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.

link?

And IF and thats and IF they would decide to NOT do processing for adult sites...


heh... Think about that for a minute...

Anyone who considers John Perry and his Atlanta cronies a "strong team" has never met them.

Wonder if he's going to continue his plan to drop the internet work and go "brick and mortar"? Does anyone really think a fledgling company will maintain offices in Nashville, Delaware, and Florida while Perry's home is in Atlanta?

Spoiled milk doesn't magically get better.

If Ibill ever paid the money they owed me, I might have a higher opinion of them.

Now that John Thorpe has left, I've pulled all our processing from them completely.

CCbill and Epoch understand the word TRUST, Ibill doesn't.


Steve Lightspeed

I sale this sig space :1orglaugh

Is this true?

Ya

NEW YORK, Feb 11 (Reuters) - InterCept Inc. (NasdaqNM:ICPT - News), which offers banks electronic fund transfer and other services, on Wednesday said it entered a letter of intent to sell its InterCept Payment Solutions merchant services division to its chief executive and others for $37.4 million.
The Atlanta-based company said the purchase price includes cash, a promissory note and assumed liabilities. It said it expects to take a $135 million charge from the sale, prior to tax benefits, for the fourth quarter ended Dec. 31, 2003.




Geexus iBill was 135 Million in the hole and never told anyone?

More info at
http://news.moneycentral.msn.com/tic...mbo l=US:ICPT

No, Intercept lost $135 million on the purchase and sale of iBill.

OUCH

And now think about that, why would anyone take a 135 Million dollar cut selling a business.


Something was wrong there, very wrong for them to do that...

If anyone knows how to get ahold of John Perry I would greatly appreciate his contact information to be emailed to me at rick AT dollars.com.

Sure you can get him by call the main Ibill switch

CJBill? :)

Sure Is !!

Scoreman posted this on another thread .... So True !!


The Intercept iBill experiment looks to have finally been ended. Intercept now just needs to take a huge charge, and settle a sizable docket of lawsuits.

One thing that has always been good with iBill is that they paid out reliably. We never had issues with monies that iBill collected on, including reserves, and this issue was perhaps tops on our list of what we wanted in a processor. All has not be so great though. When iBill was purchased by Intercept, real development of adult went into a complete stall. In particular they havent done anything with Revshare, they havent pushed Next Gen out, they havent expanded their incorporation of alternative billing options.

What we did see with them that was good was that they spent a good amount of their energies on relationship building with the card associations, they cleaned up their portfolio and jettisoned alot of higher chargeback clients making the scrub easier on the remainder. The call center that handles customer inquiries also improved imo.

We will miss the financial transparency as I doubt we will be able to see the level of disclosure as to their financial health as well as their fine status with the card associations. To this day we know what they were fined by Mastercard, but that number is unknown for CCBill/Paycom/Jettis etc.

In taking their company private I would hope that the new management would learn from history as what were some of iBill's shortcomings when they were previously a privately held company. Alot of the issues that emerged when old iBill was sold to Intercept came from lack of oversight and a solid system of checks and balances. In their quest for volume, alot of times poor decisions were made (such as the Babenet fiasco). We want the guys who handle our monies to be taking a more conservative route instead of aggressive moves that can endanger the entire portfolio if improperly executed.

Wow, that was a huge ass move mang!

Wow.

I wouldn't think a private company would invest that much money into a company that has a large % of their portfolio in the adult business and then drop the adult portfolio.

Either way any business should always have a backup plan.



:2 cents:

Just thought I'd sneak in here and mention that there's a company who has been processing checks for years, does nothing but checks and you don't pay unless the check goes through. :winkwink:

Just email me and I can get answers to any questions you have and get you set up! :thumbsup

Let me guess is it achdebit.com ???


:)

What gave it away?!! :winkwink:

thread hijacking, spam, completely unrelated

Spoken like a true ex-employee who was shown the door. Did it hit your ass hard on the way out?

They will go out of the biz in 1 sec

Rick, just hit you on ICQ.

I hope you are better at running your sites than analyzing press releases.

Yeah, how silly of me - people processing their checks through Ibill and want to leave surely wouldn't be looking for another processor...........:eek7

This one is even better than the last.

Ok the minute is up, and I see new investors coming into to buy iBill and why.....? Oh yeah they plan to kick the business making up 90% of their profit to the curb. LOL . Riiigggght.

Like I said before I hope you are a better webmaster than these gems you threw out are showing.

was a joke.. everyone knows wts is good

Whew!

OK, then I will still love you. :thumbsup

Hopefully the new owners will have a clue about customer support.

Domain: CJBILL.COM
Purchase Confirmation: Thank you for shopping with us.

:Graucho

Does anyone think this will affect their UK division(Ibill Eu)?

Scoreman, I would really like to hear your opinion on this.

thx,
Ray

I had sex with Ibill

Hmmmm interesting.


Does the "Intercept Payment Solutions Merchant Services Division" consist of the portion that is Ibill? or the portion that is not Ibill? Anyone call for clarification?

It's curious why the "Ceo and others" want to spend ~$40mil of their own money to buy that portion of the company from shareholders.

ICPT got screwed when they bought Ibill -- Visa regulations were right around the corner & that took a huge chunk out of the value of the deal. Maybe it was already known, disclosed & calculated into the deal -- but I doubt it.

So my question is what is about to happen to the 'Payment solutions merchant services divsion' (and all the other divisions that stockholders will be left holding).... if anything?

Alot of people talk about crazy things set to happen in March regarding CC processing.... well this is very indicative of *something* being up.

Oh shit... I see what happend :)

:thumbsup