BULLISH NEWS for MRTO: MerchantOnline.com to Acquire Approve.net
BOCA RATON, Fla.--(BUSINESS WIRE)--Oct. 28, 1999--
MerchantOnline.com (OTC:MRTO), a leader in providing one-stop
solutions for merchants who set up shop on the Internet, has agreed to
acquire Approve.Net, a privately held San Diego-based credit card
processor.
The acquisition is pending shareholders approval. Terms and
Conditions were not disclosed. MerchantOnline.com offers real-time
credit card processing, shopping cart services, online checking
transactions and secure hosting services.
"The acquisition of Approve.Net, Inc., with its subsidiary,
Charge Solutions, another San Diego based Internet Payment Processor
and developer of CS-VPOS Payment Processing Software used by many
Internet Payment Processors, enables MerchantOnline.com to offer more
advanced state-of-the-art programming and features to its rapidly
expanding merchant customer base. This acquisition will add many new
technologies and capabilities, increasing Merchant Online's ability to
reach new markets," said President and CEO Tarek Kirschen.
MerchantOnline.com will also be retaining the key staff and
development teams of Approve.net and Charge Solutions, adding to their
in-house technical and development capabilities. "Teaming with
MerchantOnLine opens new avenues of development that we have only
dreamed about in the past. Our name will soon be synonymous with
e-commerce in the very near future," states Chief Technology Officer,
Jim Terhune
Other gateway processors that have been acquired so far this
year are: iCat by Chip processor Intel (Nasdaq:INTC), iMall by Excite
(Nasdaq:ATHM), Billpoint by EBAY (Nasdaq:EBAY), Authorize.Net by
Go2Net (Nasdaq:GNET), and Econex by Nova Corp. (NYSE:NIS).
MerchantOnline.com created a buzz in e-commerce circles earlier
this month when it unveiled its newest product, MOLpay(tm), which
enables consumers for the first time to make online purchases with
their ATM/debit cards. The software and card-swipe device that plugs
into a user's keyboard, opens the world of e-commerce to the estimated
40 million U.S. consumers who do not use credit cards. With MOLpay,
customer account numbers are secure with magnetic encryption, and
merchants' transaction fees are substantially reduced.
Founded in 1997, MerchantOnline.com, Inc. is a leader in
providing a one-stop solution for merchants who want to set up and
maintain a store to sell merchandise on the Internet-the world's
fastest growing marketplace. MerchantOnline.com offers merchants
reliable, safe and cutting-edge eCommerce solutions-from simple-to-use
shopping cart software applications to real-time credit card
processing.
Forward-looking statements in this release are made pursuant to
the "safe harbor" provisions of the Private Securities Litigation
Reform Act of 1995. Investors are cautioned that such forward-looking
statements involve risks and uncertainties, including, without
limitation, continued acceptance of the company's products, increased
levels of competition for the company, new products and technological
changes, the company's dependence upon third-party suppliers,
intellectual property rights and other risks detailed from time to
time in the company's periodic reports filed with the Securities and
Exchange Commission.
For more information, please visit our website at
www.MerchantOnline.com.
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CONTACT: Fitzgerald Productions, Inc., Coral Springs, Fla.
News Media Contacts:
Elaine Fitzgerald or John Massey
954/345-5342
or
Investor Relations:
Excel Financial Services
Attn: Kevin Spencer, 561/997-5828 |
