Icoworks grosses approximately $750,000 for Santiago Sports & Classics Collector Car Auction BELLINGHAM, WA, Dec. 22 /PRNewswire-FirstCall/ -- Icoworks Inc. (OTCBB:ICOW) (FRANKFURT:ICOW.F) today announced that the Santiago Sports and Classics Collector Car Auction, held in Oklahoma City, Oklahoma, on December 5th and 6th, 2003, grossed approximately USD$750,000. The auction was the first conducted by Icoworks Services Inc. since Icoworks Inc. acquired the rights to auctions hosted by Santiago Sports and Classics Collector Car Auction in November of this year. Over 220 classic cars registered for the auction and over 65% of those cars sold, which is an impressive number of sales for the classic car auction industry. "The outstanding success of this auction is indicative of the strong management experience of Santiago. We intend to capitalize on this experience by expanding the classic car sector of our auction business, and are currently investigating several new cities and locations for future auctions," stated Mr. Graham Douglas, President of Icoworks Holdings Inc. About Icoworks Inc. Icoworks Inc. has acquired a 56% interest in Icoworks Holdings Inc. (http://www.icoworks.com/) an integrated Commercial/Industrial Auction company. In November of 2002 Icoworks Inc. announced its intent to merge with Icoworks Holdings. Icoworks Inc. plans to acquire the remaining 44% interest in Icoworks Holdings by issuing two shares of its common stock for each remaining share of Icoworks Holdings. The Icoworks merger remains subject to approval by the shareholders. The shareholder meeting will be held once requisite regulatory documents have been prepared and filed. Icoworks, through its subsidiaries, offers a complete array of industrial, oilfield and commercial appraisal, liquidation and auction services. Every Icoworks auction or liquidation benefits from many years of experience in the industry, and a corresponding network of almost 200,000 proven purchasers. Icoworks Holdings has a 25-year history of profitability, qualified experienced management, excellent industry contacts, and a high- quality reputation for finding qualified buyers for their sellers. For more information contact: Investor Relations Westin Communications Inc. Toll: 800-430-4034Tel: 604-669-3707 Email: Web: http://www.westincomm.com/ Regency Financial Public Relations Tel: 303-771-7300 Email: This Press Release may contain, in addition, to historical information, forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements are based on management's expectations and beliefs, and involve risks and uncertainties. These statements may involve known and unknown risks and uncertainties and other factors that may cause the actual results to be materially different from the results implied herein. Key factors that could cause actual results to differ materially from those described in forward-looking statements are: (i) the inability of Icoworks to complete the merger with Icoworks Holdings to acquire the minority interest of Icoworks Holdings that it does not own, of which there is no assurance; and (ii) the inability of Icoworks to achieve the financing required to pursue its plan of operations, of which there is no assurance. Readers are cautioned not to place undue reliance on the forward-looking statements made in this Press Release. DATASOURCE: Icoworks, Inc. CONTACT: Investor Relations, Westin Communications Inc., Toll: 800-430-4034, Tel: 604-669-3707, Email: , Web: http://www.westincomm.com/; Regency Financial Public Relations, Tel: 303-771-7300, Email:

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