Ibill...

Winetalk.com · 02-11-2003

http://biz.yahoo.com/prnews/030211/attu011_1.html

Mike AI · 02-11-2003

Hmmm wonder what this means to the average webmaster?

InterCept Amends iBill Purchase Agreement To Settle Remaining Escrow And Eliminate Earnout; Announces Management Change At iBill
Tuesday February 11, 9:03 am ET

ATLANTA, Feb. 11 /PRNewswire-FirstCall/ -- InterCept, Inc. (Nasdaq: ICPT - News), a leading provider of technology products and services for financial institutions and merchants, today announced that InterCept and the former owners of iBill have amended the iBill asset purchase agreement to settle outstanding issues related to the $10.5 million remaining in escrow and to eliminate the contractual earnout provisions. Under the recent amendment, InterCept received $8.0 million from the escrow and the former owners received the remaining $2.5 million. At the closing of the original agreement on April 8, 2002, InterCept placed a portion of the purchase price in escrow to secure representations and warranties of the former owners. In the amendment, the former owners also agreed to eliminate the earnout provisions in the purchase agreement. InterCept agreed to indemnify the former owners for any claims resulting from processing-related activities that occurred before April 8, 2002.
(Photo: http://www.newscom.com/cgi-bin/prnh/20020214/ICPTLOGO )
In addition, Garrett Bender, iBill's President and CEO, has left the company to pursue other interests. Mr. Bender has agreed to be available to iBill for a period of 60 days to assist with the transition. John M. Perry, CEO of InterCept Merchant Services, is currently performing a strategic review of iBill and will be directing its day-to-day activities in the interim. John W. Collins, Chairman and CEO of InterCept, noted, "We recognize Garrett's efforts at iBill and wish him well in his future endeavors."

Further commenting on the amendment, Mr. Collins stated, "We believe that the conclusion of the escrow and earnout matters will give InterCept more control over the direction of iBill. We believe that we will now be able to better respond to the requirements of the card associations and to operate iBill in a way that better matches our philosophy and needs."

About InterCept

InterCept, Inc. is a single-source provider of a broad range of technologies, products and services that work together to meet the technology and operating needs of financial institutions. InterCept's products and services include core data processing, check processing and imaging, electronic funds transfer, debit and credit card processing, data communications management, and related products and services. For more information about InterCept, go to www.intercept.net or call 770.248.9600.

This release contains forward-looking statements within the meaning of the securities laws that are based on current expectations, assumptions, estimates, and projections about InterCept and our industry. These forward- looking statements are not guarantees of future performance and are subject to risks and uncertainties, many of which are outside of InterCept's control, that may cause actual results to differ materially from those expressed or implied by the forward-looking statements. These risks and uncertainties include: whether we can make changes to iBill's business without suffering a further decline in its operating performance; the possibility that, notwithstanding these changes, credit card companies may fine us for excessive credit card charge-backs or other issues arising out of our iBill operations; and the possibility that the termination of customers or other changes in our iBill business could affect its value and result in the impairment of that asset or other intangible assets, which would require us to record an impairment charge in our statement of operations. Some of these and various other factors are discussed in detail in the section in our most recent Quarterly Report on Form 10-Q entitled Management's Discussion and Analysis of Financial Condition and Results of Operations - Disclosure Regarding Forward- Looking Statements.

--------------------------------------------------------------------------------
Source: InterCept, Inc.

*KK* · 02-11-2003

Well for starters it would look to mean that Garrett quit.

02-11-2003

Quote:

Garrett Bender, iBill's President and CEO, has left the company to pursue other interests

I received an email about that early this morning from someone close to the situation.

All I had to say in response was, "Good riddance to bad rubbish".

Bender didn't give a shit about Ibill's situation and it's better for Ibill that he's gone.

He stood in the Ibill booth in Vegas smirking while webmasters asked for their money, what a piece of shit. It was obvious then that he was already planning to leave.

I heard he got a huge settlement when Ibill sold, he has his money and he certainly acted like he didn't give a fuck about the rest of us.

