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ICDT - NEWS...Announces $2 Million Design and Manufacturing Agreement
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[QUOTE]Originally posted by Malloy: [QB] MORE NEWS...see the 15M$ from another co. they want to aquire Incode Provides Update on Its Merger With Inseq Corporation Wednesday June 29, 10:00 am ET MOUNT ARLINGTON, N.J., June 29 /PRNewswire-FirstCall/ -- Incode Technologies Corporation (the "Company") (OTC Bulletin Board: ICDT - News), a development stage company, today announced that its anticipated reincorporation merger with its wholly owned subsidiary, Inseq Corporation, is expected to be completed on or about July 12, 2005 instead of the initially planned June 21, 2005. The delay in the expected completion date was due to some routine procedural issues associated with the merger. After the merger, the new company will be marketed under the brand Inseq, or International Secondary Commodities Exchange. Inseq's mission will be to facilitate the efficient utilization of primary and secondary commodities including metals, chemicals, fuels and plastics. Primary commodities include raw materials that are extracted and refined from natural resources for use by manufacturers worldwide in their production processes. These processes invariably result in the production of partially consumed, or secondary, industrial by-products that often have reuse potential but are instead discarded. The Company recently announced its execution of a letter of intent to acquire a Metal Processing and Distribution Company ("MPD") that is expected to add an estimated $15 million in annualized sales and $1.5 million in EBITDA to the Company. The Company expects to complete this acquisition in the third quarter of 2005. Upon the completion of this intended acquisition, Inseq's gross revenues and EBITDA are expected to be about $21 million and 2.1 million, respectively. About Incode Technologies Corporation Incode Technologies Corporation is a development stage company that was formed to acquire, develop and commercialize eBusinesses with integrated on- and offline operations. Incode's core focus during 2005 has since been the completion of its restructuring plans to best position the Company for growth. In addition to deploying the planned portal during 2005, Incode intends to acquire and integrate a series of strategically compatible companies during 2005. Incode expects to complete a reincorporation merger with its wholly owned subsidiary, Inseq Corporation, and change its corporate brand identity to the same name in July 2005. The new company will be marketed under the brand Inseq, or International Secondary Commodities Exchange. Inseq's mission will be to facilitate the efficient utilization of primary and secondary commodities including metals, chemicals, fuels and plastics. More information on Inseq is available online at http://www.inseq.com. Incode is 70% owned by GreenShift Corporation (OTC Bulletin Board: GSHF - News), a business development corporation whose mission is to develop and support companies and technologies that facilitate the efficient use of natural resources and contribute to the resolution of environmental challenges. Safe Harbor Statement This press release contains statements, which may constitute "forward- looking statements" within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995. Those statements include statements regarding the intent, belief or current expectations of Incode Technologies Corporation, and members of their management as well as the assumptions on which such statements are based. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those contemplated by such forward-looking statements. Important factors currently known to management that could cause actual results to differ materially from those in forward-statements include fluctuation of operating results, the ability to compete successfully and the ability to complete before-mentioned transactions. The company undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results. -------------------------------------------------------------------------------- Source: Incode Technologies Corporation [/QB][/QUOTE]
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