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Kurt Schemers Host - Interviews:
Graham Douglas, President of Icoworks Inc.
(bb: ICOW) and (Frankfurt: ICOW.F)

Shares O/S: 12,886,398
Float: 3,000,000
52-week Range: $0.240 - $1.600


Icoworks Inc.
(bb: ICOW) and (Frankfurt: ICOW.F)

Corporate Headquarters
Icoworks Inc.
403, 19292 - 60th Avenue
Surrey, BC V3S 3M2
Phone: (604) 514-8181

Investor Relations
Westin Communications Inc.
409 Granville Street, Suite 1450
Vancouver, BC V6C 1T2
Phone: (604) 669-3707

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Interview Information:
Interview Date: 10.27.03
Run Time: 9:05

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The Company

About Icoworks Inc.
Icoworks Inc., named after the Latin word "ico" (meaning to strike a bargain), is an integrated Commercial/Industrial Auction company focused on consolidating the industry. Through its subsidiaries, Icoworks offers a complete array of industrial, oilfield, commercial appraisal, liquidation and auction services. As a consolidator of the traditional industrial auction industry, the Company enhances bricks and mortar businesses by employing electronic information technologies to provide a trading environment that allows buyers and sellers of both mobile and stationary equipment to conduct transactions in a secure, convenient, geographically independent marketplace.

Consolidation Strategy
The industrial and commercial asset auction industry is ripe for consolidation. It is a mature industry, which is regionally fragmented with many small- to medium-sized firms. The majority of these businesses are owner-operated, with aging proprietors who are seeking retirement liquidity. The average size of auction transactions has been steadily increasing, thus requiring greater capital to support independent operations. The recent trend in the industry has been away from traditional consignment auctions toward bought deals and guaranteed minimum returns, which also require greater financial capabilities. The application of information technology is broadening the reach of the industry, requiring participants to have the ability to service larger markets. There are tremendous economies of scale to be realized, from the application of information technology to streamlined corporate management and administration.

Icoworks has merged traditional industrial and commercial auction service veterans with the enormous potential of ecommerce. With the recent acquisitions, Icoworks enjoys an established record of accomplishment and excellence. Strong relationships with buyers and sellers in the auction community have been made stronger with the reach and effectiveness of on-line communications and marketing. A partnership with the world leader in on-line auctions has been made even more powerful through the application of proprietary technology and traditional service standards. The Company intends to continue its growth in the marketplace by implementing the strategies as detailed in this summary plan. Over the past year, Icoworks has successfully implemented these aggressive growth strategies and has increased client asset sales from USD $4.6 Million in fiscal 2003 to approximately USD $50 Million for fiscal 2004. Icoworks believes that it is on track to hit its projected client asset sales of over USD $95 Million for fiscal 2005. Based on the financial projections by 2iC Strategy Group, Inc., this venture represents a tremendous business investment. A vast network of on-line and bricksand- mortar auction excellence has been assembled to accomplish one singular goal: to change how industry converts assets to cash

Corporate Background

Acquisition of Wigley Auction Services Ltd.
In November, 2001 Icoworks acquired all the issued and outstanding shares of Bill Wigley Auction Services Ltd. ("Wigley"), a 15-year-old international provider of a full and comprehensive range of auction and appraisal services to the industrial, oilfield, commercial and office markets. Wigley was subsequently renamed Icoworks Services Ltd. and became a 100% wholly owned subsidiary of Icoworks.

Acquisition of DM International
On April 18, 2002 Icoworks added depth of experience to its appraisal division when it acquired DM International Appraisals & Consulting Ltd.; an equipment appraisal company specializing in the appraisal of all types of oilfield equipment including drilling, well servicing and coil tubing rigs, wireline trucks and down hole equipment, flushby and hot oiler units, cement, aciditizing and nitrogen units, production testing equipment, oil and gas production wells and facilities.

DM's appraisal associates, headed by Darrell McGrath, have over 60-years of combined appraisal experience and have completed assignments worldwide appraising over CDN $1 Billion in assets.

Expansion of Canadian Operations
On January 14, 2003 Icoworks Inc. expanded operations in the province of Ontario forming Icoworks Eastern, Ltd. to keep up with the volume of projects and increased demand for Ontario-based auctions and liquidations. Since opening its doors, Icoworks Eastern, Ltd. has executed complex liquidations with great success out of its 12,000 square foot warehouse/office and auction arena in Oakville, Ontario.

