ORLANDO, Fla., April 21, 2004 (PRIMEZONE) -- ICR Systems (Pink Sheets:ICRX) released its quarterly letter to shareholders today.:
Dear Fellow Shareholders and interested parties,
The first item I will discuss is in regards to our recent stock split. Our Board of Directors recently voted to forward split our common stock 3-for-1. The reason for the split was to increase the shares in the float, thereby adding liquidity, and to reduce the price, making it easier for individual investors to acquire an interest in the Company. As an expected result of our stock split, we received a symbol change from NASDAQ. Our new ticker symbol is ICRX.
The next item I will explore is our filing with the SEC to become a fully reporting company. We have recently undergone a change in SEC counsel due to an attorney leaving the firm that we were with for the past several years. We are currently interviewing attorneys to determine who will be the best fit to represent the Company and submit the required documentation to the SEC to become fully reporting. When we have made a final determination on the new SEC Counsel, we will report it at that time.
Our audits for 2003 are virtually complete and as stated in the previous quarterly report, our company returned to profitability in 2003. We were excited to see that each division that had operations in 2003 was profitable for the year.
For the first quarter of 2004, business has been approximately the same as the first quarter of 2003. Several large construction projects were pushed into Q2 or Q3, which should provide more opportunity for accelerated growth in those quarters.
Our contracting subsidiary, Meehan Electric Company, has a large backload of work that was awarded in the second half of 2003 and continues to be competitive in its bid work. We currently anticipate an increase in both revenues and earnings for this division for the year a result of an increase number of projects coming to market in the next two quarters.
ICR Systems of Georgia is continuing to successfully develop its footprint in the Gwinnett and Hall County markets, as well as continuing to grow the Metro Athens market and surrounding areas. We are hopeful that we will be able to add another office before year-end, either through expansion or acquisition.
ICR Systems of Florida is currently bidding a project with a broadband provider in Central Florida that would springboard our capacity throughout the state. If successful in negotiating this contract, additional state expansions could be in place as the broadband provider has licenses to begin broadband services in other states, including Texas.
ICR Power Solutions is developing its website to begin operations. Currently the company is in contact with such manufacturers as Caterpillar, Onan, Koehler and Honda about offering turnkey sales and installation of their gas, propane and diesel generators. Also being investigated at this time is the future offerings of solar, wind, hydro and fuel cell technologies as future growth platforms for the division.
We are making steady progress in the development of the much anticipated Florida Bio-Compliance subsidiary. After successfully receiving our permit extension during the first quarter from the Florida Department of Environmental Protection, we began looking at additional avenues for purchasing the new incineration equipment. We have been receiving additional quotes from manufacturers for both our new facility and equipment needs. I anticipate beginning the construction phase of both the incinerator and the new building in Q3. I am hopeful that we will have financing well underway and possibly in place prior to the end of Q2.
As I stated in the Q1 shareholder letter, I will be using this platform to communicate with investors in the future on a quarterly basis. I continue to look forward to an exciting 2004. If I can be of any assistance to current and future investors, analysts, etc., my line is always open.
Sincerely,
Trey Meehan CEO
"SAFE HARBOR"
This press release contains forward-looking statements. The words "estimate", "possible" and "seeking" and similar expressions identify forward-looking statements, which speak only as to the date the statement was made. The company undertakes no obligation to publicly update or revise any forward-looking statements, whether because of new information, future events, or otherwise. Forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted, or quantified. Future events and actual results could differ materially from those set forth in, contemplated by, or underlying the forward-looking statements. The risks and uncertainties to which forward-looking statements are subject include, but are not limited to, the effect of government regulation, competition and other material risks.