MerchantOnline.com Acquires Approve.net / ChargeSolutions.com...
BOCA RATON, Fla.--(BUSINESS WIRE)--Jan. 7, 2000--
MerchantOnline.com Inc. (OTCBB:MRTO), a leader in providing
secure credit and debit card processing for Internet "e-tailers,"
announced today it has completed the merger agreement to acquire
Approve.net, a privately held San Diego-based credit card processor.
The acquisition includes Approve.net's subsidiary,
ChargeSolutions.com, another San Diego-based Internet payment
processor and developer of CS-VPOS payment processing software used by
many Internet payment processors. Terms and conditions were not
disclosed.
"The acquisition of Approve.net enables MerchantOnline.com to
offer more advanced state-of-the-art programming and features to its
rapidly expanding merchant customer base," said President and CEO
Tarek Kirschen. "This acquisition, combined with our $35 million
funding commitment from Swartz Private Equity LLC, will add many new
technologies and capabilities, increasing MerchantOnline's ability to
reach new markets."
Founded in 1997, MerchantOnline.com offers customers real-time
credit card processing, shopping cart services, online checking
transactions and secure hosting services at prices unmatched in the
industry. Last month, the company began trading on the German Berlin
Tradegate Exchange under the symbol (MH6).
Other gateway processors that have been acquired in the last 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 Corporation (NYSE:NIS).
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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