RALEIGH, NC -- (Marketwire) -- 12/05/11 -- Icon Media Holdings, Inc. (PINKSHEETS: ICNM) is pleased to announce that the Company has closed on the purchase of the assets of IFX Financial Services Group. The Company also has redesigned and re-launched the website http://www.ifxltd.com and is executing its online marketing campaign to sell its merchant processing services and merchant cash advance products.
The U.S. Commerce Department says online shoppers spent $47.5 billion during the second quarter of 2011, with e-commerce accounting for 4.6% of all retail sales. Credit card sales account for at least 40% of these sales. Furthermore, a study by Merchant Processing Resource estimated the size of the merchant cash advance market in 2010 was over $524M, and growing at a rapid pace.
"This acquisition allows us to tap into this burgeoning market, and create a new residual revenue stream," commented Rob Deakin, CEO of Icon. "We also will be able to lower the overall cost of processing transactions on the e-commerce sites we own and/or operate."
The Company expects that IFX should add an additional 15% in revenue in the first year. IFX will continue to operate under the IFX brand and will be a wholly owned subsidiary of Icon Media Holdings.
This acquisition positions Icon for further visibility in the ever-increasing e-commerce markets and is consistent with Icon's business model for vertical and horizontal growth through acquisitions.
About Icon Media Holdings, Inc. (ICNM):
Icon Media Holdings, Inc. is a diversified global e-commerce company. The Company currently owns and/or operates e-commerce websites, including www.moviegoods.com, www.puntdogposters.com, and sells on storefronts such as Amazon, Amazon UK and eBay, among others. Corporate website: www.iconmediaholdings.com.
About IFX Financial Services Group:
IFX Group affiliates have been providing financial services to merchants since 1937. The Company sells merchant processing services as well as merchant funding solutions such as cash advances, short term loans, acquisition loans and much more.
Forward-Looking Statements & Disclaimers:
The information in this Press Release includes certain "forward-looking" statements within the meaning of the Safe Harbor provisions of Federal Securities Laws, as that term is defined in section 27a of the United States Securities Act of 1933, as amended, and section 21e of the United States Securities Exchange Act of 1934, as amended. Statements in this document, which are not purely historical, are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. Investors are cautioned that such statements are based upon assumptions that in the future may prove not to have been accurate and are subject to significant risks and uncertainties, including the future financial performance of the Company. Although the Company believes that the expectations reflected in its forward-looking statements are reasonable, it can give no assurance that such expectations or any of its forward-looking statements will prove to be correct. Readers are cautioned not to place undue reliance on these forward-looking statements that speak only as of the date of this release, and the Company undertakes no obligation to update publicly any forward-looking statements to reflect new information, events, or circumstances after the date of this release except as required by law.
Phone: 919.237.5700 ext. 203