On January 28, 2003 Icoworks Services Ltd. opened its doors in Vancouver, British Columbia. This experienced auction team in the west brings extensive expertise in project management, appraising and marketing of mining and forestry equipment, construction, sawmills, fabrication, machining, steel mills, shipyards, dairy farming, breweries and other processing plants.

Formation of Canadian Joint Venture Fund
On May 17, 2003 Icoworks Joint Venture Inc. was formed and established a USD $1.4 Million fund to engage bought deals enabling Icoworks to be considerably more competitive in winning contracts while improving the bottom line. On June 30th, the Joint Venture group further increased the fund to over USD $2.5 Million. Icoworks has been successfully using these funds to purchase inventories of distressed fixed assets, which are sold through the Company’s auction and liquidation facilities.

Formation of US Joint Venture Fund
In July, 2003 Icoworks formed a US Joint Venture fund to provide the Company with a further USD $2 Million to purchase inventories of distressed fixed assets.

Private Placement
On August 20, 2003 Icoworks approved a Private Placement of up to 2 Million units at a price of USD $0.35 per unit. Each unit is comprised of one common share and one nontransferable share purchase warrant, with each warrant entitling the holder to acquire an additional common share at a price of USD $0.40 per share for a period of 12 months from closing.

Auction and Liquidation Contracts
From January 1, 2003 until September 1, 2003, Icoworks has signed contracts to conduct auctions and liquidations, on behalf of its clients, which are expected to generate in excess of USD $15 Million in total asset sales. Some of these sales have been completed, while others will continue to occur throughout the next several months. Icoworks attributes this sales growth momentum to the Company's expansion efforts. Icoworks anticipates meeting or exceeding its estimated client asset sales of USD $20 Million for calendar year 2003, an approximate 300% increase over calendar year 2003. This projected sales figure does not take into consideration the recent purchase of Premier Auctioneers.

Acquisition of Premier Auctioneers International, Inc.
On September 3, 2003 Icoworks acquired Houston-based Premier Auctioneers International, Inc. ("Premier") from Network International Inc. ("Network"). Premier was formed in 1997 and purchased by Network International in July 2000. Premier is the dominant auction company in the energy auction industry, conducting more oilfield auctions than all of their competitors. For fiscal 2002 Premier announced gross auction sales of USD $23.4 Million and is projecting a similar amount for fiscal 2003. Each year Premier conducts five fixed-date auctions in Bakersfield, CA; Oklahoma City, OK; and Odessa, TX. In between these fixed sales, Premier conducts 9 to 12 additional sales for individual consignors - Premier currently has two of these types of auctions booked for the month of September.

Premier’s management team and staff have worked together continuously since 1987 and has over 300 combined years of oil and gas auction experience. This includes talented appraisers, setup supervisors, ringmen, marketing experts and some of the industry's best cashiers and financial staff. Premier has offices and yards in Odessa and Houston, regional offices in San Antonio, Denver, and Oklahoma City, and its headquarters are in Tulsa, Oklahoma.

Network, Premier's former owners, developed an on-line live auction tool that is regarded as the best in the industry. Network is reported to have spent more than USD $3.5 Million developing this tool. As part of the purchase, Premier received all source code and documentation to this system. Icoworks believes that this holds a value in excess of the purchase price of Premier. Icoworks intends to integrate this technology into its auction management system.

Acquisition of Santiago Sports and Classics Collector Car Auctions
On September 9, 2003 Icoworks Inc. expanded its collector car auction division by acquiring the rights to auctions hosted by Rocky Santiago of Santiago Sports and Classics Collector Car Auctions. These esteemed auctions have successfully drawn car enthusiasts for almost twenty years, and are held in Oklahoma City, Tulsa, Dallas, and Albuquerque each year. Santiago Sports and Classics hosts six collector car auctions each year, and sells many different British and European cars in any shape from projects to concours.

The next auction will take place in Albuquerque, New Mexico at the Albuquerque Convention Center on October 10th and 11th, 2003. A wide variety of muscle cars, trucks, streetrods, sports cars, exotic, and other 1920's through 1970's classics will be auctioned. The acquisition will close on September 30, 2003 at, which time, Santiago Sports and Classics Collector Car Auctions will be renamed to Icoworks Collector Car Auctions Inc.

Premier's Upcoming Auctions
Throughout the months of September and October, Premier, under Icoworks' ownership, will be conducting four auctions selling drilling and well service equipment, construction equipment, rolling stock and environmental and geotechnical drills and related items. Total gross auction sales on behalf of its clients are expected to generate in excess of USD $5 Million.

