Intercell International, Inc. Stock Symbol Change to IICP Reported by OTCBB Resulting From Recent Transaction with NewMarket Technology, Inc.
Intercell International Corporation (OTCBB:IICP) today announced a stock symbol change. The OTCBB reported yesterday that the symbol had changed from IICPQ to IICP. The "Q" previously included on the end of the symbol was an indication that the Company was operating in bankruptcy. As part of the recently announced transaction with NewMarket Technology, Inc. (OTCBB:NMKT), Intercell was dismissed from bankruptcy prompting the removal of the "Q" from the Intercell symbol.
Intercell and NewMarket recently announced completing the transaction to reorganize NewMarket's Chinese operation with $20 million in anticipated 2006 revenue into Intercell. NewMarket's Chinese operation reported $10 million in revenue through the first two quarters of 2006. NewMarket acquired the majority interest in Intercell resulting in the NewMarket Chinese operation becoming an independently listed, consolidated subsidiary.
Intercell has approximately 25 million shares issued and outstanding. The average six month share price is $0.079 with an average daily volume of 59,692 shares. Intercell's share price closed yesterday at $0.09.
"The Intercell stock symbol change represents substantial progress," said Philip Verges the CEO of Intercell's largest shareholder, NewMarket Technology, Inc. "Intercell is not only out from under bankruptcy proceedings, but now also has a significant ongoing operation in the fastest growing economy in the world. The transaction between NewMarket and Intercell has taken some time and has involved some complexity which has delayed, in my view, the market's appreciation of the significant fundamental financial improvement in IICP. Now that the symbol reflects the Company's bankruptcy being dismissed, the market can focus on future financial progress. With IICP's 2006 fiscal year ending September 30th and already behind us, we look forward to reporting on continued revenue growth for 2007 to both shareholders of Intercell and NewMarket Technology."
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