Care Concepts I, Inc. Completes iBill Acquisition.POMPANO BEACH, Fla. & NEW YORK New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of -- Care Concepts I, Inc. (AMEX AMEX See: American Stock Exchange :IBD IBD abbr. inflammatory bowel disease Inflammatory bowel disease (IBD) Disease in which the lining of the intestine becomes inflamed. Mentioned in: Amebiasis IBD 1. ), a media and marketing holding company, announced today it has completed the previously announced acquisition of 100% of Media Billing, LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control and Internet Billing Company(R) (collectively "iBill") from Penthouse International (PHSL PHSL Program Hardware/Software List ). iBill provides online payment technologies enabling the purchase and sale of content and other downloadable services over the Internet. iBill was established in 1996 and has generated positive operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. since inception. More than 27.0 million online consumers have used iBill to make purchases online. In 2003, iBill averaged 1.2 million transactions per month and completed approximately $330.0 million in online purchases representing unaudited fee income of approximately $45.1 million. "Similar to the combination of PayPal and eBay (Nasdaq:EBAY), the acquisition of iBill provides our auction operations with an exciting strategic solution to vertically integrate online payment services into our iBidusa.com auction environment," said Gary Spaniak, Jr., Care Concept's President. "This transaction is an important milestone for Care Concepts shareholders, dramatically increasing our revenues and growth opportunities." Our infrastructure will be expanded to include iBill's 50,000 square foot headquarters and data center in Deerfield Beach, Florida Deerfield Beach is a city in Broward County, Florida, USA. The city is named for the numerous deer that once roamed the area. As of 2004, the population estimated by the U.S. Census Bureau is 76,478. where it employs approximately 200 people. Care Concepts intends to consolidate its Pompano Beach Florida radio and online auction operations into the iBill facility. Pursuant to an amendment to the Agreement, Care Concepts has the option to rescind the transaction if iBill's audited financials statements, as compared to the unaudited financial statements delivered in connection with the transaction, show any material misrepresentation misrepresentation In law, any false or misleading expression of fact, usually with the intent to deceive or defraud. It most commonly occurs in insurance and real-estate contracts. False advertising may also constitute misrepresentation. or if certain American Stock Exchange American Stock Exchange (AMEX) Stock exchange in the U.S. Originally known as “the Curb,” it began as an outdoor marketplace in New York City c. 1850. It moved indoors to its present location in the Wall Street area in 1921. approvals are not obtained. About Internet Billing Company Internet Billing Company (iBill) sells access to online services and other downloadable products (music, games, videos, personals, etc.) to consumers through proprietary web-based payment applications. The iBill online payments systems manage transaction authorization on the global financial networks such as Visa(R) and MasterCard(R) and simultaneously provide password management controls for the life of the subscribing consumer. On-demand CRM (Customer Relationship Management) An integrated information system that is used to plan, schedule and control the presales and postsales activities in an organization. (Customer Relationship Management) applications are provided to registered independent merchants, typically small and medium sized businesses seeking a cost effective technology platform to outsource non-core banking and finance functions. Since 1996, iBill has established a trusted brand with consumers and online businesses with 27 million customers in 38 countries. For more information about iBill, visit http://www.iBill.com. About Care Concepts I, Inc. Care Concepts I, Inc., (AMEX:IBD) is a media and marketing holding company with assets including: Foster Sports, Inc., a sports-oriented, multi-media company that produces sports radio talk shows; and iBidUSA.com, a popular website which showcases products and services in an auction format starting with an opening bid of about 30% of the retail value. Care Concepts I, Inc., actively and regularly pursues additional acquisition opportunities to enhance its portfolio holdings. Forward-Looking Statements: Statements about the Company's future expectations, including future revenues and earnings and all other statements in this press release, other than historical facts are "forward-looking statements" within the meaning of section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and as the term is defined in the Private Litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. Reform Act of 1995. The Company's actual results could differ materially from expected results. The Company undertakes no obligation to update forward-looking statements to reflect subsequently occurring events or circumstances. Should events occur which materially affect any comment made within this press release, the Company will appropriately inform the public. |
|
||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion