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International Card Establishment Reports First Quarter Results
Oxnard, California—May 17, 2004—International Card Establishment,
Inc. (I.C.E.) (OTCBB: ICRD) today announced its first quarter
results. For the quarter ended March 31, 2004, the company
generated net revenues of $3,388,528 as compared to net revenues
of $281,133 for the quarter ended March 31, 2003. For the quarter
ended March 31, 2004 and March 31, 2003, the company reported net
losses of $(344,723) $ (0.02 per share) and $(87,410) $(0.01
per share), respectively.
"Our first quarter results, which include the acquisition of
GlobalTech Leasing, are pretty well in line with our internal
plans,” said Jonathan Severn, Chairman and President, I.C.E. "With
internal growth from our credit card and leasing units, the
pending acquisition of Neos Merchant Solutions and other potential
acquisitions, we are well on our way to attaining our minimal
revenue objective of $22 million for 2004, our first full year as
a public company."
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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