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 four months. Once completed our U.S. CPA must submit it for approval to the SEC which could take an additional 90 days. Once approved ICBS intends to move up to the OTCBB.
Canwealth Minerals Inc., owned 51% by ICBS.
Canwealth has just completed its first phase of deep core drilling at Golden Ridge with very impressive results. Canwealth owns nearly 40,000 acres of mining rights in Northern Quebec, all sites that have been assayed have proven results in Gold and other precious metals. We have estimated that the value of Golden Ridge by itself could exceed $500,000,000
Bayport Corporation of Nevada and ICBS have just completed a joint venture deal that has seen the formation of a jointly owned new Goldshore Mining LLC which will own 6 claims that have rich indication of Gold and Rare Earth Elements. We have scheduled our first drilling project to commence on or around July 2012 in Utah.
Canwealth is already proving to be a substantial return on our investment. That along with our deal with Bayport could see significant development of mining operations in 2012.
Canwealth has created an "Assay" page on their website which will soon contain all the assay reports from the different mining locations.
BioSpec Global Solutions Inc. owned 25% by ICBS
BioSpec has the TOG's 3000 market ready. This product is for use in homes and businesses to detect the presence of E-coli bacteria in water. The company is completing the update on its computer program for the TOG's 9000 which is the commercial model which can detect Listeria and E-coli in water and food products. The company is expecting the new program to be completed and ready for market in the late spring. The company after negotiating with Chinese manufacturers have decided to have the units built in the U.S. Tenders are expected to go out in the spring.
Identascan Ltd., owned 50% by ICBS
Identascan is a program being developed by Dr. Li Liu of McGill university that has the ability to recognize individuals by their body movement. The program will enable security forces to scan crowds and identify an individual through their body movement. This is a unique program in its self. The ramification to such a program would lend law enforcement agencies a unique tool against crime and terrorism.
I would like to take this opportunity to thank all of our shareholders who have supported us.
Garth McIntosh, President & CEO
www.icbs.ca Email: [email protected]
Legal Notice Regarding Forward-Looking Statements:
Safe Harbour: This press release contains forward-looking information within the meaning of section 27A of the Securities Act of 1933 and section 21E of the Securities Exchange Act of 1934 and is subject to the Safe Harbour created by those sections. This material contains statements about expected future events and/or financial results that are forward-looking in nature and subject to risks and uncertainties. Such forward-looking statements by definition involve risks, uncertainties and other factors, which may cause the actual results, performance or achievements of ICBS Limited, to be materially different from the statements made herein.
SOURCE ICBS Limited
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