IPICO INC. ANNOUNCES THIRD QUARTER RESULTS

BURLINGTON, ON, Nov. 25 /CNW/ - IPICO Inc. (TSX-V: RFD) today announced results for the three months ended September 30, 2010. Revenue for the third quarter was $1,521,912 down from $2,003,253 in the third quarter of 2009. Gross margin was $613,246 comparable to $595,958 in 2009. Net loss for the third quarter was $1,604,321 ($0.03 per share) down from to $2,154,609 ($0.04 per share) in 2009.  Total operating expenses for the third quarter ended September 30, 2010 were $1,713,621 down from $2,372,760 in the prior year quarter as a result of cost savings measures.

Three months ended September 30
(in Canadian dollars, except per share)	2010	2009
Revenue	$ 1,521,912	$ 2,003,253
Gross margin	613,246	595,958
Gross margin %	40%	30%
Total operating expenses	1,713,621	2,372,760
Net loss	(1,604,321)	(2,154,609)
Net loss per share (basic and diluted)	(0.03)	(0.04)

The Company's cash and cash equivalents at September 30, 2010 were $1,054,837 compared with $1,873,268 at December 31, 2009 a reduction of $818,431. During the quarter the Company completed a non-brokered private placement of convertible secured series C debentures for gross proceeds of $1,655,000 with a further placement of convertible secured debentures Series C for gross proceeds of $500,000 completed subsequent to the quarter end. The net proceeds from the offering were used to repay the $1,000,000 interim loan which was advanced during the second quarter and third quarter, with the remainder available for general corporate purposes.

The Company's unaudited interim consolidated financial statements for the third quarter ended September 30, 2010 along with management's discussion and analysis thereon can be found on SEDAR at www.sedar.com under the trading symbol TSX-V:RFD.

ABOUT IPICO Inc. IPICO Inc. is an RFID solution supplier with operations in Canada, USA, South Africa, Europe, and Asia.  IPICO produces smart labels, tags and readers based on the IP-X communication protocol.  Its products are designed to conform to regulatory requirements in most major geographical regions, to excel at long read range, fast multi-read anti-collision and high thru-beam read-speeds of dynamic tag populations, and to allow for multi-reader rollout in close proximity.  IPICO's products are used to optimize the management of products, equipment, people, animals and processes within the logistics and other value chains.  For further information, go to www.ipico.com.

THE TSX VENTURE EXCHANGE DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR THE ACCURACY OF THIS RELEASE.

%SEDAR: 00023515E

For further information:

Contacts:

Gordon Westwater, President & CEO, IPICO Inc., Tel: [phone]
Email: [email protected]

Ted Irwin, ChiefFinancial Officer, IPICO Inc., Tel: [phone]
Email: [email protected]