SOURCE: International Consolidated Companies, Inc.

June 17, 2008 09:47 ET

International Consolidated Completes First Acquisition

SARASOTA, FL--(Marketwire - June 17, 2008) - International Consolidated Companies, Inc. (OTCBB: INCC) announced today that it has completed its first Chinese acquisition increasing its pro forma balance sheet for period ending March 31st, 2008 by $10 million dollars.

INCC will consolidate the income statement on a move forward basis. For the 9 months ended March 31st, 2008 Revenue was $4.199 million up from $2.128 million for same period 2007 or a 97% increase. Net income for same period, including the minority interest, was $589 thousand versus $274 thousand or 115% increase.

As INCC continues its acquisition process of additional small to midsize Chinese companies it anticipates the creation of a 100 million dollar asset-based business with positive cash flows in diverse areas of this burgeoning Asian economy.

The China Gene Ltd. acquisition includes two subsidiaries, Shanghai Huaxin High Biotechnology and Sichuan Kelun Bio-Tech Pharmaceutical Company. Shanghai Huaxin High Biotechnology has patents on a proprietary delivery system for the drug Interferon that is utilized to fight Hepatitis B and C (the two single largest killers in China) and Cervical Cancer.

Professor Xinyuan Lin will act as the vanguard for Shanghai Huaxin High Biotechnology. Professor Lin is a molecular biologist and a graduate from the chemistry department of Nankai University. From 1957 to present he worked at Shanghai Biochemistry and Cell Institute, Chinese Academy of Sciences (CAS) and has worked as the head of Xinyuan Institute of medicine and technology in Zhejiang University. Professor Lin was also the Director of The Research Center for Gene Therapy, Zhejiang Province. Being the author of more than 340 papers and 10 paper volumes, he received more than 40 awards and has presided over the annual meeting of international studies association for Interleukin and Cytokines, which was attended by scientists and Nobel laureates from 37 countries.

"Our acquisition model enables International Consolidated Companies, Inc. to increase shareholder value while minimizing management costs associated with each transaction. Acquired assets and revenues increase earnings per share and book value per share for each stockholder and we will continue to strive to maximize the value of our Company through acquisitions," stated Antonio F. Uccello III, Chairman and CEO.

About International Consolidated Companies, Inc.:

International Consolidated Companies, Inc. specializes in acquiring international businesses located in the expanding Asian markets focusing on three dynamic areas: healthcare, technology and environment. Utilizing a unique acquisition model International Consolidated Companies, Inc. provides foreign companies an opportunity to gain access to U.S. capital markets. In exchange, International Consolidated Companies, Inc. retains a significant percentage of each target company, creating a diversified, growth oriented investment base that should enjoy a steady, long-term increase. Each target company reviewed for acquisition must meet specific criteria detailed in International Consolidated Companies, Inc.'s acquisition model and has proven commercial track records. Management is confident that it should deliver consistent, continued growth and be successful in increasing shareholder value through accurate and meticulous due diligence.

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.

Important factors that could cause the actual results to differ materially from those in the forward-looking statements include, among other items, (i) changes in the regulatory and general economic environment; (ii) conditions in the capital markets, including the interest rate environment and the availability of capital; (iii) changes in the competitive marketplace that could affect the company's revenue and/or cost and expenses, such as increased competition, lack of qualified marketing, management or other personnel, and increased labor and inventory costs; (iv) changes in technology or customer requirements, which could render the company's technologies noncompetitive or obsolete; (v) new product introductions, product sales mix, and the geographic mix of sales.

The company disclaims any intention or obligation to update or revise forward-looking statements, whether as a result of new information, future events, or otherwise.

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: The statements which are not historical facts contained in this advertisement are forward-looking statements that involve certain risks and uncertainties including, but not limited to, risks associated with the uncertainty of future financial results, additional financing requirements, development of new products, governmental approval processes, the impact of competitive products or pricing, technological changes, and the effect of economic conditions.

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