Friday February 5, 1:00 pm Eastern Time
Company Press Release
iMALL Shareholders Approve Transaction With First Data Merchant Services
SANTA MONICA, Calif.--(BUSINESS WIRE)--Feb. 5, 1999--iMALL Inc. (Nasdaq:IMAL - news), a leading provider of electronic commerce enabling solutions, today announced that at a special meeting held on Friday, Feb. 5, its stockholders approved the final component of the company's transaction with First Data Merchant Services Corp. (FDMS), a subsidiary of First Data Corp. (NYSE:FDC - news), that was announced on Nov. 2, 1998.
Under terms of the transaction, iMALL will issue to FDMS 460,000 shares of iMALL common stock for an aggregate purchase price of $3,220,000. Further, FDMS will have the right to earn, based upon performance, a warrant to purchase up to five million shares of iMALL common stock at an exercise price of $17.00. Additionally, the shareholders authorized the company to issue shares of iMALL common stock upon exercise of the warrant.
iMALL Inc., a pioneer in electronic commerce services, enables and supports small and medium-sized businesses in their effort to cost effectively engage in electronic commerce through the use of iMALL's proprietary e-commerce tools and services. iMALL offers its e-commerce services directly to merchants, as well as through partnerships with leading ISPs, Web hosting firms and financial service companies with an Internet focus.
The company operates the largest shopping mall on the Internet, located at www.imall.com, as well as the mall at animalhouse.com, the most popular destination on the Internet among college students. iMALL recently launched an innovative shopping portal and powerful product-level search engine, Stuff.com(SM), ''The best place to buy Stuff(SM)'' and ''The best place to sell Stuff(SM).''
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 Companies' SEC reports. |
