International Card Establishment Completes Private Placement

Wednesday 2 June 2004 19:10 CET | News

International Card Establishment, (I.C.E.) has completed a private placement, raising approximately $2.8 million via the issuance of common stock.

The private placement agreement also contains provisions that would raise approximately an additional $6 million in equity capital. The company intends to deploy the capital raised to execute its business plan, enlarging its presence in credit card services through internal growth and acquisitions; becoming a first tier credit card processor, which will immediately increase profit margins; completing its acquisition of Neos Merchant Solutions, a rapidly growing gift and loyalty card company; and, bolster its international business in credit card services, particularly in Canada. These actions are expected to enable the company to exceed its minimum revenue projections of $22 million for 2004.

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Categories: Payments & Commerce | Payments General
Countries: World
This article is part of category

Payments & Commerce