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International Card Establishment to Acquire
Merchant Service Provider Worldwide Business Services
For Stock and Assumption of Debt
Acquisition to Add $150,000 in Monthly Revenues
2004 Revenues for internal Bankcard Unit Projected at $3 million
Oxnard, California—November 24, 2003—International Card
Establishment, Inc. (I.C.E.) (OTCBB: ICRD) has entered into a
Binding Letter of Intent to acquire all of the issued and
outstanding shares of Worldwide Business Services, Inc., a
marketer of credit and debit card services to small merchants
nationwide. The terms of the Letter of Intent call for I.C.E. to
issue up to 600,000 shares of its restricted common stock and
assume approximately $230,000 in Worldwide Business Services debt.
The acquisition is subject to due diligence.
Since its founding less than two years ago, Worldwide Business
Services has grown its revenues to $150,000 per month (unaudited)
and its revenues are projected to reach approximately $3 Million
in 2004. The company attained profitability in its second year of
operation and has rapidly become one of the largest agencies
within First Data Corp.’s (NYSE: FDC) CardService International
unit.
Worldwide Business Services relocated its 15-man sales force to
I.C.E.’s Oxnard, California offices on November 17, 2003 and has
assumed the management of I.C.E.’s internal bankcard services and
sales staff. The internal bankcard services unit is expected to
generate revenues of approximately $3 Million in 2004.
"We are extremely pleased to be acquiring Worldwide Business
Services, which has demonstrated outstanding growth since its
founding," said Jonathan Severn, President, I.C.E. "The key to its
success is the outstanding stewardship that its principals, Gary
and Kjell Nesen, have brought to bear," added Mr. Severn. “As a
result, we have mutually agreed that I.C.E.’s interests would best
be served if Worldwide Business assumes responsibility for our
internal sales division for bank card services, while we
concentrate on making further strategic acquisitions that will
help us reach our growth objectives."
Mr. Severn went on to say, “Our next acquisition, which has
already been made public, will be GlobalTech Leasing, which
attained record revenues of $900,000 for the month of October. We
expect this company – which provides lease financing for merchants
acquiring credit card processing equipment –to report revenues of
$9.5 Million for 2003, and rise to $12 Million in 2004, bringing
I.C.E.’s total 2004 revenues to a projected $17 Million, absent
any further strategic acquisitions."
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