ITEM 2.01 COMPLETION OF ACQUISITION OR DISPOSITION OF ASSETS
On May 9, 2006, International Card Establishment, Inc. (the "Company")
entered into an Agreement and Plan of Merger (the "Agreement"), by and among
GlobalTech Acquisition, LLC (the "Acquiror"), a Delaware limited liability
company and GlobalTech Leasing, Inc. ("GlobalTech Leasing"), a wholly owned
subsidiary of the Company. Pursuant to the Agreement, the Company sold and the
Acquiror merged with GlobalTech Leasing. In consideration for the cancellation
of the common stock of GlobalTech Leasing held by the Company, the Company
received an aggregate of $2,500,000 in consideration, consisting of $808,943 in
cash and the assumption of $1,691,057 of debt.
The closing of the merger of GlobalTech into Acquiror occurred on May
11, 2006. No material relationship exists between the Acquiror and the Company
and/or its affiliates, directors, officers or any associate of an officer or
director.
GlobalTech Leasing is an equipment leasing firm that specializes in
financing point-of-sale transaction systems.
