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International Card Establishment Completes Acquisition of GlobalTech Leasing
Company on Track to Reporting $10 million in pro forma Revenues in 2003 and
Expects Growth in Bank Card Business Through Acquisitions and Increased Marketing
Oxnard, California-January 8, 2004--International Card
Establishment, Inc. (OTCBB-ICRD) (I.C.E.) today announced that it had completed its
acquisition of 100% of GlobalTech Leasing, Inc., a closely held
equipment-leasing firm that specializes in financing point-of-sale transaction systems.
Under the terms of the definitive acquisition agreement, GlobalTech Leasing
shareholders received five million shares of restricted I.C.E. common stock
in exchange for their GlobalTech Leasing stock.
"We are extremely pleased to have completed the acquisition of
GlobalTech Leasing," said Jonathan Severn, President & Chairman, I.C.E.
"Bringing GlobalTech Leasing under the I.C.E. umbrella enables us to capture
this leasing company's substantial revenue base - which we expect to
climb from approximately $9 million in calendar 2003 to $12 million in 2004.
More importantly, this acquisition allows us to grow as a vertically
integrated company." "GlobalTech is very happy to become a part of the I.C.E.
family," said Charles Salyer, President and CEO of GlobalTech Leasing. "The
diversity of I.C.E.'s subsidiary companies within the electronic
transaction industry increases GlobalTech's access to new leasing customers.
At the same time, we will operate the company as a separate, stand alone
subsidiary in order to continue providing personalized service to our
existing vendor customers."
Separately, the company announces that its previously announced
acquisition of Worldwide Business Services is expected to close in the near
future. I.C.E.'s existing internal bankcard unit, including Worldwide
Business Services, is on track to generate $3 million in revenues in 2004.
I.C.E. has identified a number of bankcard service companies
(similar to Worldwide Business Services) that it expects to acquire in 2004.
The company believes that it can successfully grow its bankcard
business by acquisition and by increasing internal growth by ramping up its
marketing efforts.
For the year ended December 31, 2003, I.C.E. expects to report
revenues on a pro forma basis of $10 million, with revenues running at an
annualized rate of $12.5 million. At year-end 2004, I.C.E. is projecting $17
million in total consolidated revenues, absent additional acquisitions.
Projected pro forma revenues for 2004 are expected to exceed $20 million with
additional acquisitions.
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