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International Card Establishment Announces Fifth ISO Addition to Its ISO Rep Program
New Member to Further Enhance Company's Merchant Services Revenues
CAMARILLO, Calif., Sept. 22 /PRNewswire-FirstCall/ -- International Card Establishment, Inc. (I.C.E.) (OTC Bulletin Board: ICRD) is pleased to announce that it has enrolled an additional Independent Sales Organization (ISO) into its ISO Rep program by entering into an exclusive agreement for all of the ISO's credit card processing requirements. The agreement, with a California- based ISO, represents the fifth new member of its ISO Rep Program, and is the largest ISO that I.C.E. has signed to date. This ISO should immediately increase the Company's new merchant account applications by approximately 40% on a monthly basis.
For I.C.E., this recent addition to its ISO Rep Program signifies the largest ISO agreement to date in terms of new account applications. Together with the recently announced agreement with a Utah based ISO, consolidated gross merchant services revenues for I.C.E.'s credit card subsidiary should increase to between $14 million and $18 million over the next twelve months. This segment's revenues could increase further over the next twelve months with the expansion of I.C.E.'s ISO Rep Program.
'Signing this ISO -- the second transaction that we have announced this week -- puts I.C.E. solidly on track to reach its goal of processing in excess of 1,000 new merchant accounts monthly by year-end 2005' said H. Wain Swapp, CFO, I.C.E. 'Reaching this milestone should occur significantly earlier then originally contemplated as result of the two new ISO agreements announced this week.'
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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