ICP Solar: Preliminary Fourth Quarter Results

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ICP Solar Technologies Inc., a developer, manufacturer and marketer of proprietary solar panels and products, announced preliminary financial results for the fiscal fourth quarter ended January 31, 2009.

    * Revenue rose 45% over the fiscal fourth quarter of 2008, to approximately $950,000
    * Despite normal year end writedowns, the Company posted positive gross profit of approximately $76,000 in the fiscal fourth quarter versus a loss in the prior year period
    * SG&A was down approximately 53% in the fourth quarter ended January 31, 2009 versus the fourth quarter of fiscal 2008

“We are very satisfied with the Company’s progress made in the fourth quarter, particularly the effects our cost reduction program has had – ahead of schedule,” said Sass Peress, CEO. “ICP Solar has taken tremendous steps towards reducing its cash burn rate and achieving profitability, and we remain well positioned for solid top line growth in calendar 2009, as indicated by our much stronger fourth quarter sales despite a challenging economic environment.

“Our order book clearly indicates strong demand for our Sunsei® brand of solar chargers, and we are encouraged by the rollout of our Sunsei® GreenMeter™ systems across North America as well as by positive tests overseas. Our innovative solar products and solutions continue to offer practical advantages to the everyday consumer versus less-versatile, lower-performing alternatives. In addition, the stimulus packages now being enacted worldwide are expected to fuel further demand for metering alternative energy applications such as ours.”

The Company plans to release full audited fiscal year results on or before May 1st, 2009

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® 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

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.

ICP Solar Technologies Inc.
Sass Peress, 514-270-5770
Chief Executive Officer
ICP Solar Investor Relations:
Chris Witty, 646-438-9385

Source: ICP Solar Technologies Inc.
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