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Probono · 02-11-2003, 02:31 PM

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."

02-11-2003, 02:31 PM
Probono Confirmed User Join Date: Oct 2002 Location: Under the Rainbow Posts: 2,731	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."