International Card Establishment Reports Second Quarter, Six-Month Results OXNARD, Calif., Aug. 20 /PRNewswire-FirstCall/ -- International Card Establishment, Inc. (I.C.E.) (OTC:ICRD) (BULLETIN BOARD: ICRD) today announced its second quarter and six month results for the period ended June 30, 2004. For the quarter ended June 30, 2004, the company generated net revenues of $ 3,532,387, as compared to net revenues of $ 249,524 for the quarter ended June 30, 2003. For the quarter ended June 30, 2004 and June 30, 2003, the company reported net losses of $ (615,028) $ (0.03 per share) and $ (129,656) $ (0.02 per share), respectively. For the six months ended June 30, 2004, the company reported net revenues of $ 6,920,915 versus $ 530,657 for the comparable period a year ago. The company reported a loss of $ (959,751) $ (0.05 per share) for the six month period, as compared to a loss of $ (217,066) $ (0.03 per share) for the comparable period last year. "Our second quarter results continue to be in line with plan, and we expect the imminent acquisition of Neos Merchant Solutions to enable us to reach our minimum revenue objective of $22 million for the year," said Jonathan Severn, Chairman and President, I.C.E. "As we move towards becoming a direct credit card processor, we expect to not only complete more acquisitions in our bankcard unit, but also to expand margins in that business unit, as well. Overall, we are comfortable with our projections to reach $50 million in pro forma revenues and to attain profitability in 2005." About I.C.E. I.C.E. (http://www.cardnetone.com/) is a rapidly growing provider of diversified products and services to the electronic transaction processing industry. I.C.E. establishes merchant accounts for businesses that enable them to accept credit cards, debit cards and other forms of electronic payments; supplies point-of-sale systems; facilitates processing; and markets a proprietary "Smart Card"-based system that enables merchants to offer store- branded gift and loyalty cards. Forward-Looking Statements This press release may contain forward-looking statements that are subject to risks and uncertainties. Important factors which could cause actual results to differ materially from those in the forward-looking statements, include but are not limited to: the company's short operating history which makes it difficult to predict its future results of operations; the company's initial history of operating losses with possible future losses which could impede its ability to address the risks and difficulties encountered by companies in new and rapidly evolving markets; the company's future operating results could fluctuate which may cause volatility or a decline in the price of the company's stock; the possibility that the company may not be able to price its services above the overall cost causing its financial results to suffer; and other factors detailed in this press release and in future company filings with the Securities and Exchange Commission, at such time as the company is required to report its results of operations under the Securities Exchange Act of 1934, as amended. DATASOURCE: International Card Establishment, Inc. CONTACT: Jonathan Severn, Chairman & President of International Card Establishment, Inc., 1-800-414-7654, ext. 2007, ; or Investor Relations - Philippe Niemetz of WPH Consultants, Ltd., 1-800-477-7570, +1-212-344-6464, for International Card Establishment, Inc. Web site: http://www.cardnetone.com/

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