IPICO Inc. announces third quarter results

    BURLINGTON, ON, Nov. 15 /CNW/ - IPICO Inc. (TSX-V:RFD) ("IPICO" or the
"Company") today announced results for the three months ended September 30,
2007. Revenue for the third quarter was $1,057,697 compared to $261,636 in the
third quarter of 2006. Gross margin was $330,057 compared with $87,018 in
2006. Net loss for the quarter was $2,351,664 ($0.07 per share) compared to
$2,164,450 ($0.09 per share) in 2006.

                                            Three months ending September 30
    (in Canadian dollars, except per share)               2007          2006
    Revenue                                        $ 1,057,697   $   261,636
    Gross margin                                       330,057        87,018
    Total operating expenses                         2,422,794     2,228,330
    Net loss                                        (2,351,664)   (2,164,450)
    Net loss per share (basic and diluted)               (0.07)        (0.09)

    The Company's cash and cash equivalents at September 30, 2007 were
$2,354,561 compared with $4,670,657 at the end of the second quarter of 2007
and $6,159,203 at December 31, 2006. Subsequent to the quarter the Company
completed a private placement of 6,956,700 common shares for gross proceeds of
    The Company's unaudited interim consolidated financial statements for the
third quarter ended September 30, 2007 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.

    This news release contains certain forward-looking statements pertaining
to future anticipated projected plans, performance and developments, as well
as other statements relating to future operations and results, including,
without limitation, statements as to sales forecasts and required minimum
future revenues. Any statements in this news release that are not statements
of historical fact may be considered to be forward-looking statements. Written
words such as may, will, expect, believe, anticipate, estimate, intends, goal,
objective, seek, attempt, suggest or variations of these or similar words,
identify forward-looking statements. These statements by their nature are
estimates of future results only. Actual results could differ materially from
those contained in the forward-looking statements and are based on current
expectations that involve substantial risks and uncertainties, including but
not limited to the failure to meet market growth, order volume, delivery
commitment or minimum revenue expectations, political intervention, and those
other risks and uncertainties detailed from time to time in IPICO's periodic
reports filed on SEDAR (www.sedar.com).


    %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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