IPICO Inc. announces improved first quarter results



    BURLINGTON, ON, May 22 /CNW/ - IPICO Inc. (TSX-V: RFD) today announced
results for the three months ended March 31, 2009. Revenue for the first
quarter increased 83% to $1,862,693 compared to $1,019,113 in the first
quarter of 2008. Gross margin increased 116% to $888,568 compared with
$411,937 in 2008. Net loss for the quarter was $2,127,404 ($0.04 per share)
compared to $2,478,764 ($0.05 per share) in 2008.
    Operating costs in the first quarter of 2009 were $2,948,821 compared to
$2,756,491 in 2008. The benefits of cost savings measures realized in the
first quarter were more than offset by the operating costs associated with the
Company's exclusive Sports Timekeeping distributor acquired in the fourth
quarter of 2008. The benefits of ongoing cost savings measures being
implemented across all of the Company's operations will continue to be
realized in the coming quarters.

    
    -------------------------------------------------------------------------
                                                 Three months ended March 31
    (in Canadian dollars, except per share)               2009          2008
    -------------------------------------------------------------------------
    Revenue                                        $ 1,862,693   $ 1,019,113
    Gross margin                                       888,568       411,937
    Gross margin %                                        47.7%         40.4%
    Total operating expenses                         2,948,821     2,756,491
    Net loss                                        (2,127,404)   (2,478,764)
    Net loss per share (basic and diluted)               (0.04)        (0.05)
    -------------------------------------------------------------------------
    

    The Company's cash and cash equivalents at March 31, 2009 were $2,964,032
compared with $4,371,557 at December 31, 2008 a reduction of $1,407,525
benefiting from strong working capital and cash flow management.
    The Company's unaudited interim consolidated financial statements for the
first quarter ended March 31, 2009 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, 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: 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

Organization Profile

IPICO INC.

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