March 16 2001
BURNABY, B.C. – Icron Systems Inc. (CDNX: ICM) announced today that the Company has been unsuccessful in raising additional funds in today’s difficult financial markets. The Company is therefore reducing its staff to an absolute minimum, in order to preserve its intellectual property and its remaining cash, while at the same time maintaining its capability to deliver products to its customers.
It is expected that a full time staff of four people will be sufficient to continue the sales and marketing of the Company’s products. Further development of the Company’s products will be suspended until a reorganization of the Company has been completed.
As a result of the downsizing, the Company also announced that Mats Gerschman, President and CEO, will be resigning as President and CEO, but will remain on the Board of Directors and available for consultation. The Board of Directors wish to thank Mr. Gerschman for his tenure with the Company and his exceptional efforts to develop the Company’s products, bring business partners on board and sell and market the ExtremeUSB product line.
Todd Hamel, the Company’s Controller, has been appointed President and CEO. The Company will suggest a rollback of its shares at its next AGM to be held it late spring in order to facilitate the reorganization and re-financing of the Company.
Icron Systems Inc. of Burnaby, B.C. has invented ExtremeUSB™ technology, a practical means of extending the range of USB 1.1 connections from 5 meters to over 100 meters. Icron has applied for patents covering its inventions and is integrating its technology into a series of products for computing applications. Icron is committed to working with its partners to increase the total market for USB products by enabling a broad set of new applications that utilize ExtremeUSB. Icron is a publicly traded company and trades under the symbol ICM on the Canadian Venture Exchange Inc.
Media Relations: Todd Hamel [email protected] (604) 638-3920
Note: The company relies on litigation protection for “forward-looking” statements. The Canadian Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
FORWARD-LOOKING STATEMENTS: Except for statements of historical fact, all statements in this news release – including, without limitation, statements regarding production estimates and future plans and objectives of Icron – are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate; actual results and future events could differ materially from those anticipated in such statements.