Iceberg Corp. of America (OTCBB:ICBG) today announced that it has completed the initial round of a planned private placement.

Under the terms of the Private Placement Memorandum, each investor received a unit comprised of one share of the company's common stock and a warrant to purchase an additional share of common stock prior to April 30, 2001 at a price per share equal to 125 percent of the closing bid price of the company's common stock on May 8, 2000 and after May 1, 2001 until April 30, 2002 at a price per share equal to 140 percent of the closing bid price on May 8, 2000. In this financing, the company sold 1,000,000 units.

"Over the next few months, the company intends to raise additional funds to enable a full rollout of the company's products in the U.S. and Europe and to launch the company's worldwide marketing campaign for Iceberg products," said Paul Benson, President and CEO.

"This private placement reflected the price of our stock earlier this year, prior to our listing on the NASD Over-the-Counter Bulletin Board. We expect the next stage of the private placement to be tied to our current stock price."

Lewis Stoyles, Chief Financial Officer, also noted, "We are also pleased to announce that SISM Research and Investment Service Zurich, Switzerland has initiated research coverage of the company. Copies of their most recent report can be obtained by contacting Lewis Stoyles at 709/739-5731 or by contacting SISM at 011 41-881-2020."

The report is also available on Multex.com or at SISM's Web site at www.sism.com. The SISM report is the most recent and current analysis available on the company.

Iceberg Corp. is the leading producer of ultra-premium beverages from icebergs including iceberg water, iceberg beer and iceberg vodka. The company's sales are rising as the company's products are distributed in additional markets throughout North America. Branding under the Borealis and White Berg names and high-quality packaging, together with private label strategic partners, is increasing consumer awareness and demand for these truly unique products.

All Iceberg Corp. products are positioned in niche markets at the ultra-premium end of the quality and price range with top name brands, where the company believes opportunities for increased market penetration and revenue growth are greatest. Targeted markets include upper- and upper-middle-income consumers who are typically well educated, health conscious, and prefer unique, premium products.

The company was the first Canadian licensed firm harvesting iceberg water to produce a family of premium quality products including iceberg water, iceberg beer and iceberg vodka. Its highly experienced marketing and management team has created a "virtual" company by making a strategic decision to develop blue-chip partners by outsourcing production of vodka and beer.

This news release may include forward-looking statements concerning Iceberg Corp. of America's business and future prospects and other similar statements that do not concern matters of historical fact. The federal securities laws provide a limited "safe harbor" for certain forward-looking statements. Forward-looking statements in this news release relating to product development, business prospects and development of a commercial market for iceberg water products are based on Iceberg Corp. of America's current expectations. Iceberg Corp. of America's current expectations are subject to all of the uncertainties and risks customarily associated with new business ventures including, but not limited to, market conditions, successful product development and acceptance, competition and overall economic conditions, as well as the risk of adverse regulatory actions as detailed from time to time in the company's SEC reports, including the form 10SB for the fiscal year ended Dec. 31, 1999. Iceberg Corp. of America's actual results may differ materially from current expectations. Readers are cautioned not to put undue reliance on forward-looking statements. Iceberg Corp. of America disclaims any intent or obligation to update publicly these forward-looking statements, whether as a result of new information, future events or for any other reason.