VANCOUVER, British Columbia, Canada, August 21, 2003 (PRIMEZONE) -- Howlett Research Corp. (www.howlett-research.com), a boutique research firm led by Jeff Howlett, President, announced today that it has recently published a comprehensive research report on Icoworks Inc. (OTCBB:ICOW), a company providing fully integrated auction, liquidation, and appraisal services for corporate assets such as wholesale and retail inventories, used industrial equipment, and related goods. The company has assembled a database of over 200,000 fully profiled buyers and sellers, and has reached a critical mass of operations. Icoworks also has in place a Cdn $3.6 million joint venture bought deal fund. Icoworks has embarked on an aggressive expansion strategy, both in terms of organic growth and through acquisition, and is now on an annual run rate $20+ million in reported sales. This is up from Cdn $1.4 million for the nine months ended March 31, 2003.
The full report can be found at www.howlett-research.com/Research.htm.
About Howlett Research Corp.
Based on British Columbia's Sunshine Coast, Howlett Research Corp. has been completing company specific research reports for a range of publicly listed companies for over 10 years in a variety of industry sectors. The reports are developed for junior to medium sized companies that are undervalued relative to its peer group and lack adequate coverage by the financial community. These reports attempt to explain how the company is positioned in its competitive environment, along with what its business development/growth strategy and associated market potential is.
Statements included in this release may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements involve a number of risks and uncertainties such as competitive factors, technological development, market demand and the Company's ability to obtain new contracts and accurately estimate net revenues due to variability in size, scope and duration of projects, and internal issues in the sponsoring client. Further information on potential factors that could affect the Company's financial results, can be found in the Company's Registration Statement and in its Reports on Forms 8-K filed with the Securities and Exchange Commission (SEC).