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Breaking News - Ibill Sold
InterCept Signs Letter of Intent to Sell Merchant Services Division
Wednesday February 11, 9:15 am ET
ATLANTA, Feb. 11 / -- InterCept, Inc. (Nasdaq: ICPT - News), a leading provider of technology products and services for financial institutions and merchants, today announced that it has entered into a letter of intent for the sale of its merchant services division, InterCept Payment Solutions (IPS). A management group from IPS led by its Chief Executive Officer, John M. Perry, will be part of the purchase group, along with a third party provider of merchant payment services for both traditional and web-based merchants. The proposed purchase price is $37.4 million, consisting of cash, a promissory note, and assumed liabilities. The sale, which is expected to close by the end of February 2004, is subject to execution of a definitive agreement and satisfaction of customary closing conditions.
As a result of the sale of the division, InterCept will incur a non-cash charge of approximately $135 million, prior to the recognition of any associated tax benefits. InterCept expects to recognize these amounts on its financial statements for the fourth quarter and year ended December 31, 2003. End
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I think this is a good and positive thing !! Intercept didn't want to know about Ibill and it was neglected for many reasons. Now Ibill under the management of a strong team headed by John Perry can do what Ibill does best !! I am VERY Confident in this development and am sure it will benefit webmasters.. Resolute T i m.
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