SOURCE: IC Places, Inc.
WINTER PARK, FL–(Marketwire – July 6, 2010) – IC Places, Inc. (
The Company has hired Marvin Mora as its National Sales Manager. Mr. Mora was chosen because of his experience in like minded industries. Marvin has 10 years experience in the Hospitality and Service industry management, marketing and initial team building.
“Given the nature of our core offerings at IC Places, it will take someone with Marvin’s deep understanding of that industry to manage a team that can offer our product correctly to our new customers,” said Steven Samblis, President of IC Places.
Mr. Mora has also spent 5 years in the wireless industry. His experience in that industry has ranged from sales to the management of various sales teams and product launches. This experience will be of great value as IC Places launches upcoming applications which will give wireless users enhanced connectivity to movie screening tickets, concert and event tickets and restaurant reservations to name a few.
One of his first initiatives as National Sales Manager, Mr. Mora has negotiated for Eagle Net Marketing, located in Stamford Ct., to come on board to build a six state sales force covering 26 cities in the North East. The move gives IC Places a jump start into its planned 100 city sales roll out.
The Company has also announced today it has implemented a one-for-thirty reverse stock split of the Company’s common stock. The reverse stock split, which was previously approved by the Company’s Board of Directors (the “Board”) and majority shareholders, will take effect at the open of business July 7, 2010.
On June 4, 2010, the majority of the shareholders of the Common Stock of the Company approved a 1-for-30 reverse split of the Common Stock of the Company (the “Reverse Split”). Such Reverse Split will not cause a change in the authorized Common Stock of the Company. Pursuant to the Reverse Split, each holder of the Company’s Common Stock on the date of the effectiveness of the Reverse Split shall be entitled to one new share of Common Stock for every thirty shares of old Common Stock held by such shareholder. No fractional shares of Common Stock will be issued in conjunction with the Reverse Split and as such, any and all fractional shares of Common Stock held by a shareholder will be rounded up to the next whole number. The Company filed notice of such Reverse Split with FINRA on June 11, 2010.
As a result of the reverse stock split, thirty shares of the Company’s issued and outstanding common stock will be combined into one share of common stock, and the number of shares of the Company’s common stock outstanding will be reduced from approximately 184 million shares to approximately 6.1 million shares. The reverse stock split does not change the number of authorized shares of the Company’s common stock. To reflect the reverse stock split, Finra will append the fifth character “D” to the Company’s ticker symbol for 20 business days. During that time, the Company’s common stock will continue to be listed on OTCBB and OTCQB and trade under “ICPAD.” Securities Transfer Corporation, the Company’s transfer agent, will act as exchange agent for purposes of implementing the exchange of stock certificates.
The primary objective of the reverse stock split is to make the shares more marketable. Additional information about the reverse stock split is available in the Company’s Form 8-k which was filed with the SEC on June 15, 2010.
About IC Places:
IC Places owns and operates 350 U.S. city websites. Each IC Places city website offers a virtual keyhole view of life in each community. Every unique aspect of a city’s social, business, and cultural life is available right at each city’s IC Places homepage. IC Places provides the entire community a place to talk, do business and get connected. Businesses are given amazing tools to tell their stories in the best way possible and visitors get unfettered access to businesses, events and people in each city. To see one of the IC Places city sites in action, please visit http://www.icplaces.com/orlando.
IC Places produces several popular weekly video shows watched by millions of people each month through the company’s websites and its distribution partners. These shows include The Instant Movie Review, Instant DVD Review, Cooking for Bachelors, 1st Look and IC Sports.
Safe Harbor Statement
Note: This news release may contain forward-looking statements that involve risks and uncertainties. Among the factors that could cause actual results or timelines to differ materially are risks associated with research, regulatory approvals, competition, litigation, and the other risk factors listed from time to time in reports filed by IC Places, Inc. with the Securities and Exchange Commission, including but not limited to risks described under the caption “Important Factors That May Affect Our Business, Our Results of Operation and Our Stock Price.” The forward-looking statements contained in this news release represent judgments of the management of IC Places, Inc as of the date of this release. IC Places, Inc. and its managers and agents undertake no obligation to publicly update any forward-looking statements.
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