International Card Establishment Reports Third Quarter, Nine-Month Results

International Card Establishment Reports Third Quarter, Nine-Month Results

OXNARD, Calif., Nov. 29 /PRNewswire-FirstCall/ -- International Card Establishment, Inc. (I.C.E.) (BULLETIN BOARD: ICRD) today announced its third quarter and nine month results for the period ended September 30, 2004. For the quarter ended September 30, 2004, the company generated net revenue of $ 3,760,392, as compared to net revenues of $ 230,615 for the quarter ended September 30, 2003. For the quarter ended September 30, 2004 and September 30, 2003, the company reported net losses of $ (362,682) $ (0.01 per share) and $ (92,361) $ (0.01 per share), respectively.

For the nine months ended September 30, 2004, the company reported net revenues of $ 10,681,308 versus $ 761,272 for the comparable period a year ago. The company reported a loss of $ (1,322,433) $ (0.06 per share) for the nine month period, as compared to a loss of $ (309,427) $ (0.04 per share) for the comparable period last year.

"Our third quarter results do not fully reflect the acquisition of Neos Merchant Solutions, a factor which would otherwise have enabled us to attain higher revenue," said William Lopshire, Chief Executive Officer, I.C.E. "We expect to become a direct bankcard processor in the final quarter of this year, an event which should lead to expanded margins for our bankcard unit." Mr. Lopshire went on to comment, "Overall, we are confident that pro-forma revenues for calendar 2004 will come in at between $18 and $23 million, while 2005 revenues are expected to reach between $30 million to $40 million, depending on the outcome of our acquisition program. More important, we expect to attain profitability in 2005."

About I.C.E.

I.C.E. (http://www.cardnetone.com/) is a rapidly growing 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 -- which allows gift and loyalty functions to be stored on one card -- 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.


Source: International Card Establishment, Inc.

CONTACT: William Lopshire, 1-877-689-4309, wlopshire@cardnetone.com, or
Investor Relations Contact - Philippe Niemetz of WPH Consultants, Ltd.,
toll-free: 1-800-477-7570, +1-212-344-6464,
philippe.niemetz@wphconsultants.com, for International Card Establishment,
Inc.

Web site: http://www.cardnetone.com/


-------
Profile: intent