NEW YORK and MONTREAL, Dec. 9, 2011 /PRNewswire/ -- ICBS Ltd., (OTCPK: ICBT), updates shareholders.
As you may know, ICBS is concentrating on three partnership entities that we feel have the greatest chance of success. They are Canwealth Minerals, BioSpec Global Solutions and Identascan.
In each instance, ICBS has funded the purchase of equipment and services to enable these companies to move forward in their goals. We have paid for all of their expenses in pursuit of these goals including legal fees, labor, operating expenses and sundry expenses.
You have been able to track their progress via the press releases and information posted on their respective websites. In each case, we have seen these companies move from the planning stage to implementation with our professional and monetary assistance.
The money we have raised in the market place has enable us to do this. We have sold stock to brokers and accredited investors by means provided to small cap companies. This has meant the issuance of additional stock over the past year. We have taken this route as opposed to selling our shareholders interest in the company themselves to private investors, even though that would be the traditional way to do things. However, selling equity would have only lowered our shareholders value in these companies, and we felt that would not be in the interest of our shareholders.
As you can all see, our stock prices have been repressed, and in our opinion have not reflected the true value of the ICBS holdings. We realize that this is the nature of the Pinksheets. To that end we have been working with our accountants in Canada and our CPA in the U.S. to complete a financial audit of the last two years. This has not been an easy task. Since we do not have all of the companies under one banner, each entity must provide information to the accountants for the past two years. We are expecting this project to be completed within the next three to
|SOURCE ICBS Limited|
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