DCTI starting to Fly on news! Should see $7.00 today.
Digital Courier to Acquire Secure-Bank.Com
Acquisition of Internet Credit Card Processing Gateway
Will Expand DCTI's Merchant Base
PARK CITY, Utah, March 23 /PRNewswire/ -- Digital Courier Technologies,
Inc. (Nasdaq: DCTI) announced today that it has signed a letter of intent to
acquire Secure-Bank.com of Clearwater, Florida. Secure-Bank is a processing
gateway for secure credit card transactions over the Internet. Digital
Courier will issue 4,500,000 shares of common stock in the acquisition of
Secure-Bank, which handles merchant traffic for both US and international
banks.
"The acquisition of Secure-Bank accelerates our strategy of becoming a
leading Internet-based credit card processor, both internationally and in the
United States," said James Egide, Chairman of Digital Courier. Digital
Courier announced earlier this month that it had agreed, subject to
shareholder approval, to acquire DataBank International SKB. Upon
consummation of the two acquisitions, Digital Courier expects to generate
revenues of over $1.4 million per month from Internet credit card processing.
Secure-Bank presently handles over 1 million transactions per month for US
and international banks through a variety of credit card processing portals,
which connect Internet merchants to the credit card networks. The gateway
combines secure real-time access with sophisticated fraud prevention features
that regulate and manage customer and merchant activity. Secure-Bank has also
developed the RISC (Risk Interface Security Control) system, which is being
marketed to financial institutions pursuing Internet based commerce. The RISC
technology and several key processing modules will be fully integrated with
Digital Courier's existing netClearing technology. "The combination of
Digital Courier's netClearing technology with our risk management software and
large merchant base will create a vertically-integrated and operationally
efficient e-commerce solution, superior to presently existing models" said
Stephen Cannon of Secure-Bank.
"The addition of Secure-Bank will consolidate Digital Courier's position
in the Internet payment processing industry, securing strong revenue streams
from both domestic and international sources," said Mitchell Edwards, Chief
Financial Officer of Digital Courier. "Successful consummation of the
DataBank and the Secure-Bank acquisitions will enable us to report significant
revenue earlier than originally forecast," Edwards said.
Digital Courier Technologies, Inc. supplies businesses and major web
portals with sophisticated e-commerce, payment processing and content delivery
software. Its netClearing division offers sophisticated and secure credit
card and payments processing services and technology on the Internet. Its
current content offerings, which utilize the powerful e-commerce and content
delivery software, include: WeatherLabs, a premier on-line weather
information service (www.weatherlabs.com), Videos Now, (www.videosnow.com),
and Books Now (www.booksnow.com). Among Digital Courier's strategic partners
utilizing the Company's software and/or services are major Internet companies
such as America Online, Excite, Netscape, @Home and Preview Travel.
This press release contains forward-looking statements made pursuant to
the "safe harbor'' provisions of the Private Securities Litigation Reform Act
of 1995. You are cautioned that such forward-looking statements are not
guarantees of future performance and involve risks and uncertainties which
could significantly affect expected results in the future from those expressed
in any such forward-looking statements made by, or on behalf of the Company.
Certain factors that could cause actual results to differ materially include,
without limitation, risks relating to the acquisition and integration of
Secure-Bank.Com and DataBank International SKB, the potential for increased
competition which could affect pricing and profitability, and the Company's
continued ability to create or acquire programming and products that customers
will find attractive.
SOURCE Digital Courier Technologies, Inc.
CO: Digital Courier Technologies, Inc.; Secure-Bank.com; DataBank
International SKB
ST: Utah, Florida
IN: CPR MLM
SU: TNM
03/23/99 10:28 EST prnewswire.com
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