IPICO INC. REPORTS ON RESTRUCTURING PROGRESS

Published in Science and Technology on Friday, March 11th 2011 at 4:41 GMT by Market Wire
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BURLINGTON, ON, March 11 /CNW/ - IPICO Inc. (TSXV: RFD) ("IPICO" or the "Company") reported today that the Ontario Superior Court of Justice has approved the terms of the interim loan facility negotiated with Trilon Bancorp Inc., an affiliate of Brookfield Asset Management Inc., in connection with IPICO's proposal to its creditors pursuant to the Bankruptcy and Insolvency Act (Canada) referred to in its news release of February 18, 2011. The Company is now utilizing the interim loan facility to carry on its business during the proposal proceedings. The Company also reported that its creditors have approved the Company's proposal, including a reorganization of its debts and capital structure and that the Company will now seek Court approval of the proposal as soon as possible.

This news release contains certain forward-looking statements regarding IPICO's future intentions with respect to the proposal, the interim loan facility and related future events. 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", or variations of these or similar words, identify forward-looking statements. These statements by their nature are estimates of future results only and involve substantial risks and uncertainties, including those detailed from time to time. Actual results could differ materially from those contained in the forward-looking statements and are based on current expectations that involve a number of risks and uncertainties, including, but not limited to, the inability to close the interim credit facility or the failure to settle and enter into definitive documentation, or the failure to receive all necessary creditor, court or other approvals on terms acceptable to IPICO and the creditors involved. These and other risks may be detailed from time to time in IPICO's periodic reports filed on SEDAR. IPICO undertakes no obligation to publicly update or revise any forward looking statements, whether as a result of new information, future events or otherwise, except as required by law.

ABOUT IPICO Inc. IPICO Inc. is an RFID solution supplier with operations in Canada, USA, South Africa, Europe, and Asia. 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 ].

THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

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IPICO INC. REPORTS ON RESTRUCTURING PROGRESS