Hansen Gray Announces Completion of Financing

Dec 22, 2004, 00:00 ET from Hansen Gray & Company, Inc.

    ATLANTA, Dec. 22 /PRNewswire-FirstCall/ -- Hansen Gray & Company, Inc.
 (OTC: HGCP) today announced it has received the final $1.5 million of a
 previously announced $2.5 million bridge round.  The initial $1 million was
 received on December 8, 2004.  The financing consists of interest bearing
 notes that convert to equity upon the closing of a minimum of $10 million in
 equity financing.  The Company has not closed on the equity financing and
 there are certain other conditions precedent to the conversion of the bridge
 notes into equity.
     Mark E. Gray, CEO of Hansen Gray & Company commented, "This financing
 represents increasing investor confidence in and our continued commitment to
 iCurie's revolutionary technology.  The funds are scheduled for use to further
 the development and commercialization of the Company's nanotechnology-based
 cooling system for PCs and notebook computers."
     This press release shall not constitute an offer to sell or the
 solicitation of an offer to buy nor shall there be any sale of these
 securities in any state or jurisdiction in which such offer, solicitation or
 sale would be unlawful prior to registration or qualification under the
 securities laws of any such state or jurisdiction.
     About Hansen Gray & Company
     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 is an investor in iCurie Lab Holdings, Ltd., which
 has developed The iCurie Cooled(TM) Micro Cooling System (ICMCS), a patented
 nanotechnology cooling system for microchips, to address a significant
 challenge to ever-increasing computer processing speeds -- heat.  Additional
 information on the firm is available at http://www.hansengray.com or by
 calling (678) 542-2000.
     This press release contains forward-looking statements, involving risks
 and uncertainties including any statements regarding the Company's future debt
 or equity financings. 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 attract
 investors, our future operating results, the ability to reach mutually
 agreeable financing terms, the ability to meet all closing conditions to
 complete the bridge financing 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.