Here is Ebays side:
eBay Announces Agreement to Acquire
Payment Enabler
PR Newswire - May 18, 1999 17:46
SAN JOSE, Calif., May 18 /PRNewswire/ -- eBay Inc.(R) (Nasdaq:
EBAY) ( ebay.com ) today unveiled plans to make it easier for
its nearly four million members to buy and sell online. The world's largest
online person-to-person trading community announced it will purchase
Billpoint, Inc. Billpoint, located in Redwood City, California, facilitates
person-to-person credit card payment over the Internet.
(Photo: newscom.com )
"We are committed to providing the eBay community with the simplest and
easiest way to trade online," said Meg Whitman, president and chief
executive officer of eBay. "Streamlining person-to-person trading is a core
part of our strategy and Billpoint will offer shoppers a convenient and
easy-to-use payment solution that will serve the needs of the eBay
community at large."
"eBay is a recognized leader in person-to-person commerce," said Hope X.
Chen, Billpoint's co-ceo and chief operating officer. "Billpoint will simplify
auctions by making payments a seamless and integrated part of the trading
experience."
As the pioneering online person-to-person payment enabler, Billpoint will
eliminate the difficulties of dealing with paper checks and money orders.
Sellers will use Billpoint to instantly accept credit cards and other forms of
payment online. Buyers will use Billpoint to "buy with peace of mind."
Billpoint plans to make its services available to other e-commerce sites and
to individuals across the Internet.
eBay said that the agreement to purchase Billpoint and the purchase of
Kruse International, a second transaction announced today, will together
result in the issuance of eBay common stock worth approximately $275
million. Both will be accounted for as pooling of interest transactions. The
number of shares to be issued in the transactions will be determined by a
formula involving the average share price of eBay common stock during a
period prior to the closing of the transactions. eBay expects that the
transactions may be slightly dilutive during the remainder of 1999. Closing is
subject to certain conditions, and eBay may recognize certain one-time
expenses related to the transactions in the second quarter. Both transactions
are expected to close during the second quarter of 1999.
Forward-Looking Statement
This announcement contains forward-looking statements that involve risks
and uncertainties, including those relating to the closing of this transaction.
Actual results could differ materially from those discussed. Factors that
could cause or contribute to such differences include, but are not limited to,
stock price movements, the Company's ability to integrate these new
businesses and all of the factors that may influence future business and
financial results, including those set forth in the Company's Form 10-K for
the period ended December 31, 1998, its form 10-Q for the period ended
March 31, 1999 and the Company's prospectus on Form S-1 dated April
12, 1999. All forward-looking statements are based on information
available to the Company on the date hereof, and the Company assumes no
obligation to update such statements.
About eBay
eBay (www.ebay.com), the world's personal trading community(TM),
pioneered person-to-person online trading. Founded in 1995, eBay has
developed an efficient and entertaining trading site on the Web that is
available 24 hours a day, seven days a week. eBay has more than 3.8
million registered users and over 8 million unique people visited the site in
March. Currently, there are more than 1.8 million items listed for sale. More
than 250,000 items are added daily in more than 1,500 categories,
including: antiques; books, movies and music; coins and stamps; collectibles;
computers; dolls and figures; jewelry and gemstones; photo and electronics;
pottery and glass; sports memorabilia; and toys.
About Billpoint
Billpoint (www.billpoint.com) facilitates person-to-person credit card
payments over the Internet. Addressing the growing needs of auctions,
classifieds and community sites, Billpoint empowers the entrepreneur in all
of us by simplifying online payment collection. Billpoint, founded in 1998, is
located in Redwood City, California. The company's management team
brings significant expertise from both the Internet portal environment and the
electronic payments industry.
SOURCE eBay Inc.
/CONTACT: Kim Conlee, 323-782-6600, or kconlee@mslpr.com, or
Holly McDermott, 415-676-3900, or hmcdermott@mslpr.com, both of
Manning,
Selvage & Lee, for eBay Inc.; or Kristin Seuell, 408-558-7431, or
kristin@ebay.com, or Jennifer Chu, 408-558-7432, or jchu@ebay.com,
both of
eBay Inc.; or Ann Ruckstuhl, Director of Marketing of Billpoint.com,
650-216-1014, or ann@billpoint.com/
/Photo: newscom.com
or NewsCom, 213-237-5431/
/Company News On-Call: prnewswire.com
or fax,
800-758-5804, ext. 132637/
/Web site: billpoint.com
/Web site: ebay.com
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