ICC Worldwide Inc (fka ICCW)

[zomniac]

NEWS following SEC form 8-K today


CORONA DEL MAR, Calif., July 27, 2009 (GLOBE NEWSWIRE) -- ICC Worldwide, Inc. (OTCBB:ICCW - News) 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."