IPICO announces conversion of all outstanding convertible debentures



    BURLINGTON, ON, Feb. 26 /CNW/ - IPICO Inc. (TSX-V: RFD) is pleased to
announce that all of its issued and outstanding Series A convertible
debentures were converted into common shares of IPICO in accordance with the
terms of those debentures effective immediately prior to the closing on
February 26, 2008 of the $6,255,160 short form public offering. As a result of
the conversion IPICO has no outstanding convertible debentures.

    About IPICO Inc.: IPICO Inc. is an RFID solution supplier with operations
in Canada, United States, South Africa, Europe, Asia and Australia. IPICO
produces smart labels, tags and readers based on the IP-X communication
protocol. Its products are designed to conform to regulatory requirements in
most major geographical regions, to excel at long read range, fast multi-read
anti-collision and high thru-beam read-speeds of dynamic tag populations, and
to allow for multi-reader rollout in close proximity. IPICO's products are
used to optimize the management of products, equipment, people, animals and
processes within the logistics and other value chains. For further
information, go to www.ipico.com.

    THE TSX VENTURE EXCHANGE DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY
    OR THE ACCURACY OF THIS RELEASE.

    %SEDAR: 00023515E




For further information:

For further information: IPICO Inc., Gordon Westwater, President, Tel:
(905) 631-6310, E-mail: gordon.westwater@ipico.com; IPICO Inc., Ted Irwin,
Chief Financial Officer, Tel: (905) 631-6310, E-mail: ted.irwin@ipico.com

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IPICO INC.

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