Icon International Holdings, Inc. Announces Agreement to Purchase Falcon Air Thursday December 7, 10:23 am ET AVENTURA, Fla.--(BUSINESS WIRE)--Icon International Holdings, Inc. (Pink Sheets:INIH - News) has reached agreement with the Chapter 11 Trustee in Falcon Air (Case No. 06-11877-BKC-AJC) to purchase the stock of Falcon under a Stock Issuance and Plan Funding Agreement. The agreement provides for Icon to control 100% of the outstanding shares of the Reorganized Falcon. Icon will pay $4,200,000 for the acquisition. Three million ($3,000,000) in cash at closing and issue common shares under Section 1145 of the Bankruptcy Code valued at $1,200,000, these shares will be liquidated under a Leak-Out Agreement at the rate of $100,000 per month for a twelve month period. As part of the acquisition Icon will acquire all parts, furniture and fixtures, contracts and licenses of Falcon. Falcon is a FAA/FAR Part 121 Certified Airline qualified as both a Domestic and International Flag Carrier to provide scheduled and supplemental services and is DOT and DOD certified with worldwide authorization. The agreement provides for the confirmation of the plan and closing in January of 2007. About Icon: Icon has created a high quality alternative to existing commercial airline "business class" travel. Icon will offer a premium service not found on today's commercial airlines. Icon will feature First Class Flatbed Seats, First Class Cuisine, Premium Wines and Liquors, Internet Connectivity at each seat, E-Fax, Printer and Photocopier Capabilities, Laptop PC Connections, Satellite TV, Individual Entertainment Systems at each seat, with multiple choices, on widebody aircraft. Icon intends to begin full service between New York (JFK) and London (Gatwick) and Paris (Charles De Gaulle) and Miami and London (Gatwick), Miami to New York, (JFK), Miami to Los Angeles, Miami to Mexico City and Miami to Toronto in 2007. Special Note Regarding Forward Looking Statements: Statements in this press release about anticipated or expected future revenue or growth or expressions of future goals or objectives, including statements of whether current plans are forward looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All forward-looking statements in this release are based on information available to the company on the date of this release. Any forward-looking statements involve risks and uncertainties, including the risk that the Company will be unable to grow or strengthen its business or meet its current objectives. Additionally, forward looking statements concerning the performance of the Company's business are based on current market conditions and risks, which may change as the result of certain regulatory, competitive or economic events, as well as those risks and uncertainties described in any filings with the Securities and Exchange Commission, which could cause actual events or results to differ materially from the events or results described in the forward looking statements, whether as a result of new information, future events or otherwise. Readers are cautioned not to place undue reliance on these forward-looking statements. _________________________________________________________________ Get the latest Windows Live Messenger 8.1 Beta version. Join now. http://ideas.live.com