ICP Solar Technologies Completes Merger and Initial Public Financing

ICP Solar Technologies, Inc. announced the closing of a merger with FC Financial Services, Inc.. The resulting issuer will operate under the name ICP Solar Technologies, Inc. and will assume and execute ICP Solar's renewable energy business plan as its sole business. ICP Solar will retain senior management led by Founder, CEO and Chairman Sass M. Peress, and Arlene Ades, Executive VP - Business Development. Pursuant to the merger, ICP Solar completed a $5 million private placement of common stock, with additional warrants having an exercise value of $5 Million, from a group of institutional and accredited investors.

"The successful completion of the merger and our financing represents a significant step in positioning the company for future growth," stated Sass M. Peress, Chairman & CEO. "Substantial investments from premier institutional investors in our private placement have given us access to both capital and strategic introductions that will significantly benefit the company moving forward. The public listing provides the proper venue for attaining a higher level of corporate visibility and allows investors to better assess ICP Solar's value in relation to its publicly traded peers."

ICP Solar is currently developing a variety of new solar cell based products aimed at the Rooftop, OEM and consumer markets. ICP Solar is expanding its geographic focus with greater intensity in Europe and Asia-Pacific, and concerted efforts to gain retail market share in North America. Through partnerships with premier accounts such as West Marine,® Amazon.com,™ and Wal-Mart,™ and with its exclusive Coleman® branding license, ICP Solar's strategic plan calls for significant market expansion through these retail partners. It is also particularly focused in developing innovative rooftop solutions for the Californian and Spanish solar market, based on its patented thin film designs, as well as OEM automotive solutions for current customers such as Volkswagen and Winnebago.