VANCOUVER, Feb. 7 /CNW/ - IP Applications Corporation (TSX.V: IPX) announced today the appointment of John Jacobson as President and Chief Executive Officer, and as Director of the Company. The Company also announced that Neil McDonnell, the Interim CEO has completed his mandate to align the cost structure with revenue, reorganize management, and enhance service delivery. Mr. Jacobson has more than twenty years of experience as an entrepreneur and business leader at a number of technology product and service companies. He has an Honours BSc in Chemistry and Physics and a Masters of Business Administration from the University of British Columbia. Mr. Jacobson was previously President and Chief Executive Officer of Offshore Systems International Ltd. During his seven years at OSI, he built the company into the global leader in electronic navigation displays for navy ships by partnering with some of the world's largest aerospace and defence companies. Mr. Jacobson worked with MacDonald Dettwiler and Associates Ltd. from 1988 to 1996 as a Project Manager, Director of Engineering Services and Administration, Business Manager for Aeronautical Information Systems, and ultimately as the Chief Operating Officer of the PSC Group subsidiary. When the PSC Group was spun out as an independent company in 1996 he continued as its President. Under his leadership, PSC Group became Geotrain Corporation, the world's largest outsourced training partner for Cisco Systems, with operations on three continents. Kelly Edmison, Chairman of IP Applications Corporation said, "We are very pleased to have been able to attract someone of John's caliber and credentials, including his considerable public company management experience. I have known him for some time and worked with him while he was at OSI. John has the right combination of experience and skills to lead IP Applications through its next stage of development." Mr. Edmison added, "On behalf of the Board and the company, I would like to thank Neil for his excellent work over the last three months. The company is much stronger now than when he arrived." John Jacobson said, "I'm delighted to be joining IP Applications. I believe that the company's recurring revenue streams and service-based products are an excellent platform for building high value, mission critical Internet Protocol applications." The Company has agreed to issue 300,000 units at a price of $.33 per unit for net proceeds of $100,000. Each unit consists of one common share and one warrant, entitling the holder to purchase an additional common share at a price of $.40 per share within two years of the date of issuance. The private placement is subject to receipt of TSX-Venture Exchange approval. In addition, the Company granted to Mr. Jacobson an option to purchase up to 740,000 common shares at a price of $.33 per share for a period of five years. The right to exercise the option is subject to certain conditions and will vest over a period of three years. About IP Applications IP Applications partners with companies who offer IP services, providing the applications, systems, and support necessary to run their business. The combination of carrier-grade facilities, mass provisioning capabilities, and dedicated technical and sales professionals makes IP Applications a trusted strategic partner to Telecoms, Enterprises and BPL providers. In addition, IP Applications' 24/7 multilingual Help Desk offers clients and their subscribers a value-added complement to a wide variety of IP-based products and services. www.ipapplications.com Forward-Looking Statements The press release may contain forward-looking statements. Actual events or results may differ materially from those described in the forward-looking statements due to a number of risks and uncertainties. Forward-looking statements are based on management's estimates, beliefs, and opinions. The company assumes no obligation to update forward-looking statements. The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release. Signed, Kelly Edmison Chairman, IP Applications Corporation