or in part as those set out in the forward-looking
information. Furthermore, the forward-looking statements contained herein are
made as of the date hereof, and Innicor does not undertake any obligation to
update publicly or to revise any forward-looking information, whether as a
result of new information, future events or otherwise. Any forward-looking
information contained herein is expressly qualified by this cautionary
statement.

    THE TSX HAS NEITHER APPROVED NOR DISAPPROVED THE CONTENTS OF THIS NEWS
    RELEASE.





For further information:

For further information: regarding Innicor, please contact: Delton
Campbell, President and CEO, (403) 236-2815, e-mail - dcampbell@innicor.com; -
or - Bob Jones, Executive Vice President and COO, (403) 236-2815, e-mail -
bjones@innicor.com; or Ian Bootle, CFO, (403) 236-2815, e-mail -
ibootle@innicor.com

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INNICOR SUBSURFACE TECHNOLOGIES INC.

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