SOURCE: International Card Establishment, Inc.

May 16, 2008 13:55 ET

International Card Establishment Reports First Quarter Results

CAMARILLO, CA--(Marketwire - May 16, 2008) - International Card Establishment, Inc. (I.C.E.) (OTCBB: ICRD) today announced its first quarter 2008 results. For the quarter ended March 31, 2008, the company generated net revenues of $ 1,940,679 as compared to net revenues of $ 2,513,997 for the quarter ended March 31, 2007. For the quarter ended March 31, 2008 and March 31, 2007, the company reported net operating income of $ 16,586 and a net operating loss of $ (121,287) respectively. The company reported net losses of $ (5,545) $ (0.00 per share) and $ (204,454) $ (0.01 per share) for the first quarter ended March 31, 2008 and March 31, 2007, respectively.

"Our decision to avoid high risk credit card processing merchant accounts, coupled with a stronger emphasis on our gift and loyalty card business this quarter resulted in lower revenues when compared to last year's first quarter results," said William Lopshire, CEO, I.C.E. "However, since we have been concentrating more of our business efforts on acquiring gift and loyalty accounts, especially against the backdrop of an increasingly competitive market for low-risk credit card processing accounts, we were able to generate positive net operating income of $ 16,586 for the quarter as opposed to a net operating loss of $ (121,287) for the comparable quarter in 2007."

About I.C.E.

I.C.E. is a provider of diversified products and services to the electronic transaction processing industry. I.C.E. establishes merchant accounts for businesses that enable them to accept credit cards, debit cards and other forms of electronic payments; supplies point-of-sale systems; facilitates processing; and markets a proprietary "Smart Card"-based system that enables merchants to offer store-branded gift and loyalty cards.

Forward-Looking Statements

This press release may contain forward-looking statements that are subject to risks and uncertainties. Important factors which could cause actual results to differ materially from those in the forward-looking statements, include but are not limited to: the company's short operating history which makes it difficult to predict its future results of operations; the company's initial history of operating losses with possible future losses which could impede its ability to address the risks and difficulties encountered by companies in new and rapidly evolving markets; the company's future operating results could fluctuate which may cause volatility or a decline in the price of the company's stock; the possibility that the company may not be able to price its services above the overall cost causing its financial results to suffer; and other factors detailed in this press release and in future company filings with the Securities and Exchange Commission, at such time as the company is required to report its results of operations under the Securities Exchange Act of 1934, as amended.

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