Agreement with Consignment Agent to Liquidate Company’s Former Business Inventory; Company Committed to Wireless-Mobile Infrastructure Industry; One More Positive Step to Growth
November 10, 2015 – Icon Media Holdings, Inc. (OTC: ICNM) a diversified global technology company that specializes in wireless infrastructure and technical services via Spectrum Velocity™ for the wireless industry, has signed an agreement with a successful entertainment-related consumer products consignment agent. The agent will use substantial means to liquidate Icon Media’s inventory of a variety of media items from the Company’s former e-commerce business (B2C Group).
Proceeds from sales will be reinvested into the Company’s Wireless-Mobile Infrastructure Services business to continue to execute on Icon’s plan for aggressive growth.
Initially, Icon’s Management felt the best strategy was to maintain the status quo of Icon’s e-commerce business (B2C Group) without any new capital infusion and to preserve the inventory as an asset. However, Management feels strongly that the e-commerce industry is very competitive and is highly capital intensive in order to maintain inventories and up-to-date technology and marketing platforms.
With the current and projected substantial growth of the Wireless/Mobile Infrastructure Industry, the Company believes that the capital raised from sales of the inventory would best be reinvested into the Company’s wireless infrastructure services business Spectrum Velocity™.
Rob Deakin, CEO of Icon Media Holdings stated, “We believe we have made the best choice. By selling off the inventory, we can essentially reinvest the cash back into Spectrum Velocity™ to accelerate our pace of growth. While asset values are noteworthy, raising cash and putting it back to work in the rapidly growing industry which we are part of is a much better strategy to grow the business and increase equity value for our shareholders.”
About Icon Media Holdings, Inc. (ICNM)
Icon Media Holdings (OTC: ICNM) is a diversified global technology company that specializes in technical and infrastructure services for the cellular and wireless industries. The Company provides turnkey small cell network, distributed antenna systems (“DAS”) and Wi-Fi technical consulting, design and implementation services through its subsidiary Spectrum Velocity™. Our customer base includes the wireless industry as well as enterprise clients.
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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.