SOURCE: International Consolidated Companies, Inc.

September 18, 2008 13:35 ET

International Consolidated Companies, Inc. (OTCBB: INCC) Terminates Source Bio Letter of Intent

SARASOTA, FL--(Marketwire - September 18, 2008) - International Consolidated Companies, Inc. (www.iccina.com) (OTCBB: INCC) today announced that it has terminated its letter of intent to acquire Source Bio-Plastics Inc.

"While we like the business sector of Source Bio, it was just not the right time for us to proceed with this acquisition," stated Antonio F. Uccello, III, President and CEO of International Consolidated Companies, Inc. "INCC will continue to seek out and acquire growth oriented Asian companies as well as watch for opportunities in the alternative energy and 'green product' markets."

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Certain oral statements made by management from time to time and certain statements contained in press releases and periodic reports issued by International Consolidated Companies, Inc., (the "company"), as well as those contained herein, that are not historical facts are "forward-looking" statements within the meaning of Section 21E of the Securities and Exchange Act of 1934, and because such statements involve risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. Forward-looking statements, including those in Management's Discussion and Analysis, are statements regarding the intent, belief, or current expectations, estimates, or projections of the company, its directors, or its officers about the company and the industry in which it operates and are based on assumptions made by management. Forward-looking statements include without limitation statements regarding: (a) the company's strategies regarding growth and business expansion, including future acquisitions; (b) the company's financing plans; (c) trends affecting the company's financial condition or results of operations; (d) the company's ability to continue to control costs and to meet its liquidity and other financing needs; (e) the declaration and payment of dividends; and (f) the company's ability to respond to changes in customer demand and regulations. Although the company believes that its expectations are based on reasonable assumptions, it can give no assurance that the anticipated results will occur. When issued in this report, the words "expects," "anticipates," "intends," "plans," "believes," "seeks," "estimates," and similar expressions are generally intended to identify forward-looking statements.

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