Premier's fall consignment sale generates 20% more in gross auction sales than expected Gross Auction Sales of Over USD $3 Million OKLAHOMA CITY, OK, Oct. 28 /PRNewswire-FirstCall/ -- Icoworks Inc.'s (OTCBB:ICOW) (FRANKFURT:ICOW.F) wholly owned subsidiary, Premier Auctioneers International, Inc., is pleased to announce that its 17th Annual Fall Consignment Sale of oilfield equipment and rolling stock attracted strong participation from local and foreign buyers resulting in a 20% increase in gross auction sales. Additionally, the largest single item sale came from an internet bidder and 20% of the total revenue came from online sales. "This is the first major auction Premier has conducted under Icoworks' ownership and we were extremely pleased with the efficiency of the auction, the international bidder participation and the solid prices during this two- day event," stated Mr. Graham Douglas, President of Icoworks Holdings Inc. "The success of this auction can be directly attributed to the dedication and talent of the Premier team." The Premier team is getting geared-up for the next oilfield equipment, drilling, well service and rolling stock auction to be held in Odessa, Texas on December 6th and 7th. The next Oklahoma City auction will be held on January 20th and 21st, 2004 and a featured rig is already in transport to the sales yard. About Icoworks Inc. Icoworks Inc. has acquired a 56% interest in Icoworks Holdings Inc. (http://www.icoworks.com/) an integrated Commercial/Industrial Auction company. In November of 2002 Icoworks Inc. announced its intent to merge with Icoworks Holdings. Icoworks Inc. plans to acquire the remaining 44% interest in Icoworks Holdings by issuing two shares of its common stock for each remaining share of Icoworks Holdings. The Icoworks merger remains subject to approval by the shareholders. The shareholder meeting will be held once requisite regulatory documents have been prepared and filed. Icoworks, through its subsidiaries, offers a complete array of industrial, oilfield and commercial appraisal, liquidation and auction services. Every Icoworks auction or liquidation benefits from many years of experience in the industry, and a corresponding network of almost 200,000 proven purchasers. Icoworks Holdings has a 25-year history of profitability, qualified experienced management, excellent industry contacts, and a high- quality reputation for finding qualified buyers for their sellers. This Press Release may contain, in addition, to historical information, forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements are based on management's expectations and beliefs, and involve risks and uncertainties. These statements may involve known and unknown risks and uncertainties and other factors that may cause the actual results to be materially different from the results implied herein. Key factors that could cause actual results to differ materially from those described in forward-looking statements are: (i) the inability of Icoworks to complete the merger with Icoworks Holdings to acquire the minority interest of Icoworks Holdings that it does not own, of which there is no assurance; and (ii) the inability of Icoworks to achieve the financing required to pursue its plan of operations, of which there is no assurance. Readers are cautioned not to place undue reliance on the forward-looking statements made in this Press Release. DATASOURCE: Icoworks, Inc. CONTACT: Investor Relations, Westin Communications Inc., Toll: 800-430-4034, Tel: 604-669-3707, Email: , Web: http://www.westincomm.com/; Regency Financial Public Relations, Tel: 303-771-7300, Email:

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