Hansen Gray Announces Agreement to Acquire up to 100% of iCurie Lab Holdings

Company to Change Name and Stock Symbol To Reflect New Focus

Oct 29, 2004, 01:00 ET from Hansen Gray & Company, Inc.

    ATLANTA, Oct. 29 /PRNewswire-FirstCall/ -- Hansen Gray & Company, Inc.
 (OTC: HGCP) announced today that it has entered into an agreement in principle
 for an option to acquire up to 100% of iCurie Lab Holdings, Ltd., parent
 company of iCurie Lab, Inc., a rapidly-growing nanotechnology company based in
 Seoul, Korea.
     Hansen Gray, a publicly traded venture capital firm previously entered
 into an agreement to purchase as much 45% of iCurie Lab Holdings, Ltd.  The
 option for Hansen Gray to purchase the remaining 55% of the privately-held
 company will be contingent upon Hansen Gray's securing substantial additional
 financing to support iCurie's business plan and growth objectives along with
 certain requisite shareholder and regulatory approvals.
     The iCurie Cooled(TM) Micro Cooling System (ICMCS), a patented
 nanotechnology cooling system for microchips, represents a critical
 advancement in overcoming one of the most significant challenges to ever-
 increasing computer processing speeds -- heat.   In May, the Company's ICMCS
 passed performance testing and received certification from LG Electronics,
 Inc. (KOREA: 066570), one of the top five manufacturers in the world of OEM
 PCs.  Details of the test results and full technical printout of the LG
 certification are available on the iCurie website, http://www.iCurie.com .
     In addition to receiving LG certification, iCurie has a manufacturing
 partnership agreement with Taiwan-based AVC (Asia Vital Components Co., Ltd.)
 the world's largest supplier of CPU (Computer Processing Units) cooling
     Mark E. Gray, CEO of Hansen Gray & Company said, "We are extraordinarily
 confident in the iCurie microchip cooling technology.  The issue of how to
 manage heat while increasing processing speed is a problem of tremendous
 proportion being faced today in a broad array of consumer electronics
 including computers.  We believe iCurie has the solution.  As such, we
 consider focusing primarily on our investment in iCurie to be in the best
 interest of our shareholders."
     Upon finalization of the agreement and completion of the necessary
 filings, Hansen Gray will change its corporate name to iCurie Lab Holdings,
 Ltd. and apply for a new Cusip number.
     With respect to Hansen Gray's other technology holdings, the Company
 intends to retain the intellectual property assets of Voicetel Systems Inc., a
 developer of voice recognition software, primarily for the smart home industry
 and Cyberquest Partners Inc., which has developed proprietary imaging systems
 and integrated chip technology that combines to form a system and a method for
 virtual reality.
     Hansen Gray & Company, Inc. (OTC: HGCP) is a publicly traded venture
 capital firm based in Atlanta, Georgia. The firm's management has substantial
 experience in all areas of investment banking, specializing in mergers and
 acquisitions, with an emphasis on emerging technologies including
 nanotechnology.  The firm has completed a series of strategic investments and
 acquisitions in 2004, including acquisitions such as CyberQuest, which is
 engaged in VR and 3D imaging and a 45% investment stake in iCurie, which is
 engaged in nanoscale cooling for semiconductors.  Additional information on
 the firm is available at http://www.hansengray.com or by calling
 678) 542-2000.
     About iCurie Lab Holdings, Ltd.
     iCurie Lab Holdings, Ltd. is a holding corporation based in London,
 England.  Through iCurie Lab, Inc, it operates a technology research and
 development laboratory specializing in next generation cooling technologies.
 The Company's technology has a wide array of cooling applications in
 development including computer chips, cellular telephones, automotive,
 refrigeration, heating and air conditioning and specialized defense
 applications.  Additional information on iCurie and the technology is
 available at http://www.icurie.com .
     This press release contains forward-looking statements, involving risks
 and uncertainties including statements regarding the Company's financial
 performance. Such statements are based on management's current expectations
 and are subject to certain factors, risks and uncertainties that may cause
 actual results, events and performance to differ materially from those
 referred to or implied by such statements. In addition, actual future results
 may differ materially from those anticipated, depending on a variety of
 factors which include, but are not limited to, our ability to leverage our
 technology, manage our growth, protect our intellectual property rights,
 attract new customers and general economic conditions affecting consumer
 spending, including uncertainties relating to global political conditions,
 such as terrorism and the conflict with Iraq. Readers are cautioned not to
 place undue reliance on these forward-looking statements, which speak only as
 of the date hereof. The Company does not intend to update any of the forward -
 looking statements after the date of this release to conform these statements
 to actual results or to changes in its expectations, except as may be required
 by law.

SOURCE Hansen Gray & Company, Inc.