Mr. Eric Lapointe reports

ICARUS CAPITAL APPOINTS JOHN C. SINCLAIR TO BOARD OF DIRECTORS AND AMENDS PRIVATE PLACEMENT FINANCING

Icarus Capital Corp. has appointed John C. Sinclair, CPA, CA, to its board of directors, effective immediately.

Mr. Sinclair is a chartered professional accountant with more than 40 years of experience in public accounting, corporate governance and the Canadian capital markets. Throughout his career, he has advised public companies, boards of directors and audit committees on financial reporting, regulatory compliance, corporate finance and strategic transactions. His experience includes public company audits, initial public offerings, capital pool companies and continuing governance matters, bringing valuable financial and public company expertise to Icarus.

The board has also appointed Mr. Sinclair as chair of the audit committee. Director Kevin Booth has been appointed to the audit committee, completing the company's independent audit committee, which consists of Eric Lapointe (chief executive officer and director), Mr. Booth (independent director) and Mr. Sinclair (independent director).

"We are very pleased to welcome John to the board of directors," said Eric Y. Lapointe, chief executive officer of Icarus Capital. "His extensive experience with public companies, financial reporting and audit oversight will be an important asset as we continue executing our strategic growth initiatives. We are also pleased to have Kevin serve alongside John on the audit committee."

The company also announces that its board of directors has approved amendments to the terms of its previously announced non-brokered private placement financing. Subject to acceptance by the TSX Venture Exchange, the company intends to complete a non-brokered private placement for gross proceeds of up to $170,000.

The financing will consist of up to 3.4 million units at a price of five cents per unit. Each unit will consist of one common share and one common share purchase warrant. Each warrant will entitle the holder to acquire one additional common share of the company at an exercise price of 10 cents for a period of 24 months from the date of issuance.

The net proceeds of the financing are expected to be used for working capital and general corporate purposes. Except as amended herein, all other terms of the previously announced private placement remain unchanged.

Insider participation

Insiders of the company are expected to subscribe for an aggregate of up to $85,000 of the offering. Any such participation by insiders constitutes a related-party transaction within the meaning of Multilateral Instrument 61-101 (Protection of Minority Security Holders in Special Transactions).

This will be exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 since the fair market value of the securities to be issued to insiders and the consideration paid by such insiders will not exceed 25 per cent of the company's market capitalization.

The financing is intended to strengthen the company's working capital position and support its continuing operations and strategic initiatives.

About Icarus Capital Corp.

Icarus Capital is a diversified entertainment and media company focused on live entertainment, content production and strategic investments. Through its subsidiaries, the company owns and operates comedy venues, produces live events and develops media properties across Canada.

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