MONTREAL--(BUSINESS WIRE)--ICP Solar Technologies Inc. (OTCBB: ICPR.OB, FRANKFURT: K1U.F), a developer, manufacturer and marketer of proprietary solar panels and products, today announced financial results for its first fiscal quarter ended April 30, 2009.

Highlights for the Quarter

• Sales were $1.4 million for the fiscal first quarter, up 60% sequentially versus the $0.9 million reported in the fourth quarter of fiscal 2009
• Gross profit was $0.4 million, equating to 29% of sales, versus a gross loss in the fourth quarter of fiscal 2009
• SG&A expenses declined 36% in the quarter ended April 30, 2009 versus the first quarter of fiscal 2009 and were down 19% sequentially from the fiscal 2009 fourth quarter. This amounts to an annualized reduction of over $2 million versus fiscal 2009, beating prior expectations.
• ICP Solar also recently announced the hiring of Laurie McCabe as Business Development Manager for Monitoring and Metering, and the Company saw high demand for its products at Intersolar – where it booked a number of GreenMeter® orders

“ICP Solar continued to show steady improvement in its operating results this quarter and remains on track for strong performance in fiscal 2010,” said Sass Peress, CEO. “Sequentially, our sales grew 60% even as the global economy remained weak, and we reported a gross profit margin of 29%, which we expect will rise further in the quarters to come. Following our well-attended presence at Intersolar in Germany, we also have no doubt that our solid order backlog will post additional gains going forward as more individuals and organizations come to understand and appreciate the innovative, practical, and money-saving benefits of our patented GreenMeter® technology. The certifications we’ve received in Australia and California are but the first of many we anticipate having worldwide.

“ICP Solar is seeing improving demand trends across its business lines, and we are working on several new product initiatives which we will begin to roll out this coming quarter. In the meantime, the Board and I remain committed to the success of the Company and are optimistic about the remainder of calendar 2009. We are keeping a tight control over cash usage – as evident from our lower SG&A – and have secured sufficient financing to carry us through our expansion plans this year and beyond. ICP Solar has the brands, the people, and the technology to grow into a leading supplier of solar-powered solutions, and we expect to reach breakeven during the second quarter of fiscal 2010.”

Financial Results

Revenue for the first quarter of fiscal 2010 was $1.4 million, as compared with $1.9 million for the first quarter of fiscal 2009, reflecting the global economic impact on timing of product shipments; revenue increased 60% sequentially from the $0.9 million reported in the fourth quarter of fiscal 2009. Gross profit was $0.4 million, versus a slight gross loss in the fiscal 2009 fourth quarter. The Company's operating loss for the quarter was $(0.7) million versus $(0.9) million in the prior year period and $(1.3) million in the fourth quarter of fiscal 2009, with the decrease primarily due to lower SG&A expense. The Company posted a comprehensive net loss for the first quarter of $(6.0) million, or $(0.17) per diluted share, compared with a net loss of $(0.9) million, or $(0.03) per diluted share, for the first quarter of fiscal 2009. Results for the current period include approximately $5.2 million in non-cash charges related to the Company’s warrants and convertible debentures.

Conference Call

ICP Solar will host a conference call at 10:00 a.m. Eastern on June 15, 2009 for the fiscal first quarter ended April 30, 2009. During the call, Sass Peress, CEO, will review the company’s operations and financial results. The telephone number for the conference call is 800-938-1123.

Non-GAAP Measures

The Company uses certain non-GAAP measures to assist in assessing its financial performance. Non-GAAP measures do not have any standardized meaning prescribed by GAAP and are therefore unlikely to be comparable to similar measures presented by other companies. One such non-GAAP measure used for assessing financial performance is net income (loss) before interest, income taxes, amortization, financing costs and non-cash charges ("Adjusted EBITDA").

