CORONA DEL MAR, Calif., Jan. 13, 2009 (GLOBE NEWSWIRE) -- ICC Worldwide, Inc. (Pink Sheets:ICCW) today announced financial results for the fiscal year ended September 30, 2008. For the year, revenue was $255,588 from the company's continuing telecommunications wholesale operations and $1,149,163 from discontinued retail store operations for the same period. The retail stores were sold on October 31, 2008 following the end of the fiscal year. The Company incurred a net loss of $4,691,601 for the year ended September 30, 2008 including $1,977,141 in losses from the discontinued retail store operations.
ICC's President & CEO, Rich Lauer stated, "Fiscal 2008 was a challenging year for ICC Worldwide. We remain convinced that the European immigrant worker market is vibrant and growing. We also believe that our basic strategy which is focused on providing communications products and services to this market is extremely viable. An integral component of the economies of Western European countries, this group of mostly permanent, foreign resident workers is a large, rapidly growing, and underserved community. It is populated with over 30 million individuals, each possessing significant disposable income to spend on personal communications."
Lauer went on to say, "During the course of the past fiscal year it became clear that ICC would be best served by pursuing a highly focused 'wholesale-only' strategy for distribution of communications products. This approach leverages an extensive, well-established channel of call shops and internet cafes currently serving the immigrant worker market in Europe. And since we deliver our products utilizing a sophisticated, web-based technology, our business is highly scalable, not labor-intensive, and may be readily expanded on a highly cost-effective basis. With the sale of our remaining retail operations, we are now aggressively expanding our wholesale business in Italy and other European countries. This business model, in conjunction with our core team of communications industry professionals, promises to produce significant financial results in fiscal 2009."
For further details on ICC's business strategy and current operating activities, please see the expanded version of this press release at ICC's website: www.iccww.com.
About ICC Worldwide:
ICC Worldwide, Inc. (Pink Sheets:ICCW) provides a specialized range of communications services and products to the diverse immigrant worker communities in Italy through a rapidly growing network of wholesale and retail distribution channels. The firm's principal operating units are located in Italy, while ICC's U.S. headquarters is based in the Southern California community of Corona del Mar.
Forward-Looking Statements:
This press release contains statements, which may constitute "forward-looking statements" within the meaning of various Federal securities laws. Those statements may include remarks regarding the intent, belief or current expectations of ICC Worldwide, Inc., as well as the assumptions on which such statements are based. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those contemplated by such forward-looking statements. The company undertakes no obligation to update or revise forward-looking statements.
For Investor Inquiries: Please visit the company's website: www.iccww.com, or email: info@iccww.com
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