Eiger amends March 31 and June 30, 2007 financials

    TORONTO, Jan. 31 /CNW/ - Eiger Technology, Inc. (TSX: AXA OTCBB: ETIFF)
(the "Company" or "Eiger") has amended its financial statements for the
interim periods March 31, 2007 and June 30, 2007, due to the implementation of
CICA Handbook Section 3855 Financial Instruments - Recognition and
Measurement, Sections 3861 Financial Instruments - Disclosure and
Presentation, Section 3865 Hedges and Section 1530 Comprehensive Income.
    The Company issued a derivative financial instrument during the quarter
ended March 31, 2007 and initially did not recognize the liability at the
point of issuance and did not record the change in fair value through its
statement of operations. The derivative financial instrument represents a
written call option on its investment in Newlook Industries Corp. common
shares. On November 14, 2007 the Company restated the financial statements at
March 31, 2007 and June 30, 2007 to record the fair value of the financial
    The current restatement adjusts the fair value of the financial
instrument on the Company's balance sheet at March 31, 2007 from $2,212,000 to
$2,504,000 and from $5,246,000 to $5,032,000 at June 30, 2007. Accordingly the
adjustment of the fair value of the financial instrument charged to income is
increased from $2,212,000 to $2,504,000 during the three month period ended
March 31, 2007 and is decreased from $3,034,000 to $2,528,000 during the three
month period ended June 30, 2007. When all options are exercised or expire,
the liability will be zero. All of the adjustments noted above are non-cash

    Eiger Technology, Inc., headquartered in Toronto, Ontario is a publicly
traded company listed on the Toronto Stock Exchange. For more information
please call (416) 477-5656 or refer to www.sedar.com.

    The management of the company, who take full responsibility for its
content, prepared this press release. The Toronto Stock Exchange has not
reviewed and does not accept responsibility for the adequacy or accuracy of
this release. This press release contains forwardlooking statements relating
to future events and results that are based on Eiger's current expectations.
These statements involve risks and uncertainties including, without
limitation, Eiger's ability to successfully develop and market its products,
consumer acceptance of such products, competitive pressures relating to price
reductions, new product introductions by third parties, technological
innovations, and overall market conditions. Consequently, actual events and
results in future periods may differ materially from those currently expected.

For further information:

For further information: Gary N. Hokkanen, CFO, Eiger Technology, Inc.,
Telephone: (416) 477-5656, Ext. 303

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