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ICC TECHNOLOGIES COMPLETES FIRST STAGE OF PRIVATE PLACEMENT PROGRAM; NET PROCEEDS OF $1.8 MILLION MEET NASDAQ CAPITAL & SURPLUS REQUIREMENTS

 PHILADELPHIA, March 23 /PRNewswire/ -- ICC Technologies, Inc. (NASDAQ: ICGNC), a leading developer of air conditioning and climate control systems for supermarkets, department stores, and other commercial and industrial buildings, announced today the closing of the first stage of a private placement program. The company has received net proceeds of $1,783,713 for shares of unregistered common stock at a price of $1.50 per share. With this addition to ICC's capital, the company exceeds the NASDAQ capital and surplus requirements and will resume trading under the symbol ICGN. Pending completion of this initial funding, ICC has been trading under the symbol ICGNC with a temporary exception from NASDAQ requirements. The new stock issued in the private placement may be registered after six months. The private placement was arranged by Tamaron Investments, Inc., and Neidiger, Tucker, Bruner, Inc.
 Irwin Gross, chairman of ICC, said, "These funds fulfill our near- term funding requirements and will accelerate the field testing and marketing of our new air conditioning system introduced in January at the International Air Conditioning-Heating-Refrigerating Exposition in Chicago. This revolutionary air conditioning system has no compressor, therefore sharply reducing energy costs, and is completely free of refrigerants such as CFCs which destroy the ozone layer. Incorporating new super-efficient moisture removing materials developed by Engelhard Corporation, this new air conditioning system dramatically increases the influx of fresh air, thereby helping to eliminate the effects of the `sick building' syndrome."
 -0- 3/23/93
 /CONTACT: Irwin L. Gross, chairman, or Carl Dranoff, executive vice president of ICC Technologies, 215-625-0700/
 (ICGNC)


CO: ICC Technologies, Inc. ST: Pennsylvania IN: SU:

SH-GK -- NY024 -- 8565 03/23/93 10:03 EST
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Publication:PR Newswire
Date:Mar 23, 1993
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