IPICO Inc. announces year end 2008 results



    BURLINGTON, ON, April 28 /CNW/ - IPICO Inc. (TSX-V: RFD) today announced
results for the year ended December 31, 2008 where revenue increased to $3.9
million from $3.2 million in 2007. Fourth quarter revenue was $1.0 million
compared to $0.6 million in 2007. Gross margin was $1.5 million for the full
year of 2008 compared to $1.0 million in 2007 with $0.5 million in the fourth
quarter of 2008 compared to $0.2 million for the fourth quarter of 2007. Net
loss for the full year was $18.3 million ($0.35 per share) compared to $9.3
million ($0.29 per share) in 2007. Net loss for the fourth quarter of 2008 was
$1.9 million ($0.04 per share) compared to a net loss of $2.5 million ($0.06
per share) in 2007.

    
    -------------------------------------------------------------------------
                                                      Year ended December 31
    (OOO's dollars except per share amounts)                  2008      2007
    -------------------------------------------------------------------------
    Revenue                                               $  3,885  $  3,171
    Gross margin                                             1,511       997
    Gross margin%                                               39%       31%
    Total operating expenses                                19,549     9,351
    Total operating expenses (excluding impairment
     charges)                                               11,770     9,351
    Net loss                                               (18,259)   (9,303)
    Net loss per share (basic and diluted)                   (0.35)    (0.29)
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    

    The Company's cash and cash equivalents at December 31, 2008 were $4.4
million compared with $7.9 million at December 31, 2007.
    The Company's consolidated financial statements for the year ended
December 31, 2008 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, 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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