CAMARILLO, Calif., Aug. 15 /PRNewswire-FirstCall/ -- International Card Establishment, Inc. (I.C.E.) (OTC:ICRD) (BULLETIN BOARD: ICRD) today announced its second quarter results. For the quarter ended June 30, 2007, the company generated net revenues of $2,253,386 as compared to net revenues of $2,536,638 for the quarter ended June 30, 2006. For the quarter ended June 30, 2007 and June 30, 2006, the company reported net losses of $(295,221) and $(3,064.229) $(0.01 per share) and $(0.10 per share), respectively. For the six month period ended June 30, 2007, the company reported net revenues of $4,767,382 versus $4,856,074 in the previous year-ago period. The company reported losses of $(499,674) $(0.01 per share) and $(3,818,310) $(0.13), respectively for the six month periods of 2007 and 2006. Gross profit for the second quarter 2007 rose 32% to $817,861 versus $617,473 for the previous year-ago period and EBITDA (Earnings Before Interest Taxes Depreciation and Amortization) was $262,597. For the six months ended June 30, 2007, gross profit rose 34% to $1,668,808, versus $1,248,401 for the six months ended June 30, 2006. EBITDA increased to $471,983. Net revenues remained relatively consistent for the three months ended June 30, 2007 compared to June 30, 2006. The costs associated with the merchant account services decreased by approximately 25% or $483,641 primarily due to a $430,665 decrease in commission expense, resulting from the consolidation of operations from our Neos subsidiary to I.C.E. Nevada in the third quarter of 2006. General and administrative costs decreased by approximately $2,005,718 largely due to decreases of salaries expense of $155,861, compensation expense for stock options of $800,817, consulting fees of $121,600, bad debt expense of $448,234, office expense of $198,841, and legal and professional fees of $97,548. Such cost reductions are the proximate result of the consolidation of our operations from the Irvine, CA office to our headquarters in Camarillo, CA during the third quarter of 2006 and the reduction of staff in both the first and second quarters of 2007. We do not expect any further fluctuations in operating, general, and administrative costs unless revenues significantly increase in future periods. "We are pleased with our overall progress in reducing operating costs and positive EBITDA. We remain focused on identifying opportunities that offer us the potential to grow our revenue base. For the past few months, we have been working on forging several strategic alliances with independent sales channels that offer access to a large merchant base," said William Lopshire, CEO, I.C.E. "These relationships take time to develop but offer us the potential to reach a much broader base of merchants than organic growth measures alone. We anticipate that several of these strategic alliances will be operational before the end of this year." 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 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: Kinzie Visser I.C.E. 866-423-2491 ext. 571 email: or Investor Relations Contact: PAN Consultants, Ltd. Philippe Niemetz Toll-free: 800/477-7570 212/344-6464 email: DATASOURCE: International Card Establishment, Inc. CONTACT: Kinzie Visser of I.C.E., +1-866-423-2491, ext. 571, ; or Investors, Philippe Niemetz of PAN Consultants, Ltd., Toll-free, +1-800-477-7570, or +1-212-344-6464, , for I.C.E. Web site: http://www.cardnetone.com/

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