MONTREAL, QUEBEC, CANADA – October 28, 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 it has implemented a process improvement program to cut costs and streamline its operations, speeding time to market and accelerating the company’s path to profitability. ICP has already taken steps in identifying corporate overhead costs and supply chain inefficiencies such that approximately $700,000 in annualized expense reductions have been earmarked. In this context, Sheldon Reinhart has resigned his full time position as CFO and will become a part time consultant to the company.
“Even as we experience robust demand across our innovative product lines, we are taking measures to rapidly transform the organization into a leaner, more focused company with an eye on profitability,” said Sass Peress, Chairman and CEO of ICP Solar. “Given our improving top line performance and expected growth in 2009, we remain committed to increasing returns and accelerating our time to market with technology-leading solar applications. Our gross margins should also benefit immediately from lower material and transportation expenses tied to reduced fuel costs and a more competitive economic environment.”
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