ORLANDO, Fla., Jan. 30, 2004 (PRIMEZONE) -- The following is a letter to shareholders from Trey Meehan, President and CEO of ICR Systems, Inc. (Pink Sheets:ICRM):
Welcome to 2004 and what I believe will be an exciting year for the employees and shareholders of ICR Systems, Inc. In this letter, I will cover several topics that I feel are important to the long-term success of our firm, as well as current business developments.
The first item of discussion is in regards to our filing with the SEC to become a fully reporting company. We have undergone our audits, (with year-end audits pending), and have completed all of the necessary documentation to file a Form 10-SB with the SEC. Our documents are currently under review with our SEC counsel and we hope to submit to the SEC in the next couple of weeks.
I am pleased to announce that in 2003, our company returned to profitability. Final profit numbers are not yet available due to closing of the books and audits having not yet been finalized. Comparisons for this past year are not going to be provided this year due to the fact that our audited financials for 2002 included 15 months to account for a short year to convert our subsidiaries to a January-December fiscal year. Prior to acquisition, our subsidiaries were private companies and did not break out numbers on a quarterly basis. In future periods, we will be in a better position to give prior year comparisons.
There are several areas of business development that we are currently addressing to increase revenue and profitability at each of our business units.
ICR Systems of Georgia. One year ago, this unit was established by spinning out the service department of our Meehan Electric contracting unit into a separate operating division. The original footprint of service covered Athens, Georgia. During this past year, we opened an additional office in Buford, Georgia, which has allowed us to increase our service footprint to include the following areas: Clarke County (Athens/Winterville), Hall County (Buford/Gainesville), Gwinnett County (Lawrenceville/Duluth), Forsyth County (Cumming), Oconee County (Watkinsville) and Oglethorpe County (Winterville/Bishop).
We continue to look for new opportunities to expand our service areas. This expansion will likely come in the form of internal expansion, as well as acquisitions. We are currently looking for opportunities to expand to the metropolitan Atlanta market, as well as other population and business centers around the state.
Meehan Electric Company performed well for 2003, returning to modest profitability in the midst of a tepid commercial construction environment. Margins have improved sequentially over prior years in this unit, and we will continue to watch closely for ways to improve the bottom line at this 45 year veteran company.
ICR Power Solutions and ICR Systems of Florida have progressed somewhat slower than I had hoped, however, several new developments are underway and we anticipate utilizing these divisions as revenue and income producers in the very near future.
The development of Florida Bio-Compliance is proceeding as planned. We are currently negotiating terms to build a state-of-the-art medical waste incineration facility in Orlando, Florida. The permit owned by Florida Bio-Compliance allows for the destruction of over twenty-million pounds of medical/bio-hazardous waste each year. We are currently seeking an extension on this permit from the Florida Department of Environmental Protection. Upon the permit extension and completion of funding we will begin construction of the new facility.
Florida Bio-Compliance offers significant income potential for our company and we look forward to turning this division into a profit center over the next 18-24 months. We are developing a website for this company, currently scheduled to be available some time in the second quarter.
I will be using this platform to communicate with investors in the future on a quarterly basis. I look forward to an exciting and profitable 2004. If I can be of any assistance to current and future investors, analysts, etc. my line is always open.
Sincerely, Trey Meehan President and CEO ICR Systems, Inc.
"Safe Harbor"
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