RENO, Nev., Aug. 18, 2004 (PRIMEZONE) -- ICM Telecommunications, Inc. (Pink Sheets:ICMH), a rapidly growing provider of prepaid stored value credit cards for use at Point of Sale (POS) and ATM machines nationwide, announced today that it has appointed Kenneth J. Upcraft as its President, in an acceleration of the company's strategic growth program.
"We have truly made a major investment in the company's future today with Ken Upcraft joining our management team," said ICM Telecommunications Chairman & CEO Doug Hamby. "Ken has a wealth of experience gained in both the private and public sector, and brings more than 30 years of top level experience to this new assignment."
Hamby noted that immediately prior to joining ICM Telecom, Upcraft was President for nearly three years of USURF Communications, Inc., a publicly held company focused on broadband fixed wireless networks for residential and commercial applications. "During that time," Hamby said, "Ken was instrumental in helping the company expand and acquire new businesses that were providing similar services. By restructuring its business plan, adding other companies and managing organic growth, he took the company from a difficult position to one in which it today enjoys revenues of more than $10 million annually."
Prior to that, Upcraft for approximately six years was a senior industry consultant for Internet service providers and telecommunications companies. He led several of these companies into innovative areas such as wireless applications and e-commerce. Earlier, he worked for several software companies, eventually becoming Executive Vice President of a private computer accessories firm where he developed distribution networks both nationally and internationally. The company, which grew to have cash assets of $20 million, was ultimately sold to a publicly held firm for $67 million.
Immediately after graduating from Michigan State University, with a B.S. degree in business management, Upcraft was recruited to join IBM (NYSE:IBM), and served with that company in sales and marketing positions of increasing responsibility for 10 years. His last assignment was as National Account Manager with IBM Worldwide, responsible for the General Motors account.
"The chance to work with the ICM team is a once-in-a-lifetime opportunity," said Upcraft. "Doug Hamby has assembled a company that has the potential to grow in many different directions simultaneously, be a leader in them all, and thus reward its shareholders handsomely."
ICM Telecommunications Inc. is the exclusive distributor of debit instruments for 1st Financial Solutions Inc., which is in partnership with Sutton Bank. That bank's status as a premier card issuing financial institution permits its customers all the benefits of other ATM debit cards. ATM locations, and virtually all retail establishments, give card users several hundred thousand places where their cards will be immediately acceptable and honored.
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.