Estimated Sales of Nearly $1 Million
MONTREAL, QUEBEC, CANADA - October 23, 2008 - ICP Solar Technologies Inc. (OTCBB: ICPR.OB, FRANKFURT: K1U.F), a developer, manufacturer and marketer of proprietary solar panels and products, today announced that Costco of Canada has extended its existing purchase agreement with ICP and will sell an expanded range of Coleman-branded solar chargers in 2009. It is estimated that Costco will purchase units worth nearly $1 million next year, a significant increase over 2008.
"Costco has come to rely on our Coleman chargers to meet the rising demand for solar products in their stores nationwide," said Sass Peress, Chairman and CEO of ICP Solar. "We are dedicated to total customer satisfaction for all our innovative applications, and the company's success with Costco is indicative of the unique value proposition we bring to market. Our cutting-edge technology and consumer-friendly product attributes serve the growing need for renewable energy solutions. We expect to leverage the Costco relationship for additional product sales both in Canada and elsewhere in the years ahead."
About ICP Solar Technologies, Inc:
ICP Solar is a developer, manufacturer and marketer of solar panels, solar cell based products, solar monitoring software and solar power management solutions. Through the application of its own intellectual property and next-generation technologies, the Company aims to be the solar industry's innovation leader. For the past 20 years, ICP Solar has been a lead innovator in the consumer solar market and has now begun to apply that same innovation philosophy to the OEM, rooftop and power generation segment of the solar industry. ICP Solar's management has over 50 years of experience in the renewable energy sector. ICP Solar markets its products under its Sunsei brand of solar products and is the North American licensee of the Coleman(R) brand in the solar charger category. ICP Solar is also helping the environment by offering these solar technologies and green solutions to the renewable energy sector. The company's headquarters are located in Montreal, Canada, with an R&D center in St. John's Canada and additional locations in the USA, Ireland, France and the UK. Additional information may be found at www.icpsolar.com
ICP Solar Technologies Inc.
Sass Peress, Chief Executive Officer
Laurent Lafite, 514-270-5770
This release may contain forward-looking statements. Often, but not always, forward-looking statements can be identified by the use of words such as "expects," "plans," "estimates," "intends," "believes," "could," "might," "will" or variations of such words and phrases. Forward-looking statements involve known and unknown risks, uncertainties, and other factors which may cause the actual results, performance, or achievements of ICP Solar Technologies Inc. to be materially different from any future results, performance, or achievements expressed or implied by the forward-looking statements. These statements are based on management's current expectations and beliefs and are subject to a number of risks and uncertainties which are described under the caption "Note Regarding Forward-looking Statements" and "Key Information - Risk Factors" and elsewhere in ICP Solar Technologies Inc.'s Annual Report for the fiscal year ended January 31,2008, as filed on EDGAR at www.sec.gov. The risk factors identified in ICP Solar Technologies Inc. Annual Report are not intended to represent a complete list of factors that could affect ICP Solar Technologies Inc. Accordingly, readers should not place undue reliance on forward-looking statements. ICP Solar Technologies Inc. does not assume any obligation to update the forward-looking information contained in this press release.