SOURCE: ICrystal, Inc.

January 23, 2007 22:43 ET

ICRI Announces Property Dividend

JOHNSTON, IA -- (MARKET WIRE) -- January 23, 2007 -- ICrystal, Inc. (PINKSHEETS: ICRI) today announced that it has declared a property dividend with respect to all of the common stock of its wholly-owned subsidiary, Venus Associates, Inc. (the name of which will be changed -- and announced -- to reflect better the operations of that company (the "Subsidiary")). This property dividend is distributable to shareholders of record of ICRI on January 19, 2007.

The dividend distribution transaction will be made pursuant to an effective registration statement under the Securities Act of 1933, as amended. Following the dividend distribution transaction, the stock of the Subsidiary will not be an asset of ICRI. Prior to completion of the dividend distribution transaction, the business operations of the Subsidiary will continue and the financial operations thereof will be included in the financial statements of ICRI. However, ICRI has no current intention of taking any action with respect to the Subsidiary. Rather, ICRI intends to devote all of its available resources to the pursuit of its ethanol-related business plan.

About ICRI

ALL Energy Company (AEC), a Johnston, Iowa-based ethanol company, recently acquired control of ICRI from an existing shareholder and new management was installed. ICRI's new management intends to have ICRI acquire all of the outstanding stock of AEC, thus making AEC a subsidiary of ICRI. It is the intention of ICRI to complete this acquisition of AEC as soon as possible, there being no impediment to doing so. AEC was organized to operate as an ethanol producer, focusing primarily on the production and sale of ethanol and its co-products.

Until the change-in-control transaction described above, ICRI operated as a publisher of web pages. In conjunction with this transaction, all of the assets, liabilities and goodwill of ICRI associated with its web-page publishing business were assigned to a wholly-owned subsidiary, Venus Associates, Inc., the name of which will be changed to reflect better the operations of that company (the Subsidiary). Thereafter, the board of directors of ICRI declared a property dividend with respect to all of the stock of the Subsidiary, distributable to shareholders of record on January 19, 2007. The dividend distribution transaction will be made pursuant to an effective registration statement under the Securities Act of 1933, as amended. Following the dividend distribution transaction, the stock of the Subsidiary will not be an asset of ICRI. Prior to completion of the dividend distribution transaction, the business operations of the Subsidiary will continue and the financial operations thereof will be included in the financial statements of ICRI. However, ICRI has no current intention of taking any action with respect to the Subsidiary. Rather, ICRI intends to devote all of its available resources to the pursuit of its ethanol-related business plan.

Forward-Looking Statements

Certain matters discussed in this press release are "forward-looking statements." These forward-looking statements can generally be identified as such because the context of the statement will include words such as "expects," "should," "believes," "anticipates" or words of similar import. Similarly, statements that describe ICRI's future plans, objectives or goals are also forward-looking statements. Such forward-looking statements are subject to certain risks and uncertainties, including the ability of AEC and/or ICRI to obtain needed financing, as well as the financial performance of ICRI, which could cause actual results to differ materially from those anticipated. Although ICRI believes the expectations reflected in any forward-looking statements are based on reasonable assumptions, it cannot give any assurance that such expectations will be fulfilled. Shareholders, potential investors and other readers are urged to consider these factors carefully in evaluating any forward-looking statements. Certain factors could cause results and conditions to differ materially from those projected in these forward-looking statements. These factors are not exhaustive. New factors, risks and uncertainties may emerge from time to time that may affect the forward-looking statements made herein. These forward-looking statements are only made as of the date of this press release, and ICRI does not undertake any obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances.

Contact Information

  • Contact:
    ICrystal, Inc.
    Dean Sukowatey
    President
    651-998-0612