On February 9, 2010, the Company sold all the stock of its wholly own subsidiary ICC Italy Srl to Mr. Sajid Mahmood, a citizen of Great Britain and resident of Bologna, Italy.
The sale price was one euro.
At the time of the sale, ICC Italy, Srl had no cash and not been active since August, 2009 when the Company discontinued its wholesale telecommunications activity. The principal assets of ICC Italy, Srl consisted of a small amount of office furniture. The liabilities of the company exceeded its assets.
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