CAMARILLO, Calif., July 27 /PRNewswire-FirstCall/ -- International Card Establishment, Inc. (I.C.E.) (OTC:ICRD) (BULLETIN BOARD: ICRD) today announced it had obtained a $1,000,000 line of credit from a private party to enable it to fund its growth. The terms of the line of credit calls for the Company to pay an interest rate of prime plus three points. In addition to its recent retirement of approximately $1,700,000 in debt (associated with the sale of its GlobalTech leasing unit), the Company was successful in retiring an additional $500,000 in debt and accrued interest from the proceeds of the GlobalTech sale. Apart from the new line of credit, I.C.E. has no long-term debt. After a careful evaluation of the credit-card 2processing market in general, and of the current lofty acquisition prices for portfolios of merchant accounts, I.C.E. has opted to grow its credit card processing business organically through a network of independent agents. In order to attain profitable growth in both its credit card and gift and loyalty card units, I.C.E. has instituted a number of cost-cutting measures ranging from an approximate 50% head-count reduction to the closure of unprofitable Company owned sales offices. Executive management has also agreed to take only nominal salaries and will be chiefly compensated on a performance basis. This last measure was instituted by management to closely align its interests with those of the Company's shareholders. The restructuring efforts, which have culminated with the acquisition of the $1,000,000 credit facility, are designed for I.C.E. to rapidly, but organically attain positive EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) and in the near future, profitability. Separately, the Company announced that it had appointed Mr. Dana E. Marlin as its new General Manager. Most recently, Mr. Marlin has been a successful private equity investor in the credit card processing field. Mr. Marlin is a certified public accountant with over 20 years experience in finance, operations and sales with both public and private companies. "Given the current acquisition prices for merchant account portfolios, I.C.E. has decided to concentrate its financial and management resources into growing the Company organically through a network of independent agents," said William Lopshire, CEO, I.C.E. "Having pared our facilities and staff to the most efficient configuration possible, we should be able to quickly become EBITDA positive and attain profitability with even modest revenue gains. However, our plans are considerably more ambitious, as we have implemented an operation plan to prudently expand our independent agent network which should result in solid revenue growth in 2007." Mr. Lopshire went on to add, "We consider ourselves very fortunate to have Mr. Marlin join our team. Mr. Marlin has been instrumental in assisting the Company with the implementation of overhead reduction measures as well as identifying operational efficiencies and strategic growth initiatives." About I.C.E. http://www.cardnetone.com/ I.C.E. 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 through its wholly-owned Neos Merchant Solutions subsidiary (http://www.neosmerchant.com/) 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. Contact: Wain Swapp Chief Financial Officer, I.C.E. 866-423-2491 x532 email: or Investor Relations Contact: PAN Consultants, Ltd. Philippe Niemetz, toll-free: 800/477-7570 212/344-6464 email: DATASOURCE: International Card Establishment CONTACT: Wain Swapp, Chief Financial Officer of I.C.E., 1-866-423-2491, ext. 532, ; or Investor Relations, Philippe Niemetz of PAN Consultants, Ltd., 1-800-477-7570 or +1-212-344-6464, , for International Card Establishment Web site: http://www.cardnetone.com/ http://www.neosmerchant.com/

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