IMAL...one stop e-commerce builder
Tuesday March 9, 7:01 am Eastern Time
Company Press Release
iMALL Agrees to Acquire Pure
Payments Inc. -- Transaction Will
Create the Industry's First Complete
E-Commerce Solution With a Fully
Integrated Payment Gateway
iMALL Now Delivers the Fastest, Most Complete Commerce Solution for
Online Businesses
SANTA MONICA, Calif.--(BUSINESS WIRE)--March 9, 1999-- iMALL, Inc., (Nasdaq:IMAL
- news), a leader in electronic commerce services, today announced the acquisition of San Francisco
based Pure Payments Inc., the premier provider of Internet payment services. Pure Payments'
gateway is an essential component of iMALL's integrated e-commerce solution and allows for the
processing of credit card orders securely online. The integration of Pure Payments' services into the
iMALL solution speeds merchants through the store building process by eliminating many manual,
frustrating, and time-consuming steps required to integrate payment processing into their Internet
storefronts.
''For the first time, the entire process of setting up a commerce-enabled store on the Web is
seamless and occurs in real-time without the usual delays and interruptions,'' said Richard
Rosenblatt, chairman and chief executive officer of iMALL, Inc. ''By bringing Internet payment
technology in-house, iMALL immediately reduces the cost and complexity of establishing a business
online. We have worked with many payment gateway solutions over the past 4 years, and no one
came close to Pure Payments' ease of use, reliability, security and performance.''
Pure Payments is the payment gateway integrated into MerchantStuff.com, the industry's first
end-to-end solution enabling small and mid-sized businesses to conduct full-scale commerce on the
Internet. MerchantStuff.com was launched last month by iMALL and First Data Corporation's
(NYSE:FDC - news) Merchant Services business unit.
Pure Payments uniquely supports advanced credit card payment features for online retailers and has
differentiated itself by offering corporate purchase card processing, automatic merchant sign-up,
end-to-end system-wide monitoring, and transparent software upgrades. The scalability, reliability,
and security of the system are a perfect fit with iMALL's comprehensive store building and
commerce services and are strengthened by its implementation in two locations including an Exodus
(Nasdaq:EXDS - news) hosted site.
Merchants also benefit by being able to conduct all their payment reporting online, allowing them to
easily check orders, ship products promptly, and know that the payment will be processed in a
timely manner.
''ISPs, Web Hosting firms and merchants will directly benefit from this acquisition, '' said Jeffrey
Lipp, chief executive officer and president of Pure Payments. ''Integrating Pure Payments and
iMALL delivers the highest level of expertise in the Internet commerce market and allows iMALL to
leapfrog similar offerings where businesses are forced to assemble multiple commerce services
themselves. In working with iMALL, we quickly realized that no other company had the same level
of technology, marketing savvy, or e-commerce experience as iMALL and First Data Merchant
Services.''
The transaction, which is expected to close in Mid-March, calls for iMALL to issue 450,000 shares
of its common stock in exchange for all of Pure Payments outstanding stock.
About iMALL, Inc.
iMALL, Inc. (Nasdaq:IMAL - news), a leader in electronic commerce services, provides businesses
with the fastest, most complete process to get their business on the web. iMALL's e-commerce
tools and services allow businesses to create Web sites or use existing ones, establish their account
online, deliver shopping services to customers, drive traffic to their business and process customer
orders.
iMALL is located at www.merchantstuff.com for business and also operates innovative shopping
portals at www.stuff.com and www.imall.com.
About Pure Payments, Inc.
Pure Payments Inc. is a premier provider of Internet Payment Services. Pure Payments products and
services enable Internet retailers to process credit card transactions over the Internet. As the
payment service behind the scenes, Pure Payments provides a reliable and scalable architecture that
easily integrates into a retailer's existing system. Pure Payments products and services are sold
primarily to small and medium sized merchants through Commerce Service Providers such as ISPs,
Shopping Portals, Commerce Communities, Auction Sites, and Technology Providers.
Certain of the above statements may be forward looking statements that involve risks and
uncertainties. In such instances, actual results could differ materially as a result of a variety of factors,
including competitive developments and risk factors listed from time to time in the company's SEC
reports.
Contact:
iMALL Inc., Santa Monica
Anthony Mazzarella, 310/309-4000
apm@imall.com
or
Edelman PR Worldwide (media/analysts)
Stacey Johnes/Jodi Plageman, 323/857-9100 ext. 245
Stacey_johnes@edelman.com
EOM.. |
