MRTO: MerchantOnline.com Secures $35 Million Funding Commitment...
BOCA RATON, Fla.--(BUSINESS WIRE)--Jan. 6, 2000--
MerchantOnline.com, Inc. (OTCBB:MRTO), a leader in providing secure
credit and debit card processing for Internet "e-tailers," announced
today that it has secured a $35 million investment agreement from
Swartz Private Equity LLC, of Atlanta, Ga. The funding bolsters
MerchantOnline.com's ability to accelerate its penetration in the
rapidly growing Internet marketplace, and to fulfill its business
plan.
"The availability of these funds will help us to qualify for
Nasdaq or the NYSE much sooner than we had planned," said Tarek
Kirschen, MerchantOnline.com President and CEO. "Our persistence and
determination have enabled us to remain focused and we have never
wavered from our conviction to be the best." Kirschen said
MerchantOnline will continue to meet the needs of both traditional and
emerging businesses with leading-edge hardware and software.
The investment agreement calls for Swartz to provide a private
equity line for the purchase of common stock, subject to registration
and certain other conditions, and limited to a percentage of dollar
trading volume in the stock. Based on the availability of these funds,
MRTO intends to use this funding for working capital, equipment
enhancements and the acquisition of e-commerce companies with leading
edge technology.
Among other companies Swartz Private Equity LLC has funded are
LMKI Inc. (OTCBB:LMKI) in December '99, CYBeR-CARE (CYBR) in May '99,
and Shopping.com which was sold in December '98 to Compaq Computer
Corporation (NYSE:CPQ) after receiving $100 million in funding.
Founded in December 1997, MerchantOnline.com provides businesses
with real-time credit card processing, shopping cart services, online
checking transactions and secure hosting services at prices unmatched
in the industry. Last, the company began trading on the German Berlin
Tradegate Exchange under the symbol (MH6).
Safe Harbor Statement under the Private Securities Litigation
Reform Act of 1995: 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, visit www.MerchantOnline.com.
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