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. Consolidated Statement of Operations (Unaudited) Expressed in U.S. Funds
			For the Three-Month Period
			Ended April 30,
			2009				2008
Net Sales			$	1,446,959			$	1,891,654
Cost of Sales				1,033,581				1,191,733
Gross Margin				413,378				699,921
Expenses
Selling, general and administrative				1,009,105				1,584,234
Depreciation and amortization				20,509				6,396
Research and development				41,899				38,248
Foreign exchange (gain) loss				37,186				5,986
				1,108,699				1,634,864
Operating Loss				(695,321	)			(934,943	)
Interest expense				(78,016	)			(36,747	)
Interest income				-				4,763
Forgiveness of loan receivable				-				(88,973	)
Accretion of discount on convertible notes				-				(29,922	)
Discount on loan receivable				-				166,404
Discount on convertible debentures				(846,918	)			-
Accretion of discount on loan receivable				-				9,272
Change in fair value of derivative liability -embeded conversion option				(221,405	)			-
Interest expense on put warrant				(4,141,000	)			-
				(5,287,339	)			24,797
Net Earnings (Loss) before Income Taxes			$	(5,982,660	)		$	(910,146	)
Income Taxes				-				-
Net Earnings (Loss)			$	(5,982,660	)		$	(910,146	)
Other Comprehensive Income (Loss)				-				-
Foreign currency translation adjustment				-				-
Comprehensive (Loss)			$	(5,982,660	)		$	(910,146	)
Basic Weighted Average Number of Shares Outstanding				34,367,817				32,861,695
Basic and Diluted Earnings (Loss) Per Share				(0.17	)			(0.03	)

ICP Solar Technologies, Inc. Adjusted EBITDA Reconciliation (Unaudited) Expressed in U.S. Funds
		For the Three-Month Period
		Ended April 30,
		2009				2008
Net Earnings (Loss) before Income Taxes		$	(5,982,660	)		$	(910,146	)
Interest			78,016				36,747
Interest expense on put warrant			4,141,000				-
Depreciation			20,509				6,396
Amortization of loan discount			-				(166,404	)
Accretion of discount on convertible notes			-				29,922
Amortization of discount on convertible debentures			846,918				-
Accretion of discount on loan receivable			-				(9,272	)
EBITDA			(896,217	)			(1,012,757	)
other non-cash items:
Forgiveness of loan receivable			-				88,973
Foreign exchange			37,186				5,986
Stock based compensation			307,320				682,133
Change in fair value of derivative liability -embeded conversion option			221,405				-
Adjusted EBITDA		$	(330,306	)		$	(235,665	)

ICP Solar Technologies, Inc. Consolidated Balance Sheet (Unaudited) Expressed in U.S. Funds
			April 30, 2009				January 31, 2009
Assets
Current
	Cash		$	48,541			$	193,517
	Accounts receivable			852,832				622,981
	Inventories			1,194,763				1,492,808
	Prepaid expenses			94,430				12,941
	Total			2,190,566				2,322,247
Property and Equipment				82,021				88,030
Intangible, net of accumulated amortization of $67,700 (2008-$nil)				106,414				120,914
Loan receivable, net of $953,729 provision				-				-
Investment in Convertible Debenture net of $967,600 provision				1				1
Total Assets			$	2,379,002			$	2,531,192
Liabilities
Current
	Accounts payable and accrued liabilities			1,993,058				1,648,019
	Put option liability			67,555				67,555
	Derivative liability-embedded conversion option			1,025,627
	Government grants payable			14,670				17,533
	Senior Secured Convertible Debentures, less
	unamortized discount of $ 1,864,464 (2008-$2,708,934)			612,505				171,517
				3,713,415				1,904,624
Put Warrant				7,741,000				3,600,000
Shareholders' Deficiency
Capital Stock				366				351
Additional Paid-In Capital				16,842,435				16,157,548
Accumulated Other Comprehensive Loss				(1,005,625	)			(1,005,625	)
Accumulated Deficit				(24,912,588	)			(18,125,706	)
	Total			(9,075,413	)			(2,973,432	)
Total Liabilities & Shareholders' Deficiency			$	2,379,002			$	2,531,192

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