Raleigh, NC, May 03, 2018 (GLOBE NEWSWIRE) -- Icon Media Holdings, Inc. (OTC: ICNM), a diversified global technology company that specializes in technical services for the cellular and wireless industries, provides the following letter to shareholders from Rob Deakin, Chairman and CEO.
To Our Shareholders:
After experiencing a couple of setbacks in the latter part of 2017, 2018 is off to a good start for the Company. As for the disappointments, our planned acquisition of the RF Engineering company fell through due to the inability to secure adequate financing as well as another suitor who ultimately prevailed. While extremely disappointed that this opportunity fell through, we have maintained a positive relationship with the company and foresee the potential to work together on projects in the future. We also received sad news in the fourth quarter of 2017 that the principle at our investor relations firm passed away suddenly and unexpectedly. This has impacted our ability to maintain efficient communications with our shareholders. We are currently vetting several prospective companies to fill this important role and look to have this remedied in the second quarter.
As for 2018, in January our subsidiary Spectrum Velocity added a real estate development company in the northeast as a new client. The workload from them could extend well into the third quarter of this year.
We continue to scope out additional projects in an effort to try to grow the Spectrum business organically while we actively search for acquisition targets.
In addition, we have taken the following additional steps to build the business:
- Form 10 - We are working on the 2017 financials with an eye towards finally being able to file the Form 10 with the SEC. This has been a painstakingly slow and arduous process but we look forward to becoming a SEC fully reporting company!
- Strategic Business partnerships – We continue to target potential partners, technologies and businesses within the industry that offer complimentary and strategic services to ours.
- Clean up balance sheet – We continue to look for responsible ways to lower our debt burden and increase our asset base. As such, both our president and I converted a portion of our deferred salaries into shares of restricted common stock in March.
- Entered into a Joint Services Agreement with DMR Biologics - Though not our core business focus, this relationship is structured to generate revenue to Icon for the next several years.
We sincerely thank you for your continued support. Our success will be due to our employees, supportive shareholders, the Board of Directors and Strategic Advisors. Our team is hard at work doing a phenomenal job for you, our shareholders, and our customers. We are grateful for their talent and commitment and look forward to what lies ahead.
Sincerely,
Rob Deakin
Chairman & CEO
Icon Media Holdings, Inc.
About Icon Media Holdings, Inc. (ICNM)
www.spectrumvelocity.com
Icon Media Holdings (OTC: ICNM) is a diversified global technology company that specializes in technical and infrastructure services for the wireless industry. The Company provides turnkey small cell network, distributed antenna systems (“DAS”) and Wi-Fi technical consulting, design and implementation services through its subsidiary Spectrum Velocity®. Our customer base includes the wireless industry as well as enterprise clients.
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Forward-Looking Statements & Disclaimers:
The information in this Press Release includes certain "forward-looking" statements within the meaning of the Safe Harbor provisions of Federal Securities Laws, as that term is defined in section 27a of the United States Securities Act of 1933, as amended, and section 21e of the United States Securities Exchange Act of 1934, as amended. Statements in this document, which are not purely historical, are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. Investors are cautioned that such statements are based upon assumptions that in the future may prove not to have been accurate and are subject to significant risks and uncertainties, including the future financial performance of the Company. Although the Company believes that the expectations reflected in its forward-looking statements are reasonable, it can give no assurance that such expectations or any of its forward-looking statements will prove to be correct. Readers are cautioned not to place undue reliance on these forward-looking statements that speak only as of the date of this release, and the Company undertakes no obligation to update publicly any forward-looking statements to reflect new information, events, or circumstances after the date of this release except as required by law.