Friday July 30, 4:43 pm Eastern Time

Company Press Release

ICON Health & Fitness, Inc. Announces Launch of
Exchange Offer and Extension of Bank Credit Facility

LOGAN, Utah--(BUSINESS WIRE)--July 30, 1999--ICON Health & Fitness,
Inc. (``ICON'') today announced the commencement of an exchange offer
with concurrent consent solicitation for 100% of its 13% Senior
Subordinated Notes due 2002, 100% of the 15% Senior Secured Discount
Notes due 2004 of IHF Holdings, ICON's immediate parent company, and
100% of the 14% Senior Discount Notes due 2006 of ICON Fitness
Corporation, IHF Holdings' immediate parent company. ICON also
announced that, in connection with the launch of these exchange
offers, the lenders under its existing credit facility have agreed to
extend the term of its revolving credit commitment from August 2, 1999
to October 29, 1999.

The exchange offers are part of an overall plan to deleverage ICON's
balance sheet that includes a proposed $40 million equity investment
from affiliates of Bain Capital, Credit Suisse First Boston and
members of existing management and a new $300 million senior credit
facility. The exchange offers and consent solicitations are being made
on substantially the terms previously announced.
Other terms and conditions of the exchange offers are set forth in an
Exchange Offer and Consent Solicitation Statement dated July 30, 1999.

The exchange offers and consent solicitations will expire at 5:00
p.m., New York City time, on August 26, 1999. Holders who tender their
securities in the exchange offers will be deemed to have submitted
consents in the consent solicitations. Holders may not deliver
consents without tendering their notes.

The exchange offers and consent solicitations, the new credit facility
and the equity investment are subject to a number of conditions that
have not yet been satisfied (some of which may be waived), including
(i) participation of at least 90% of the outstanding 13% Notes of
ICON, 98% of the 15% Notes of IHF Holdings and 98% of the 14% Notes of
ICON Fitness Corporation in the exchange offers, (ii) closing of the
new bank credit facility and equity investment on the terms set forth
in their respective commitments, (iii) absence of events causing a
material adverse change in ICON's business and (iv) appropriate
governmental and other consents. Other conditions of the exchange
offers are set forth in an Exchange Offer and Consent Solicitation
Statement dated July 30, 1999.

ICON is one of the largest manufacturers and marketers of home fitness
equipment in the United States. ICON's focus is to address consumers'
interest in a healthy, active lifestyle with a broad range of high
quality products at a variety of price/value relationships
specifically targeted to meet different consumers' health and fitness
needs. ICON's line of home fitness aerobic products includes
treadmills, ellipticals, exercise bikes, stair steppers and upright
rowers and its line of anaerobic fitness products includes home gyms
and weight benches. ICON also offers trampolines, recreational sports
products, sports medicine products, fitness accessories and spas and
massage products.

ICON markets the majority of its products under the brand names
ProForm, HealthRider, Image, Weslo, NordicTrack, JumpKing and the
licensed brands Reebok and Weider.

The securities offered in the exchange offers have not been, and will
not be, registered under the Securities Act of 1933, as amended, and
may not be offered or sold in the United States absent registration or
an applicable exemption from registration requirements. The exchange
offer is made only by the Exchange Offer and Consent Solicitation
Statement.

Persons with questions regarding the exchange offers should contact
MacKenzie Partners, Inc., the Information Agent for the exchange
offers, at 800-322-2885.

Contact:

     MacKenzie Partners, Inc.
     Bob Marese, 212-929-5500