GHL Technologies Signs MOU to Acquire UK-Based ICOM; Acquisition Projected to Add Annual Revenue of More Than $5 Million to GHL's Bottom Line.

BREMERTON, Wash. -- GHL Technologies, Inc. (Pink Sheets:GHLT), a holding company focusing on acquisitions, strategic alliances, and partnerships with companies on the cutting edge of the GPS and telematics industry, today announced that it has signed a memorandum of understanding to acquire 100 percent of Icom Telecommunications Ltd., a UK-based provider of structured cabling solutions as well as maintenance, management and support services. GHL intends to purchase ICOM shares under a tax beneficial exchange or via stock using restricted 144 shares of GHLT.

ICOM provides such technology-based solutions as telephone systems, voice and data cabling, electrical systems, and power products to mid-sized enterprise and government clients throughout the United Kingdom. ICOM's average monthly revenues exceed GBP 250,000; therefore, at the current exchange rate of 1.89 GBP to 1.00 USD, this merger is anticipated to add an immediate $5.5 million gross sales infusion to GHL. ICOM has been profitable for three years and will continue the implementation of its IT-focused business model as it expands a newly created GPS division with guidance from GHL's management team.

"Through internal growth coupled with this acquisition, GHL intends to substantially increase its balance sheet and income statement by year's end," said Gene Hew-Len, CEO and founder of GHL Technologies. "ICOM maintains hundreds of contracts and contacts throughout the United Kingdom, and by leveraging GHL's expertise in the GPS space, ICOM's recent expansion into GPS services will almost certainly lead to countless new sales contracts in the United Kingdom and elsewhere."

"ICOM's key focus is on existing BT systems, and we offer a vastly discounted rate over BT's prices without compromising the quality of service that customers have come to expect in today's market. Our staff and management are pleased to be finalizing the terms and conditions for joining GHL Technologies as a core subsidiary," added John Donoghue, managing director at ICOM.

Projected to be completed by the end of this year, the purchase will be implemented by GHL's agent, Balmoral Financial Services Companies, headquartered in Dublin, Ohio.

With the assistance of Balmoral Financial Services, GHL will form information statements and finalize the requirements to merge ICOM and other companies into GHL Technologies. GHL intends to complete this merger during the fall of 2006, pending regulatory approval. ICOM is a UK-based company with audited financials for the past three years.

About GHL Technologies

GHL Technologies seeks to become a leading, international GPS/telematics installation company by aggressively investing in new acquisitions, building strategic alliances, and securing partnerships with companies on the cutting edge of GPS and telematics development - thereby creating value for its shareholders. For more information, please visit http://www.ghltechnologies.com. GHLT shareholders are encouraged to register on the site's "Shareholder Registration" page to receive ongoing company news updates.

About ICOM

Founded in 1990, Icom Telecommunications Ltd. provides various technology-based solutions - which have included telephone systems, voice and data cabling, electrical, power and more - to businesses throughout the United Kingdom. The company also is involved in the world of audio and video conferencing, GSM gateway applications, SMS delivery, and other technology driven solutions. For more information, visit http://www.icomtel.com.

About Balmoral Financial Services Companies

In operation since 1986, Balmoral (http://www.balmoralfinancial.com), an Ohio corporation, is a niche financial services company that specializes in identifying merger candidates and placing these transactions with American companies. Balmoral provides private entrepreneurs and public companies M&A, Bank Guarantees, Documentary Credit, International Promissory Notes, and PIPE financing services. Working with financial institutions in emerging markets such as Eastern Europe, the former Soviet Union and others, Balmoral does business in 20 countries and maintains five satellite offices. Balmoral holds partnerships with several entities, including Euro Partners, with locations in England, Zurich, Prague, Athens and Belgrade.

Legal Notice: "Forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995 may be included in this news release. These statements relate to future events or our future financial performance, are only predictions, and may differ materially from actual future results or events. GHL Technologies disclaims any intention or obligation to revise any forward-looking statements whether as a result of new information, future developments or otherwise. Important risk factors could cause actual results to differ from those contained in forward-looking statements; these include, but are not limited to, risks associated with changes in general economic and business conditions, actions of our competitors, the extent to which we are able to develop new services and markets for our services, the time and expense involved in such development activities, the level of demand and market acceptance of our services, and changes in our business strategies.