ORLANDO, Fla., July 27, 2004 (PRIMEZONE) -- ICR Systems (Pink Sheets:ICRX) released its quarterly letter to shareholders today:
Our Board of Directors recently voted to submit our Form 10SB to the SEC to become a fully reporting company. I am hopeful that our filing will be submitted in the next several days as it is currently in the hands of our newly appointed counsel, Mr. Ben Grocock of The Business Law Group. The Business Law Group's primary focus is in the area of securities law, as well as mergers and acquisitions. Once the filing has been submitted, we will report progression as it occurs.
Our 2003 audits have been completed and I am pleased to report that we were profitable across all operating subsidiaries, prior to one-time charges. One-time charges included accounting for overhead expenses at the parent level and the one-time issuance of restricted stock to employees at the end of 2003.
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 are currently working with two banks in order to determine the best way to finance the project. With the current low interest rate levels, combined with an equity guarantee commitment from the land developer, we are looking to finance this project. Utilizing the current low interest rates will result in the project having a much higher overall return. Pro-forma data on this project will soon be available on our website and I believe that this division will add substantial value to the overall organization on both a Cash Flow and Net Income basis.
I anticipate that financing for Florida Bio-Compliance will be committed prior to the end of Q3 with purchase orders for the equipment and building being issued in Q4. Once purchase orders have been issued, we will begin to solicit waste generators (hospitals, laboratories, medical offices, etc.) and begin to contract our future waste disposal services.
Meehan Electric currently has a backlog of work of over $700k with revenues in the 1st half of the year exceeding the prior year. We currently anticipate an increase in both revenues and earnings for this division for the year as some of the divisions larger projects will come to market over the six months.
ICR Systems of Georgia continues to develop its footprint in the Gwinnett and Hall County markets, as well as continuing to grow the Metro Athens market and surrounding areas. Due to some employee turnover, this division didn't expand quite as rapidly as we would have hoped, however, with the current staff, we are hopeful that we will be able to increase revenues to the these new areas quickly, as well as add another office before year-end, either through expansion or acquisition.
The broadband project, which as previously reported would springboard our capacity under the ICR Systems of Florida division throughout the state is still progressing. 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 outside of Florida.
ICR Power Solutions continues to development. 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 currently assessing the level of warehousing that will be required and the capital outlay necessary to begin contracting with the various manufacturers.
Although our stock price has dropped since my last shareholder message, our company continues to grow and become stronger both fundamentally and financially. We are currently looking at several acquisition candidates and I am hopeful to report achievements on that front in future shareholder reports.
Our firm is currently being featured at www.thestockbroker.com and is currently receiving radio time across the country on their nationally syndicated radio show. I am excited that this platform will introduce our company to a large group of new investors and give them a solid understanding of the exciting prospects for our future.
I look forward to an exciting second half of the year, and if I can be of any assistance to current and future investors, analysts, etc., my line is always open.
Sincerely, Trey Meehan President & 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.