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International Card Establishment Announces Fifth ISO Addition to Its ISO Rep Program
New Member to Further Enhance Company's Merchant Services Revenues
CAMARILLO, Calif., Sept. 22 /PRNewswire-FirstCall/ -- International Card Establishment, Inc. (I.C.E.) (OTC Bulletin Board: ICRD) is pleased to announce that it has enrolled an additional Independent Sales Organization (ISO) into its ISO Rep program by entering into an exclusive agreement for all of the ISO's credit card processing requirements. The agreement, with a California- based ISO, represents the fifth new member of its ISO Rep Program, and is the largest ISO that I.C.E. has signed to date. This ISO should immediately increase the Company's new merchant account applications by approximately 40% on a monthly basis.
For I.C.E., this recent addition to its ISO Rep Program signifies the largest ISO agreement to date in terms of new account applications. Together with the recently announced agreement with a Utah based ISO, consolidated gross merchant services revenues for I.C.E.'s credit card subsidiary should increase to between $14 million and $18 million over the next twelve months. This segment's revenues could increase further over the next twelve months with the expansion of I.C.E.'s ISO Rep Program.
'Signing this ISO -- the second transaction that we have announced this week -- puts I.C.E. solidly on track to reach its goal of processing in excess of 1,000 new merchant accounts monthly by year-end 2005' said H. Wain Swapp, CFO, I.C.E. 'Reaching this milestone should occur significantly earlier then originally contemplated as result of the two new ISO agreements announced this week.'
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