ICP Solar Receives Initial EUR 540K Euros Power Generation Order in Spain

    MONTREAL, October 22 /CNW/ - ICP Solar Technologies Inc. (OTCBB: ICPR,
FRANKFURT: K1U.F), a developer, manufacturer and marketer of solar cells and
products, today announced that it has entered into an agreement to sell
IEC-approved modules to a power generation partner in Spain.

    The initial part of the contract calls for the delivery of EUR 540,000
Euros in solar modules with conditional orders amounting to EUR 13 million
Euros pending over the course of the next year.

    "This first order is a validation that our customer-centric approach and
19 plus years of solar panel application experience are paying dividends,"
said Sass Peress, ICP CEO and Chairman. "Spain is now the third largest solar
market in the world and the Spanish government continues to promote investment
in and expansion of both photovoltaic and solar thermal power. Its stated goal
of twenty percent renewable energy by 2020 creates a great opportunity for us
to expand our brand beyond consumer and into the power generation, OEM and
industrial segments."

    About ICP Solar Technologies, Inc.

    ICP Solar is a developer, manufacturer and marketer of solar cells and
solar cell based products and building materials. Through the application of
next-generation technologies and use of proprietary intellectual design the
Company aims to be the industry's innovation leader. For the past 19 years,
ICP Solar has led the consumer market through innovation and has now begun to
apply that same philosophy to the OEM, rooftop and power generation segments
of the solar industry. ICP Solar's management has over 50 years of experience
in the solar energy sector. The company's headquarters are located in
Montreal, Canada, and additional locations in the USA, Spain, Ireland and

    Corporate information may be found at www.icpsolar.com

    The forward-looking statements herein include, but are not limited to,
the expected expansion of our solar solutions into Europe Middle East, Asia
and Africa. Our actual results may differ materially from those implied in
these forward-looking statements as a result of many factors, including, but
not limited to, overall industry environment, customer acceptance of our
products, delay in the introduction of new products, further approvals of
regulatory authorities, adverse court rulings, production and/or quality
control problems, the denial, suspension or revocation of permits or licenses
by regulatory or governmental authorities, termination or non-renewal of
customer contracts, competitive pressures and general economic conditions, and
our financial condition. These and other risks and uncertainties are described
in more detail in our most recent SB-2 filing with the Securities and Exchange
Commission. Forward-looking statements speak only as of the date they are
made. We undertake no obligation to update or revise such statements to
reflect new circumstances or unanticipated events as they occur, except as
required by applicable laws, and you are urged to review and consider
disclosures that we make in the reports that we file with the Securities and
Exchange Commission that discuss other factors germane to our business.

For further information:

For further information: ICP Solar Laurent Lafite, 514-270-5770
Llafite@icpsolar.com or Lippert/Heilshorn & Associates Jody Burfening/Elric
Martinez, 212-838-3777 emartinez@lhai.com

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