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International Card Establishment Reports Second Quarter,
Six-Month Results
Oxnard, California—August 17, 2004—International Card Establishment, Inc.
(I.C.E.) (OTCBB: ICRD) today announced its second quarter and six month results for
the period ended June 30, 2004.
For the quarter ended June 30, 2004, the company generated net
revenues of $ 3,532,387, as compared to net revenues of $ 249,524
for the quarter ended June 30, 2003. For the quarter ended June
30, 2004 and June 30, 2003, the company reported net losses of $
(615,028) $ (0.03 per share) and $ (129,656) $ (0.02 per share),
respectively.
For the six months ended June 30, 2004, the
company reported net revenues of $ 6,920,915 versus $ 530,657
for the comparable period a year ago. The company reported a loss
of $(959,751) $(0.05 per share) for the six month period, as
compared to a loss of $(217,066) $(0.03 per share) for the
comparable period last year.
"Our second quarter results continue to be
in line with plan, and we expect the imminent acquisition of Neos
Merchant Solutions to enable us to reach our minimum revenue
objective of $22 million for the year," said Jonathan Severn,
Chairman and President, I.C.E. "As we move towards becoming a
direct credit card processor, we expect to not only complete more
acquisitions in our bankcard unit, but also to expand margins in
that business unit, as well. Overall, we are comfortable with our
projections to reach $50 million in pro forma revenues and to
attain profitability in 2005."
About I.C.E.
I.C.E. (http://www.cardnetone.com/) is a rapidly growing provider
of diversified products and services to the electronic transaction
processing industry. I.C.E. establishes merchant accounts for
businesses that enable them to accept credit cards, debit cards
and other forms of electronic payments; supplies point-of-sale
systems; facilitates processing; and markets a proprietary “Smart
Card"-based system – which allows gift and loyalty functions to be
stored on one card -- that enables merchants to offer
store-branded gift and loyalty cards.
Forward-Looking Statements
This press release may contain forward-looking statements that are
subject to risks and uncertainties. Important factors which could
cause actual results to differ materially from those in the
forward-looking statements, include but are not limited to: the
company's short operating history which makes it difficult to
predict its future results of operations; the company's initial
history of operating losses with possible future losses which
could impede its ability to address the risks and difficulties
encountered by companies in new and rapidly evolving markets; the
company's future operating results could fluctuate which may cause
volatility or a decline in the price of the company's stock; the
possibility that the company may not be able to price its services
above the overall cost causing its financial results to suffer;
and other factors detailed in this press release and in future
company filings with the Securities and Exchange Commission, at
such time as the company is required to report its results of
operations under the Securities Exchange Act of 1934, as amended.
Investor Relations Contact:
PAN Consultants, Ltd.
Philippe Niemetz,
toll-free: 800/477-7570
212/344-6464
email: p.niemetz@panconsultants.com
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