CORONA DEL MAR, Calif., Feb. 23, 2009 (GLOBE NEWSWIRE) -- ICC Worldwide, Inc. (Pink Sheets:ICCW) today announced that the firm's Italian subsidiary, ICC Italy Srl has signed an initial agreement with Teanet Srl to provide mobile and fixed telephony services to Teanet's extensive network of commercial and residential customers in Italy. Teanet is the communications and internet infrastructure business unit of Gruppo Tea Spa, a major Italian public utility. Jointly owned by a number of Northern Italian cities, Gruppo Tea provides services to a population base of 450,000 residents and businesses. In addition to communications, these services include: 1) energy -- electricity, gas, and heat, 2) water delivery and treatment, as well as 3) management and operation of the region's sewer and waste system -- including trash collection, disposal and recycling.
Leveraging the utility's comprehensive right-of-way rights in the region, Teanet has implemented an extensive network of fiber optic cable and high performance wireless transmission capabilities. These provide internet and high speed data access for businesses and residents in the organization's service delivery area. Terms of the ICC/Teanet agreement provide for revenue-sharing between the two firms. Teanet will supply infrastructure and customer access for both sales and support. While ICC will provide advanced switching equipment, software, operations, management and technical expertise. Branded as a Teanet service, initial focus will be on transitioning the existing Teanet base of business and government communications customers to the ICC-provided advanced telephony platform. In doing so, Teanet's commercial and government customers will be able to take advantage of higher quality voice and data communications products as well as greatly expanded new service offerings such as a fully digital Centrex functionality.
While announcing this major expansion of ICC's business, Rich Lauer, ICC's President & CEO stated, "The significance of this new relationship with Teanet is huge. We of course remain totally committed to aggressively expanding our existing wholesale immigrant worker communications business in Europe. Remarkably, the Teanet agreement is 100% synergistic and incremental to our existing strategy. We are simply providing wholesale telecommunications services through Teanet to their massive existing customer base. These services use exactly the same core expertise and equipment which ICC has currently deployed, but in a completely non-competitive fashion. Even the service delivery hours are complimentary. Teanet's business customers will use the products primarily during regular business hours. Whereas our immigrant worker-focused call shops operate primarily in the evenings and on weekends -- effectively giving ICC double-duty utilization of our network and telephone switching equipment."
Lauer went on to say, "Since most of the necessary components are in place already, we expect to be producing revenue from this agreement in a short period of time. Once started, we are confident that the growth of this business unit will be rapid and produce strong margins. In doing so, ICC's profitability could easily double by calendar year-end over that previously projected from the immigrant worker market alone. I'm sure you can see why we are so excited about this opportunity."
About ICC Worldwide:
ICC Worldwide, Inc. (Pink Sheets:ICCW) provides a specialized range of communications services and products to the diverse immigrant worker communities in Italy through a rapidly growing network of wholesale and retail distribution channels. The firm's principal operating units are located in Italy, while ICC's U.S. headquarters is based in the Southern California community of Corona del Mar.
Forward-Looking Statements:
This press release contains statements, which may constitute "forward-looking statements" within the meaning of various Federal securities laws. Those statements may include remarks regarding the intent, belief or current expectations of ICC Worldwide, Inc., as well as the assumptions on which such statements are based. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those contemplated by such forward-looking statements. The company undertakes no obligation to update or revise forward-looking statements.
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