International Consolidated Companies, Inc. Signs Definitive Acquisition Agreement to Acquire China Gene, LTD

International Consolidated Companies, Inc. (OTCBB: INCC) announced today that it has signed a definitive acquisition agreement to acquire 100% of China Gene, LTD (Hong Kong). The China Gene, LTD acquisition includes two subsidiaries, Shanghai Huaxin High Biotechnology and Sichuan Kelun Bio-Tech Pharmaceutical Company. Shanghai Huaxin High Biotechnology has patents on a proprietary delivery system for the drug Interferon that is utilized to fight Hepatitis B and C (the two single largest killers in China) and Cervical Cancer.

Professor Xinyuan Lin will act as the vanguard for Shanghai Huaxin High Biotechnology. Professor Lin is a molecular biologist and a graduate from the chemistry department of Nankai University. From 1957 to present he worked at Shanghai Biochemistry and Cell Institute, Chinese Academy of Sciences (CAS) and has worked as the head of Xinyuan Institute of Medicine and Technology in Zhejiang University. Professor Lin was also the Director of The Research Center for Gene Therapy, Zhejiang Province. Being the author of more than 340 papers and 10 paper volumes, he received more than 40 awards and has presided over the annual meeting of International Studies Association for Interleukin and Cytokines, which was attended by scientists and Nobel laureates from 37 countries.

International Consolidated Companies, Inc. anticipates the acquisition will be extremely beneficial to the Company. The Company will recognize the revenues and assets associated with the acquisition and have done so without additional management or cost. As of June 30, 2007 China Gene, LTD had consolidated total assets of $13.1 million, consolidated total sales of $3.1 million, consolidated total liabilities of $7.2 million, consolidated gross profit of $1.7 million, and consolidated net income of $800,000, as reported by Bagell, Josephs, Levin & Company, LLC, the company's auditors. "Our acquisition model enables International Consolidated Companies, Inc. to increase shareholder value while minimizing management costs associated with each transaction. Acquired assets and revenues increase earnings per share and book value per share for each stockholder and we will continue to strive to maximize the value of our Company through acquisitions," stated Antonio F. Uccello III, Chairman and CEO.

Mr. Uccello stated further, "When the transaction is completed the acquisition will enable International Consolidated Companies, Inc. to begin the development of a strong, diversified healthcare subsidiary that will be the cornerstone of the three areas identified in the Company's mission statement. The healthcare industry, especially the areas that have been targeted, combating cancers for biological treatment, curing cervical cancer and curing chronic Hepatitis B and C, is an area of immense opportunity and growth. It is our goal to help procure effective treatment for these diseases. With a patented delivery system in place and exciting medicines in the pipeline, we are looking at a great 2008 for our shareholders."

About International Consolidated Companies, Inc.:

International Consolidated Companies, Inc. specializes in acquiring international businesses located in the expanding Asian markets focusing on three dynamic areas: healthcare, technology and environment. Utilizing a unique acquisition model International Consolidated Companies, Inc. provides foreign companies an opportunity to gain access to U.S. capital markets. In exchange, International Consolidated Companies, Inc. retains a significant percentage of each target company, creating a diversified, growth oriented investment base that should enjoy a steady, long-term increase. Each target company reviewed for acquisition must meet specific criteria detailed in International Consolidated Companies, Inc.'s acquisition model and has proven commercial track records. Management is confident that it should deliver consistent, continued growth and be successful in increasing shareholder value through accurate and meticulous due diligence.

Certain oral statements made by management from time to time and certain statements contained in press releases and periodic reports issued by International Consolidated Companies, Inc., (the "company''), as well as those contained herein, that are not historical facts are "forward-looking'' statements within the meaning of Section 21E of the Securities and Exchange Act of 1934, and because such statements involve risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. Forward-looking statements, including those in Management's Discussion and Analysis, are statements regarding the intent, belief, or current expectations, estimates, or projections of the company, its directors, or its officers about the company and the industry in which it operates and are based on assumptions made by management. Forward-looking statements include without limitation statements regarding: (a) the company's strategies regarding growth and business expansion, including future acquisitions; (b) the company's financing plans; (c) trends affecting the company's financial condition or results of operations; (d) the company's ability to continue to control costs and to meet its liquidity and other financing needs; (e) the declaration and payment of dividends; and (f) the company's ability to respond to changes in customer demand and regulations. Although the company believes that its expectations are based on reasonable assumptions, it can give no assurance that the anticipated results will occur. When issued in this report, the words "expects,'' "anticipates,'' "intends,'' "plans,'' "believes,'' "seeks,'' "estimates,'' and similar expressions are generally intended to identify forward-looking statements.