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iNetEvents™ Completes Acquisition of Credit Card Service
Company International Card Establishment
Company Name to be Changed to International Card Establishment
to Reflect New Core Business
GlobalTech Leasing Acquisition Nears Completion
Company Expects 2003 Revenues to Reach $7.8 Million; $15.4
Million in Revenues Expected in 2004
Los Angeles, California - January 17, 2003 - iNetEvents, Inc.
("iNetEvents",
OTCBB:IEVT) iNetEvents, Inc. (OTCBB:IEVT) today announced that
it had completed its previously announced acquisition of
International Card Establishment, Inc. (I.C.E.), an Oxnard,
California-based credit card service company that services the
electronic transaction needs of merchants nationwide. In addition,
the company announced that it was nearing completion of its
previously announced acquisition of GlobalTech Leasing, Inc.,
(also headquartered in Oxnard, California), a lessor of electronic
transaction point-of-sale products and technology hardware. Once
this acquisition is completed, GlobalTech Leasing will operate as
a wholly owned subsidiary of I.C.E.
Following the two acquisitions and a share restructuring,
iNetEvents will own 100% of both I.C.E. and GlobalTech Leasing and
have approximately 17.6 million shares outstanding. The current
online registration business will continue to operate as a wholly
owned subsidiary of the company.
Pursuant to the definitive merger agreement, iNetEvents issued
a total of 14 million shares of its common shares to acquire 100%
of I.C.E., following which the company's issued and outstanding
stock will be consolidated on the basis of one new share for each
two old shares of iNetEvents. Then, the company will proceed with
the acquisition of GlobalTech Leasing via the issuance of 5
million post-consolidation shares of iNetEvents.
The company's name will be changed to International Card
Establishment, Inc. to reflect the company's new core business.
The name change and a change in the company's stock symbol (to
reflect the name change) are expected to occur within sixty days.
As part of the transition away from its historical online event
registration business toward a credit card servicing company, Mr.
Brandon Stauber resigned as President and CEO of iNetEvents;
Jonathan Severn was appointed the new President and Chairman of
the Board. Mr. William Lopshire, has been named Chief Executive
Officer and Executive Vice President.
"We are extremely pleased to have completed the first step in
our plan to build a publicly held financial services company
servicing the credit card and electronic transaction processing
market," said Jonathan Severn. "We believe that our pending
acquisition of GlobalTech, along with a planned financing, will
enable us to grow I.C.E. into a rapidly growing and profitable
company, added Mr. Severn. "We have set ambitious revenue goals
for ourselves: by year-end 2003, subject to the successful
completion of a financing, we expect to attain annualized revenues
of $7.8 million. For 2004, we expect revenues to reach $15.4
million and to be solidly profitable".
Mr. Severn concluded by saying, "We are aware of a number of
acquisition opportunities in both the card service and leasing
businesses that would help us attain our objectives, and by
leveraging our existing operations capacity, we are confident that
we will be able to deliver a profitable and thriving business in
the near future".
About I.C.E. and Jonathan Severn:
Newly formed in 2002, I.C.E. began operations on October 1,
2002, providing credit card and electronic transaction processing
services to merchants nationwide.
Mr. Severn brings 15 years of sales experience to our company.
For the past 11 years he has owned and operated one of the largest
Cardservice International agencies in the country. Cardservice
International was one of the largest privately held Visa
MasterCard Independent Sales Organizations (ISO) until January
2002 when First Data Corp. (FDC) purchased the remaining 50% of
Cardservice International that it did not own. Mr. Severn is also
founder and major shareholder in GlobalTech Leasing, Inc.
About GlobalTech Leasing and Charles Salyer:
GlobalTech Leasing offers micro-ticket leasing to the "point of
sale" industry. The company focuses on personalized customer
service for ISOs and agents. GlobalTech was formed in 1996 and
incorporated in 2000.
Mr. Salyer's professional experience includes over 26 years in
the equipment leasing industry with a primary focus on developing
and managing customer service based finance organizations for
manufacturers. Mr. Salyer has been directly involved in the
planning, creation and management of customer finance/leasing
organizations for Digital Equipment Corporation, Philip Morris,
and Steelcase, Inc. Mr. Salyer became involved in the credit card
equipment leasing industry in 1997 when appointed COO of Global
Finance & Leasing in Michigan. Mr. Salyer took over management of
Global as President in 1998 tripling sales revenues over the next
two years. In 2001 Mr. Salyer organized the sale of Global Finance
& Leasing to CIT where he became part of the management team as
Vice President, Sales & Strategic Initiatives. In August of 2001
he left to form GlobalTech Leasing, Inc. with Jonathan Severn.
About iNetEvents, Inc.
iNetEvents, Inc., based in Los Angeles, CA (http://www.inetevents.com/),
specializes in providing a range of technology services to the
event management industry. It provides an integrated Web-based
event management solution that allows its customers to use the
Internet to better promote and administer their events. The appeal
of this event management application lies in its ability to
enhance the event's outreach capabilities; reduce administrative
burden; improve the attendee, sponsor and exhibitor experience;
and generate additional revenue streams.
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