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iNetEvents Completes Name Change to International Card Establishment
New Name, Stock Symbol to Become Effective on October 30, 2003
Oxnard, California – October 29, 2003—iNetEvents, Inc. (OTCBB:
IEVT) announced today that it has completed the process to change
the name and stock ticker symbol of the company to International
Card Establishment, Inc. (I.C.E.) (OTCBB: ICRD). The name change
and stock ticker symbol changes will formally take effect on
October 30, 2003.
The formal transition to the I.C.E. name follows the successful
completion of a merger between iNetEvents and I.C.E. in which the
newly combined company significantly changed its business focus
from an online event registration software developer to a credit
card service provider, which, following the planned acquisition of
Global Tech Leasing, is expected to post revenues of $15.4 million
in 2004, up from a projected $7.8 million in annualized revenues
for 2003. The company, following the acquisition of Global Tech
Leasing, will have approximately 17.6 million shares outstanding.
"The name clearly connects the strength of the I.C.E. brand with
the investment community," said Jonathan Severn, I.C.E. Chairman &
President. "With the acquisition of Global Tech Leasing and
several other planned acquisitions, we expect the coming year to
be an exciting one for our company and its shareholders."
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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