CAMARILLO, CA--(MARKET WIRE)--May 16, 2008 -- International Card Establishment, Inc.
(I.C.E.) (OTC BB:ICRD.OB - News) today announced its first quarter 2008 results. For
the quarter ended March 31, 2008, the company generated net revenues of $
1,940,679 as compared to net revenues of $ 2,513,997 for the quarter ended
March 31, 2007. For the quarter ended March 31, 2008 and March 31, 2007,
the company reported net operating income of $ 16,586 and a net operating
loss of $ (121,287) respectively. The company reported net losses of $
(5,545) $ (0.00 per share) and $ (204,454) $ (0.01 per share) for the first
quarter ended March 31, 2008 and March 31, 2007, respectively.
"Our decision to avoid high risk credit card processing merchant accounts,
coupled with a stronger emphasis on our gift and loyalty card business this
quarter resulted in lower revenues when compared to last year's first
quarter results," said William Lopshire, CEO, I.C.E. "However, since we
have been concentrating more of our business efforts on acquiring gift and
loyalty accounts, especially against the backdrop of an increasingly
competitive market for low-risk credit card processing accounts, we were
able to generate positive net operating income of $ 16,586 for the quarter
as opposed to a net operating loss of $ (121,287) for the comparable
quarter in 2007."
About I.C.E.
www.cardnetone.com
I.C.E. is a 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 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.
