ICMH.0066.news.Time for.01 soon?ICM Telecommunications Reports to Shareholders It Will Acceler
te Strategies to Spur Growth in Next Six Months ( PRI
B: ICM Telecommunications Reports to Shareholders It Will Accelerate Strategies
o Spur Growth in Next Six Months ( PRIMEZONE )
SACRAMENTO, Calif., Mar 17, 2004 (PRIMEZONE via COMTEX) -- ICM
Telecommunications, Inc. (Pink Sheets:ICMH) today said it would accelerate its
strategies to spur growth over the next six months.
"We initially created ICM Telecommunications (ICM) to pursue a comprehensive
marketing solutions strategy to respond to prepaid service opportunities," said
President and CEO Doug Hamby. "Today, we are reporting that while the company
will continue to focus on its core business products, it concurrently will
launch a parallel and aggressive program to propel the company into the
financial services arena, especially the highly lucrative merchant
services/credit card processing industry.
"The combined expertise of our business partners and advisors in financial
services gives us the chance to pursue these strategies," Hamby explained. "They
currently process more than $3 billion in annual transactions, and have a
significant presence in the world of merchant processing. Through their
collective strengths, we will be able to take our company to the next level. Our
team of advisors is comprised of past executives with such companies as First
Data Corporation, Cardservice International, Cybercash, and other well-known
merchant processing companies. They have executed very complex merchant
processing agreements with high profile companies such as Microsoft, EarthLink,
ESPN and Dell," said Hamby.
Accordingly, Hamby said, ICM already has entered into several Memorandums of
Understanding with merchant banks, check processors, check guarantee providers,
peer-to-peer processors, and prepaid long distance providers. "Through these
organizations," the CEO said, "we intend to build several unique and valuable
portfolios of business. We also have had expressions of interest from a number
of brand-relevant restaurants, shipping companies, and multi level marketing
companies with a focus on legal issues.
"To further benefit from this marriage of capabilities," Hamby said, "one of the
first decisions by our Board of Directors was to increase the number of
authorized shares to better position ICM. Accordingly, we have approved
increasing our authorized shares to 550 million, of which 160 million currently
are issued and outstanding. "By doing this," Hamby continued, "we ensure our
ability to fund operations through private placements and payment for critical
services.
"Currently," Hamby pointed out, "the company's main assets, including
management's core competencies in payment systems and merchant services, are our
Stored Value Cards, Gift Cards, and our long distance switch, which allows us to
offer Prepaid Long Distance Cards. We knew if we could add financial services to
our suite of products, we'd immediately be able to sell to a much broader
merchant base. Thus, we are currently in the registration process to add
Merchant Service Processing to our core services," Hamby said.
"Every company has growing pains," noted Hamby, "and ICM has not been exempt
from that reality. However, I personally have built $25 million merchant
processing portfolios in my own career path, without the same level of support
now afforded. That's why I'm confident this combined level of experience will
give us the ability to be a very successful company. The increase of our
authorized shares will help in realizing that collective goal," Hamby concluded.
Statements contained in this release, which are not historical facts, may be
considered "forward-looking statements" under the Private Securities Litigation
Reform Act of 1995. Forward-looking statements are based on current expectations
and the current economic environment. We caution the reader that such
forward-looking statements are not guarantees of future performance. Unknown
risk, uncertainties as well as other uncontrollable or unknown factors could
cause actual results to materially differ from the results, performance, or
expectations expressed or implied by such forward-looking statements.
SOURCE: ICM Telecommunications Inc.
By Staff
CONTACT: ICM Telecommunications, Inc.
Doug Hamby
(916) 449-9597
(C) 2004 PRIMEZONE, All rights reserved.
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INDUSTRY KEYWORD: Telecom Services
SUBJECT CODE: TELECOMMUNICATIONS
MARKETING
Company Announcement
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