In a letter to shareholders ICG Chairman Ross, announced that ICG had agreed to acquire Anker Coal Group, Inc. and CoalQuest Development LLC with the transaction being carried out through a holding company reorganization. Through the reorganization the "existing International Coal Group, Inc." changed its name to "ICG, Inc." A new company called "International Coal Group, Inc." will be the holding company for ICG, Anker and CoalQuest. Shareholders who have shares of the "old International Coal Group" created in 2004 will receive shares of International Coal Group, Inc., the new holding company created in 2005 in a "one-for-one tax-free exchange". The directors and officers of old International Coal Group will become the directors and officers of International Coal Group, Inc., the new holding company.