I hear Ibill is Kaput...

[Rolo]

Forgot to meantion that Care Concepts terminated their plan on 15th december (which might explain missing payments???) to acquire iBill by January 2005. But again who knows - IBill as usual doesn´t give any information what so ever...

http://biz.yahoo.com/bw/041215/155405_1.html

and

http://biz.yahoo.com/bw/041214/145825_1.html

DEERFIELD BEACH, Fla.--(BUSINESS WIRE)--Dec. 14, 2004--PHSL Worldwide, Inc. (Pink Sheets:PHSL - News) announced that the boards of directors of Interactive Brand Development (AMEX:IBD - News) and PHSL have reached agreement to terminate the pending acquisition by IBD of the Media Billing LLC subsidiary of PHSL. Media Billing owns 100% of the equity of Internet Billing Company LLC ("iBill"). Under the terms of the proposed arrangement, Media Billing and PHSL will receive $10.04 million as consideration for the termination, payable in a $1.0 million promissory note and approximately $9.04 million in common stock of IBD. IBD has agreed to register the stock for future resale.

Consummation of the termination agreement is subject to certain conditions, including completion of final agreements and the approval of holders of IBD 10% notes and shares of Series E preferred stock, Series F preferred stock and Series G preferred stock.

If the iBill transaction is terminated as contemplated, PHSL will continue to own 99.5% of iBill. PHSL expects to record the $10.04 million breakup fee payment as income as a one time gain.

iBill is an online payment processor and software company with a concentration of its third party processing clients engaged in the sale of access to adult oriented material over the Internet.
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