Bye, bye Garret..hope you roast.

02-11-2003	#1
Winetalk.com Prostate Examiner I quoff fine wine at corkd.com Join Date: Oct 2002 Location: good 'ole USA Posts: 21,018	http://biz.yahoo.com/prnews/030211/attu011_1.html __________________ why dogs sniff each other butts?

02-11-2003	#2
Mike AI Administrator Want to see your own Advertising Here! Join Date: Oct 2002 Posts: 11,618	Hmmm wonder what this means to the average webmaster? InterCept Amends iBill Purchase Agreement To Settle Remaining Escrow And Eliminate Earnout; Announces Management Change At iBill Tuesday February 11, 9:03 am ET ATLANTA, Feb. 11 /PRNewswire-FirstCall/ -- InterCept, Inc. (Nasdaq: ICPT - News), a leading provider of technology products and services for financial institutions and merchants, today announced that InterCept and the former owners of iBill have amended the iBill asset purchase agreement to settle outstanding issues related to the $10.5 million remaining in escrow and to eliminate the contractual earnout provisions. Under the recent amendment, InterCept received $8.0 million from the escrow and the former owners received the remaining $2.5 million. At the closing of the original agreement on April 8, 2002, InterCept placed a portion of the purchase price in escrow to secure representations and warranties of the former owners. In the amendment, the former owners also agreed to eliminate the earnout provisions in the purchase agreement. InterCept agreed to indemnify the former owners for any claims resulting from processing-related activities that occurred before April 8, 2002. (Photo: http://www.newscom.com/cgi-bin/prnh/20020214/ICPTLOGO ) In addition, Garrett Bender, iBill's President and CEO, has left the company to pursue other interests. Mr. Bender has agreed to be available to iBill for a period of 60 days to assist with the transition. John M. Perry, CEO of InterCept Merchant Services, is currently performing a strategic review of iBill and will be directing its day-to-day activities in the interim. John W. Collins, Chairman and CEO of InterCept, noted, "We recognize Garrett's efforts at iBill and wish him well in his future endeavors." Further commenting on the amendment, Mr. Collins stated, "We believe that the conclusion of the escrow and earnout matters will give InterCept more control over the direction of iBill. We believe that we will now be able to better respond to the requirements of the card associations and to operate iBill in a way that better matches our philosophy and needs." About InterCept InterCept, Inc. is a single-source provider of a broad range of technologies, products and services that work together to meet the technology and operating needs of financial institutions. InterCept's products and services include core data processing, check processing and imaging, electronic funds transfer, debit and credit card processing, data communications management, and related products and services. For more information about InterCept, go to www.intercept.net or call 770.248.9600. This release contains forward-looking statements within the meaning of the securities laws that are based on current expectations, assumptions, estimates, and projections about InterCept and our industry. These forward- looking statements are not guarantees of future performance and are subject to risks and uncertainties, many of which are outside of InterCept's control, that may cause actual results to differ materially from those expressed or implied by the forward-looking statements. These risks and uncertainties include: whether we can make changes to iBill's business without suffering a further decline in its operating performance; the possibility that, notwithstanding these changes, credit card companies may fine us for excessive credit card charge-backs or other issues arising out of our iBill operations; and the possibility that the termination of customers or other changes in our iBill business could affect its value and result in the impairment of that asset or other intangible assets, which would require us to record an impairment charge in our statement of operations. Some of these and various other factors are discussed in detail in the section in our most recent Quarterly Report on Form 10-Q entitled Management's Discussion and Analysis of Financial Condition and Results of Operations - Disclosure Regarding Forward- Looking Statements. -------------------------------------------------------------------------------- Source: InterCept, Inc. __________________ Make big money on your Domains! Why wait 40 days to get paid with the other guys? Parked.com pays the most for your traffic, and cuts checks twice a month!

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02-11-2003	#3
KK Members Respin bullshit press Your Comments Are Welcomed Join Date: Nov 2002 Posts: 2,581	Well for starters it would look to mean that Garrett quit.