Icon Media Holdings, Inc. (OTC: ICNM) a diversified global technology company that specializes in technical services for the cellular and wireless industries, provides the following letter to shareholders from Rob Deakin, Chairman and CEO.
To Our Shareholders:
2016 continues to be a transformative year for Icon. As previously announced, the Company formed Spectrum Velocity with the purpose of entering the expanding Wireless Infrastructure services industry. Because of this decision, we have discontinued putting any additional resources towards the ecommerce business and have liquidated our legacy inventory. Management is convinced of this strategy and feels like we are on a path to solid growth. With the pending move to 5G, there will be an even greater need for wireless carriers to upgrade the existing facilities as well as add new cells and capacity. We are positioning the Company to seize this opportunity.
A large part of our plan is to acquire established, revenue generating, profitable companies in the wireless infrastructure space that offer complimentary services. We are presently in advanced negotiations with 2 such companies.
With the focus solely on the Wireless Infrastructure services industry, we have taken the following additional steps to build the business:
- Form 10 – We are making progress on completing the financial audits needed to file a Form 10 to become fully reporting with the SEC. While this has been a long and expensive process, we are getting close to completion of this important item for our future growth.
- Strategic Business partnerships – We have engaged a marketing company to target potential partners, technologies and businesses within the industry that offer complimentary and strategic services to ours.
- Clean up balance sheet – We re-negotiated some of the debt and converted other portions. We have sold some of the unused warehouse equipment, other long-lived assets and obsolete inventory.
We sincerely thank you for your continued support. We look forward to what lies ahead. Our success will be due to our employees, supportive shareholders, the Board of Directors and Strategic Advisors. We have a number of exciting opportunities on the horizon. I look forward to announcing these in the near future. Our team is hard at work doing a phenomenal job for you, our shareholders, and our customers. We are grateful for their talent and commitment.
Chairman & CEO