Oxnard, CA-based International Card Establishment reported first quarter net revenues of $3.4 million, as compared to net revenues of $281,133 for the quarter ended March 31, 2003. For the quarter, the Company reported net losses of $344,723 compared to a new loss of $87,410 one-year ago. The Company is projecting revenue of $22 million for this year, its first full year as a public company. In March, the Company announced it is acquiring Irvine, CA-based gift and loyalty card provider, Neos Merchant Solutions, for $5 million in stock. I.C.E. establishes merchant accounts for businesses that enable them to accept credit cards, debit cards and other forms of electronic payments; supplies point-of-sale systems; facilitates processing; and markets a proprietary “Smart Card”-based system that enables merchants to offer store-branded gift and loyalty cards. For complete details on International Card Establishment’s first quarter results visit CardData ([www.carddata.com]).