Industrial Enterprises of America Comments on Recent Progress

HOUSTON--July 26, 2005--Industrial Enterprises of America, Inc. (Pink Sheets: ILNP) is pleased to report that its subsidiaries, EMC Packaging and Unifide Industries, are experiencing strong product demand and sales growth. ILNP projects revenues above $35 million and positive EPS for the fiscal year that began July 1. Additionally, with the recent $5 million round of financing just completed and increasing demand along all product lines, the Company should realize a net profit margin of 10% this fiscal year.

"We are very pleased with ILNP's recent developments and progress made in establishing a strong foundation for long term profitability and growth. The Company has raised substantial capital from quality investors which it will use to invest in existing operations, appointed an outstanding Board of Directors and successfully integrated Unifide Industries into its core business. The success of this integration has led ILNP to pursue other acquisition targets in this sector to further establish production and distribution advantages. The Company is poised for substantial growth in 2005 and I believe ILNP represents an attractive value proposition," commented Crawford Shaw, CEO of Industrial Enterprises of America.

Management believes that the Company will be eligible for expedited listing on the Over-The-Counter Bulletin Board exchange in the coming weeks. This move is geared toward increasing the Company's exposure in the financial markets and credibility with potential institutional investors.

About ILNP

Industrial Enterprises of America, Inc. "ILNP" specializes in converting Hydroflurocarbon gases, (HFC) R134a and R152a, into branded and private label refrigerant and propellant products. Headquartered in Houston Texas, with manufacturing and packaging facilities in New Jersey, ILNP's products serve a variety of industries. For more information about ILNP visit www.TheOtherGas.com.