SOURCE: Icon Media Holdings, Inc.

Icon Media Holdings, Inc.

June 27, 2011 08:30 ET

Icon Media Holdings, Inc. Announces Agreement to Purchase Assets of IFX Financial Services Group

RALEIGH, NC--(Marketwire - Jun 27, 2011) - Icon Media Holdings, Inc. (PINKSHEETS: ICNM) announced today that the Company has entered into an agreement to purchase substantially all of the assets of IFX Financial Services Group.

This acquisition allows us to market competitive merchant processing and financial services such as cash advances and term loans to e-commerce companies worldwide. We also will be able to lower the overall cost of processing transactions on the e-commerce sites we own and/or operate. IFX will continue to operate under the IFX brand and will be a wholly owned subsidiary of Icon Media Holdings. Current IFX president Ceasar Manereno will remain as the head of the division.

Rob Deakin, President and CEO, commented, "We are pleased to enter into this agreement with IFX Group. This transaction is consistent with our stated strategy to grow our e-commerce service business. We also look forward to having Mr. Manereno join our senior management team."

The transaction is expected to close within the next 30 days.

"We are very pleased to join forces with Icon which will allow us to take advantage of their expertise in marketing and service the multi-billion dollar e-commerce sector," stated IFX president, Mr. Manereno.

About Icon Media Holdings, Inc (ICNM);

Icon Media Holdings, Inc. is a diversified global e-commerce company. The Company currently owns and/or operates e-commerce websites and sells on storefronts such as Amazon, Amazon UK and eBay, among others. The Company also sells select products at wholesale. Website: www.iconmediaholdings.com.

About IFX Financial Services Group:

IFX, currently based in Tampa, Florida, and its affiliates have been providing financial services to merchants since 1937.

Forward-Looking Statements & Disclaimers:
The information in this Press Release includes certain "forward-looking" statements within the meaning of the Safe Harbor provisions of Federal Securities Laws, as that term is defined in section 27a of the United States Securities Act of 1933, as amended, and section 21e of the United States Securities Exchange Act of 1934, as amended. Statements in this document, which are not purely historical, are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. Investors are cautioned that such statements are based upon assumptions that in the future may prove not to have been accurate and are subject to significant risks and uncertainties, including the future financial performance of the Company. Although the Company believes that the expectations reflected in its forward-looking statements are reasonable, it can give no assurance that such expectations or any of its forward-looking statements will prove to be correct. Readers are cautioned not to place undue reliance on these forward-looking statements that speak only as of the date of this release, and the Company undertakes no obligation to update publicly any forward-looking statements to reflect new information, events, or circumstances after the date of this release except as required by law.

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