"Wheels and Dreams" Semiannual Vintage and Collector Car Auction and Charity Event
On September 26, 2003 Icoworks hosted a vintage and collector car auction and charity event at the Cloverdale Fair Grounds in British Columbia. Over 100 vintage collector cars were auctioned. Icoworks auctioned a car with 100% of the proceeds going to charity. Icoworks intends to develop this event into one of the premier collector car shows and auctions in North America, and will be promoting it in special interest publications, on the radio and in various newspapers. The Company is currently searching for other markets to conduct similar classic and vintage car auctions.

Growth Strategy

Going forward, Icoworks will continue to survey opportunities to expand both the scale and the scope of its current industrial operations. In addition, Icoworks will seek out niche auction markets that lend themselves to regular, repetitive sales in which Icoworks can obtain significant market share. Examples of such markets are classic car auctions, real estate liquidations, and the wholesaling of automobiles, among others.

Icoworks will aggressively pursue the acquisition of existing, owner-operated, traditional auction houses and integrate and link these regional companies together by utilizing the website. The Company will target acquisitions that have either a strong geographical presence, hold substantial market share in a particular industry segment, or obtain recurring revenue through repeat business with a regular client base.

By linking regional auction houses, Icoworks applies its proprietary technology and scalable administrative systems to extend its market reach without incurring start-up costs. Achieving these economies enables Icoworks to effectively perform appraisal and auction services across varying regions and sectors.

Icoworks estimates that its typical acquisition target has USD $8 to $10 Million in annual sales, with a net profit of around USD $400,000. These mature businesses may be acquired for a price of two to two-and-one-half times net profit, or roughly USD $800,000, plus incentive programs for management retention. With the unique financing capabilities of the parent company, and access to additional capital to expand products and services, acquired subsidiaries are expected to expand sales to roughly USD $20 Million per annum with a net profit of approximately USD $2 Million per acquisition.

Bought Deals
Icoworks will also increase its participation in bought deals and guaranteed return auctions, which will facilitate considerable upside potential. Icoworks will increase its participation by utilizing its unique financing capabilities. This will include both liquidations and guaranteed auctions. In such cases, the Company will contract as principal with a client to purchase assets for an agreed price, and then assume the risk of liquidating them at a higher value. Alternatively, Icoworks may offer clients a guaranteed return, with upside potential, based on auction results. It has been Icoworks' experience to date that participating in bought deals dramatically increases yields with no additional operating costs.

Company Management

Icoworks, Inc has assembled a senior corporate leadership team with the abilities and proven track records necessary to lead Icoworks continued development and successful growth. Icoworks' operating subsidiaries are staffed by auction industry leaders with the experience and industry networks to provide uncompromised asset disposition services.

Graham Douglas - President and Director
Mr. Douglas is one of the founders of Icoworks, and brings over 25 years of business experience as a financial and operations executive to Icoworks. Mr. Douglas' career has included corporate lending with a major world bank, real estate construction, and the development and management of a transportation and warehousing company. Mr. Douglas has actively consulted in the areas of corporate restructuring, mergers and acquisitions, corporate finance, international business, and public offerings. As President of Icoworks, Mr. Douglas oversees the day-to-day operations of the Company, sets corporate policy and ensures the successful execution of the Company's business plan.

Ian Brodie - Secretary, Treasurer and Director
Mr. Brodie is cofounder of Icoworks and brings over 20 years experience in capital markets. Mr. Brodie brings a high level of corporate finance and merchant banking experience to Icoworks, and his past experience encompasses corporate restructuring, mergers, acquisitions, and divestitures. Mr. Brodie has served on the board of directors of numerous national and international public companies and has also been involved in senior management roles in the shipping, mining and venture capital industries.

Michael Sweatman - CFO
A chartered accountant, Mr. Sweatman has held positions as CFO, VP finance, secretary treasurer and director for several ventures, including energy and resource companies in both private and public sectors. Mr. Sweatman directs fiscal matters including budget preparation, financial forecasts, taxation and financial analysis. the predominant auction company in the oil and gas industry, before selling the company to Network Oil, Inc. in 2000.

Canadian Senior Management Team

Ron Krause - VP Operations
Mr. Krause has a 30-year background in construction and mining industrial project management, and is well versed in the administration, purchasing, costing and finance aspects of major sites and businesses. He has owned his own construction services company, and worked extensively in management and supply-side firms servicing industrial concerns. Mr. Krause oversees the industrial and mining auctions.

