SACRAMENTO, Calif., March 17, 2004 (PRIMEZONE) -- 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.