Icon International Raises $95 Million to Fund New Web Entity

Icon International Wednesday raised $95 million of financing to fund its
impending e-business company.

Icon, a leading surplus and excess inventory solutions provider with
annual revenues of $120 million, will use the money to complete the
development of a Web site where clients may conduct business-to-business
transactions to buy and sell goods and inventory. In addition, customers
will be able to select from a broad array of Icon’s strategic services
including inventory disposition, channel control, merchandising,
comprehensive logistics and sophisticated finance solutions that go beyond
cash settlements.

Icon said it will complete this plan to address a growing online marketplace that
has been served predominately by business-to-business auction sites. Icon
provides a full suite of solutions for buyers and sellers.

Icon International boasts a 15-year operating heritage managing
customers’ million dollar excess inventory solutions.
Corporate clients include blue-chip Fortune 1000 companies, such as Fort
James Corp., Carrier Corp., Mazda, Tyson
Foods and Best Foods. Its new online company will leverage Icon’s expertise
in creating the best solutions for moving aftermarket
inventory across a broader marketplace.

“We believe the continued growth of online business-to-business auction
sites is great news for the marketplace,” said Lance Lundberg,
chairman of Icon International. “We already are
partnering with some auction and e-tail sites to move their returns, unsold
products and inventory. In addition, we’re aggressively
seeking additional global strategic partners to offer international and
vertical merchandising with logistics expertise.”