Darrell McGrath - VP Alberta Division
Mr. McGrath has lead many international appraisal assignments and valued in excess of CDN $1 Billion in assets. As a result, Mr. McGrath works extensively as a consultant and enjoys close working relationships with financial institutions, receivers and lawyers for both public and private companies.

Mel Blackburn - VP Ontario Division
Mr. Blackburn has over 20 years experience owning and operating his own companies including contracting and liquidation businesses, 5 years as a sales manager and 10 years in lending and finance.

Michael Hunt - VP British Columbia
Mr. Hunt brings a lifetime of effective leadership skills he developed while at a major Vancouver-based auction firm. He is a seasoned and skilled business negotiator who has appraised over CDN $300 Million in auction equipment around the world.

US Senior Management Team

James Richie - Chief Auctioneer
Mr. Richie began his career in the oilfield auction industry in 1981 at the age of 18. He has worked nearly every facet of the auctioneering business as his career developed. Recognized as one of the premier auctioneers in the world, Mr. Richie has sold over USD $4 Billion at auction over the past 22 years. He has held auctions in all 50 states as well as Canada, Germany, Britain and Australia. Mr. Richie was a founder of Premier in 1997, which grew to become the predominant auction company in the oil and gas industry, before selling the company to Network Oil, Inc. in 2000.

David Long - Regional Sales Manager
Mr. Long has worked within the auction industry for more than 20 years, most of this in the oilfield industry. Mr. Long has had a distinguished sales career in the Texas and New Mexico areas and was a principal partner in Premier before its sale. He has been Regional Sales Manager and oversaw the operations of the Odessa facility. Mr. Long is known throughout the oilfield industry for his knowledge of equipment values, having been involved in every aspect of the appraisal business.

Scott Felker - Regional Sales Manager
Mr. Felker is the past President of Premier, with over 27 years in the industry. Prior to entering the auction industry Mr. Felker had several years experience directly in the oilfield services industry. Mr. Felker has an MBA from Hardin-Simmons University.


Compensation: $5,000 - third party Westin Communications Inc. Read Carefully and Think Clearly When Investing In Any Stock. is an independent electronic publication providing both information and factual analysis on selected companies. The opinions and analysis included herein or in our audio programs are based on sources believed to be reliable and in good faith but no representation or warranty, expressed or implied, is made as to their accuracy, completeness or correctness., it's owners, employees or officers are not licensed brokers, broker dealers, investment advisers or underwriters.

This information read at or it's newsletters or heard on "Traders Nation" is not intended to be used as the sole basis of any investment decisions, nor should it be construed as advice designed to meet the investment needs of any particular investor. The foregoing discussion contains forward looking statements, which are based on current expectations and differences can be expected.

The information contained herein or heard on "Traders Nation" may have been provided by the Company to for information purposes only. Readers or listeners are urged to consult with independent financial advisors with respect to an investment in the issues mentioned herein. Investors should review a complete information package on the Company, which should include, but not be limited to, the Company's annual report, quarterly report, press releases, as well as all regulatory filings. All information contained in this report or audio program "Traders Nation" should be independently verified with the Company mentioned herein. Any opinions expressed in this report or heard on "Traders Nation" are statements of judgment as of the date of publication and are subject to change without further notice, and may not necessarily be reprinted in future publications or elsewhere. nor its officers, directors, partners or employees / consultants accept no liability whatsoever for any direct or consequential loss arising from any use of this report or information heard on "Traders Nation". affiliates, agents and/or family may have interests or positions in equity securities of the companies reviewed in this publication or presented on "Traders Nation", some or all of, which may have been acquired prior to the dissemination of this report, and may increase or decrease these positions at any time.

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Finally, investing is a very serious business and you should treat it as one. Never invest money you aren't willing to risk to loss. There are many pitfalls to investing, your continued learning in the stock market is your best advantage.

Forward-Looking Statements
This news release may contain forward-looking statements, which involve risks and uncertainties. Accordingly, no assurance can be given that the actual events and results will not be materially different than the anticipated results described in the forward-looking statement. There are a number of important factors that could cause actual results to differ materially from those expressed in any forward-looking statements made by the Company. These factors include the Company's success in its business and operations; the activities of new or existing competitors, the ability to attract and retain employees and strategic partners, the ability to leverage intangible assets, the ability to complete new projects at planned costs and on planned schedules and adoption of the Internet as a medium of commerce, communications and learning. Investors are also directed to consider other risks and uncertainties discussed in documents filed by the company with the Securities and Exchange Commission. The Company undertakes no obligation to publicly release the result of any revisions to these forward-looking statements, which may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.

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