CAMARILLO, Calif., Nov. 22 - International Card Establishment, Inc. (I.C.E.) (OTC Bulletin Board: ICRD) today announced its third quarter and nine month results for the period ended September 30, 2005. For the quarter ended September 30, 2005, the company generated net revenue of $7,739,666 as compared to net revenues of $3,760,392 for the quarter ended September 30, 2004. For the quarter ended September 30, 2005 and September 30, 2004, the company reported net losses of $(1,884,202) $(0.06 per share) and $(362,682) $(0.02 per share), respectively.
For the nine months ended September 30, 2005, the company reported net revenues of $12,248,662 versus $10,681,308 for the comparable period a year ago. For the first nine months of 2005, the company reported a loss of $ $(3,550,822) $(0.12 per share) versus a loss of $(1,322,433) $(0.06 per share) for the nine month period ended September 30, 2004.
I.C.E. is actively seeking additional financing to implement measures that Management believes will increase operating margins and enable the company to continue its rapid revenue growth. There is no assurance that the company will be able to obtain additional capital as required, or obtain the capital on acceptable terms and conditions. Management believes that without additional capital, operations would need to be curtailed significantly with a corresponding reduction in revenue growth.
About I.C.E.
http://www.cardnetone.com
I.C.E. 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 through its wholly-owned Neos Merchant Solutions subsidiary (http://www.neosmerchant.com) that enables merchants to offer store-branded gift and loyalty cards. I.C.E. also provides leasing services to the point-of- sale industry through its GlobalTech Leasing subsidiary. (http://www.globaltechleasing.com).
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.
Contact:
H. Wain Swapp
International Card Establishment, Inc.
800/905-6367
email: wswapp@neosmerchant.com
or
Investor Relations Contact:
PAN Consultants, Ltd.
Philippe Niemetz, toll-free: 800/477-7570
212/344-6464 email: p.niemetz@panconsultants.com
