CORONA DEL MAR, Calif., July 27, 2009 (GLOBE NEWSWIRE) -- ICC Worldwide, Inc. (OTCBB:ICCW) today announced that a comprehensive agreement had been reached with four of the firm's principal financing sources to consolidate a total of ten existing promissory notes, each with varying terms and conditions, into four new superseding notes with a much more consistent set of terms. The new notes all carry a 10% interest rate and mature on June 30, 2013. The effect of this consolidation not only reduces the number of notes outstanding to a single note per lender, it also simplifies the company's capital structure and reduces the number of fully diluted common shares.
Additionally, the new notes: 1) eliminate the conversion feature in both the loans and preferred stock, 2) eliminate the put option for the redemption of the company's Series C preferred shares, and 3) reduces the liquidation preference on the Series C preferred from $0.60 to $0.36. In consideration for these changes, the company has issued 250,000 warrants to the lenders.
Rich Lauer, ICC's President & CEO stated, "This is a very positive development for the company. These new notes and the associated capital restructuring should make shares of ICC Worldwide considerably more attractive to potential investors. Not only is ICC's debt simplified and more consistent, under the new terms we have reduced the number of fully diluted shares by several tens of millions of shares. In doing so, we believe we are creating a more liquid market for the company's common stock. As a result, the company believes additional options may become available which could positively affect ICC's ability to retire its debt."
Lauer went on to say, "We have worked hard to make this restructuring a reality. And we are extremely grateful to our existing note holders for their support and cooperation with this transaction. To view the complete set of documents including terms and conditions of this restructuring, please refer to the 8K which has been filed with the same date as this press release."
About ICC Worldwide:
ICC Worldwide, Inc. (OTCBB:ICCW) provides a specialized range of wholesale communications services and products to an extensive channel serving the diverse immigrant worker communities in various parts of Western Europe. ICC also partners with local utility organizations to provide advanced telephony products and services to the various utility's customers. The firm's principal operating units are located in Italy, Belgium, Spain, and Romania; 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.
For Investor Inquiries: Please visit the company's website: www.iccww.com, or email: info@iccww.com Trading Symbol: ICCW.OB ICC Worldwide is a Trademark of ICC Worldwide, Inc. All other trademarks and registered trademarks are properties of their respective owners.