integration of the operations of Icelandic Group hf. and Blue Ice is currently
taking place as well as comprehensive planning for the merged company.
Concurrently the review of the operating budgets for the latter half of the
year 2005 along with the budget for the year 2006. The plans and the Group's
future vision are expected to be introduced to parties on the market at the end
of August along with the publication of the Interim Financial Statements June
operations of Icelandic Group for the first six months of the year have not
been according to expectations mainly according to deviations in the US
and integration cost relating to the Company's operations. A contract regarding
termination of employment was concluded with the former CEO of Icelandic Group and
the cost in relation thereto is expensed during the second quarter.
to the Company's publication plan the Company's Interim Financial Statements at
June 30, 2005 would be published on August 5. Due to work in relation to the
merger a decision has been made to postpone the publication until August 31,
information please contact Mr. Thorolfur Arnason, CEO of Icelandic Group hf.,
telephone + 354 560-7800.
July 5 2005.