Ideal Accents Files Chapter 11


NEW YORK, Oct. 18, 2004 (PRIMEZONE) -- Ideal Accents, Inc. ("Ideal") (OTCBB:IACEE) announced today that its inability to secure needed financing led it to file a voluntary petition to reorganize under Chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the Southern District of New York. Ideal has engaged Schuyler Carroll and Andrew Silfen of Arent Fox PLLC to represent it in the Chapter 11 proceedings.

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995

Certain statements contained herein constitute "forward-looking statements" as that term is defined under the Private Securities Litigation Reform Act of 1995. When used herein, the words, "believe," "anticipate," "plan," "will," "expects," "projects," "positioned," "strategy," "targeted" and similar expressions identify such forward-looking statements. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the Company, or industry results, to be materially different from those contemplated, projected, forecasted, estimated or budgeted, whether expressed or implied, by such forward-looking statements. Such factors include, without limitation, the following: receipt of the requisite support pursuant to federal bankruptcy laws for a proposed plan of reorganization from those entitled to vote on the proposed plan of reorganization; meeting the requirements of the federal bankruptcy code for confirmation of a proposed plan of reorganization; judicial approval of a proposed plan of reorganization in accordance with all relevant bankruptcy laws; the potential adverse impact of the Chapter 11 proceedings on the Company's revenues, liquidity or results of operations; the ability of the Company to obtain trade credit and shipments and terms with vendors and service providers for current orders; the Company's ability to maintain contracts that are critical to its operations; the ability to remain in compliance with all required ratios and covenants contained in agreements governing its indebtedness; the pace at which new competitors enter the Company's markets; competitive responses of other carriers; the execution and renewal of interconnection agreements with incumbent local exchange carriers on terms satisfactory to the Company; acceptance of the Company's services by new and existing customers; regulatory, legislative, and judicial developments affecting the communications industry and the Company's business; the Company's ability to collect its accounts receivable in a timely manner; and effective management of administrative, technical, operational, and financial issues presented by the Company's business plan and chapter 11 proceeding; potential adverse developments with respect to the Company's liquidity or results of operations; the ability to fund and execute its business plan; potential adverse developments resulting from litigation; the ability to attract, retain and compensate key executives and associates; the ability of the Company to attract and retain customers; general economic and business conditions; technological developments; the Company's ability to continue to design networks, install facilities, obtain and maintain any required governmental licenses or approvals and finance construction and development, all in a timely manner at reasonable costs and on satisfactory terms and conditions; assumptions about customer acceptance, churn rates, overall market penetration and competition from providers of alternative services. The Company assumes no obligation to update the forward-looking statements contained herein to reflect actual results, changes in assumptions or changes in factors affecting such statements. Investors are directed to examine the Company's SEC filings, which more fully describe the risks and uncertainties associated with the Company's business.



            

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