IPICO Inc. announces first quarter results

BURLINGTON, ON, May 27 /CNW/ - IPICO Inc. (TSX-V: RFD) today announced results for the three months ended March 31, 2010. Revenue for the first quarter of 2010 was $1,231,921 compared to $1,862,693 in the first quarter of 2009. Gross margin was $395,287 compared with $888,568 in 2009. Net loss for the quarter was $2,014,444 ($0.04 per share) compared to $2,127,404 ($.04 per share) in 2009.

Total operating costs in the first quarter of 2010 were $2,090,197 down from $2,948,821 in 2009 as a result of cost savings measures implemented across all of the Company's operations.

    
    -------------------------------------------------------------------------
                                                  Three months ended March 31
    (in Canadian dollars, except per share)               2010           2009
    -------------------------------------------------------------------------
    Revenue                                       $  1,231,921   $  1,862,693
    Gross margin                                       395,287        888,568
    Gross margin %                                        32%            48%
    Total operating expenses                         2,090,197      2,948,821
    Net loss                                         2,014,444      2,127,404
    Net loss per share (basic and diluted)              (0.04)         (0.04)
    -------------------------------------------------------------------------
    

The Company's cash and cash equivalents at March 31, 2010 was $1,139,425 compared to $1,873,268 at December 31, 2009.

The Company's unaudited interim consolidated financial statements for the first quarter ended March 31, 2010 along with management's discussion and analysis thereon can be on found on SEDAR at www.sedar.com under the trading symbol TSX-V: RFD.

ABOUT IPICO Inc. IPICO Inc. is an RFID solution supplier with operations in Canada, USA, South Africa, Europe, and Asia. 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

SOURCE IPICO INC.

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

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IPICO INC.

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