Intercable ICH Inc.
TSX VENTURE : ICH

Intercable ICH Inc.

April 29, 2008 18:09 ET

Intercable ICH Inc. Announces its 2007 Year End Results

MONTREAL, QUEBEC--(Marketwire - April 29, 2008) - Intercable ICH Inc. (Intercable)(TSX VENTURE:ICH) is pleased to announce its financial results for the year ended December 31, 2007. The corporation's financial statements and Management Discussion and Analysis are available on the website www.sedar.com.

2007 highlights :

- Closing of the initial public offering totalling $22,000,000;

- Obtaining the title of "declarated operator" (operateur declare) from the Autorite de Regulation des Communications Electroniques et des Postes (ARCEP), the French telecommunications authority having jurisdiction on Reunion Island telecommunications market, to provide cable television, high-speed Internet and telephony services in Reunion Island;

- Choice of the FTTC technology (fibre to the cell) for the set up of the networks of the corporation;

- Conclusion of various agreements with the main programming providers including, Group TF1, Group Lagardere Networks International, Group M6 and Group AB;

- Moved into the technical plant of the corporation in Reunion Island;

- Commencement of the build-out of the networks at Reunion Island;

- Filing of a request pursuant to the tax assistance plan for investments to overseas departments and collectivities; the corporation's believes that the construction of its network of telecommunications, including high-speed Internet services, falls within the eligibility criteria of this plan.

"2007 was a turning point for us, and we are very proud of the progress made during the year. We now have first class technology and we have built a highly qualified team to put in place our networks and start the commercialization of our services" said Guy Laflamme, President and Chief Executive Officer of Intercable.

Financial Results

The corporation is currently concentrating all of its efforts on implementing its development strategy, and has not generated any revenue as of December 31, 2007. The results given below are based on material information, and reflect the results for fiscal 2007.

Intercable's operating expenses for fiscal 2007 stood at $1,155,220 compared with $89,857 for the period ended December 31, 2006. This increase is due to costs associated with the preparation and establishment of the activities of the corporation at Reunion Island, as well as to the increased work force required in order to begin the commercialization of the corporation's services.

Over the course of the year, Intercable ordered certain critical equipment and took the initial steps for the build-out of its networks.

For fiscal 2007, net loss related to operating expenses totalled $832,842, or a loss of $0.04 per share (basic and diluted) compared to $82,905 for the period ended December 31, 2006.

As at December 31, 2007, Intercable had 24,850,002 common shares issued and outstanding and $12,750,389 in cash and cash equivalents. At the same date in 2006, the corporation had cash and cash equivalents totalling $533,815.

New Director

Mr. Francois-Guy Richard has been appointed Director of the corporation last March further to the resignation of Mr. Francois St-Arnaud. Mr. Richard has been appointed by FODEX, Export Development Fund, L.P. pursuant to the voting agreement executed between the corporation and certain shareholders in April 2007. The corporation wishes to thank Mr. St-Arnaud for his involvement as a director of the corporation and welcome Mr. Richard. Mr. Richard is the holder of a master degree in Finance and a master degree in Economy. He has also received the title of Chartered Financial Analyst (CFA). Mr. Richard is counsel to investments with FODEX.

About Intercable

Intercable is a Canadian telecommunications company that seeks broadband telecommunications opportunities in the international market. Intercable's business strategy is to focus on underserved telecommunications and cable markets by building and operating its own broadband networks using state-of-the-art technology capable of offering cable television, high-speed Internet and telephony services, at a low cost and with high service quality. The Company targets markets with i) limited or no cable service; ii) feasibility of aerial cable construction; and iii) stable political environments. Management believes that Reunion Island currently represents the most significant growth opportunity for Intercable.

This press release may contain forward-looking statements that are subject to known and unknown risks and uncertainties that could cause actual results to vary materially from targeted results. Such risks and uncertainties include those described in Intercable's prospectus dated March 23, 2007 or in the filings made by Intercable from time to time with securities regulators. Intercable undertakes no obligation to publicly release the result of any revision of these forward-looking statements to reflect events or circumstances after the date they are made or to reflect the occurrence of unanticipated events.

The TSX Venture Exchange has not reviewed this release and therefore does not accept responsibility for its adequacy or accuracy.

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