Northern Lights Airlines Ltd., welcomes Attorney Steve Malas to its Board of Directors

NEW YORK and MONTREAL, Oct. 3 /PRNewswire-FirstCall/ - Northern Lights Airlines Ltd., a start up charter airline 50% owned by ICBS Limited, (Pink sheet, ICBM), today announced that a new member has been added to the board.

Steve Malas is a partner at the prestigious law firm of Ogilvy Renault in Montreal.

Mr. Malas practices in the area of corporate and securities law, with a particular emphasis on mergers and acquisitions and corporate finance. He has acted as counsel on many merger and acquisition transactions, including take-over bids, private M&A transactions and statutory arrangements. He has also acted for public companies and underwriters in connection with public financings and has been involved in private placement and private equity transactions on behalf of issuers and investors.

Mr. Malas has been involved in the following recent transactions, among others:

    - on behalf of the special committee of the Board of Directors of
      Novamerican Steel Inc. in connection with the acquisition by Symmetry
      Holdings, Inc. of all of the issued and outstanding shares of
      Novamerican by way of plan of arrangement;
    - on behalf of Aeterna Zentaris in its secondary offering of shares of
      its then subsidiary Atrium Biotechnologies and the subsequent special
      distribution in kind to its shareholders of all shares of Atrium held
      by it;
    - on behalf of Yellow Pages Income Fund in its recent acquisitions of the
      print and online directory business of MTS Allstream Inc., a wholly-
      owned subsidiary of Manitoba Telecom Services Inc., and of Aliant
      Directory Services, a partnership between Yellow Pages Group Co. and an
      affiliate of Bell Aliant Regional Communications Income Fund;
    - on behalf of the Board of Directors of Telesystem International
      Wireless Inc. in respect of the sale of its operating subsidiaries to
      Vodafone;
    - on behalf of PDM Royalties Income Fund in its acquisitions of the
      Scores Restaurants and Baton Rouge Restaurants franchise systems;
    - on behalf of National Bank of Greece S.A. in the sale of its Canadian
      operations (NBG Canada) to Bank of Nova Scotia;
    - on behalf of Alcan in connection with the spin-off of its aluminum
      rolled products business to Novelis Inc.; on behalf of White Birch
      Paper Company in its acquisition of Papier Masson Ltd.

Mr. Malas is a member of the Canadian Bar Association and serves as a member of the Advisory Board of the Hellenic Community of Montreal.

"We want to thank Mr. Malas for accepting our offer to join Northern Lights Airlines" said Peter Papadatos, President & CEO of Northern Lights Airlines. "He will play a very important part in NLA's future development".

This news release includes statements that constitute forward-looking statements. Please be aware that any such forward-looking statements are not guarantees of future performance and involve significant risks and uncertainties, and that actual results may vary materially from those in the forward-looking statements as a result of any number of factors, including the risk factors contained in the Company's disclosure documents.