Digital Courier Agrees to Acquire DataBank International SKB; Purchase Price To Exceed $50 Million.PARK CITY, Utah--(BUSINESS WIRE)--March 10, 1999--Digital Courier Technologies, Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :DCTI DCTI Consonus Technologies (Cary, NC; stock symbol) DCTI Digital Courier Technologies Inc. DCTI Datacentre Technologies and Infrastructure (UK) ) announced today that it has agreed to acquire DataBank International SKB SKB Smithkline Beecham SKB Steve Kimock Band SKB St Kitts, Saint Kitts And Nevis - Golden Rock (Airport Code) SKB Sportsklubben Brann (football club, Norway) SKB Smart Knee Board . The acquisition will dramatically expand Digital Courier's business of processing electronic credit card payments for goods and services In economics, economic output is divided into physical goods and intangible services. Consumption of goods and services is assumed to produce utility (unless the "good" is a "bad"). It is often used when referring to a Goods and Services Tax. purchased over the Internet. DataBank is an international credit card transaction processing Updating the appropriate database records as soon as a transaction (order, payment, etc.) is entered into the computer. It may also imply that confirmations are sent at the same time. Transaction processing systems are the backbone of an organization because they update constantly. company that provides credit card authorization and capture services to a wide array of Internet merchants around the world. DataBank's unique technology also enables financial institutions to process e-commerce transactions. DataBank is currently processing approximately $25 million, representing over one million transactions, per month. Digital Courier will issue 12 million shares of its common stock to acquire all of the outstanding shares of DataBank. The Company will issue up to 10 million additional shares if profits from DataBank exceed $8 million and $12 million, respectively, in each of the next two years. The acquisition is subject to approval by Digital Courier's stockholders. "The acquisition of DataBank creates an extremely powerful competitive advantage for Digital Courier and our netClearing subsidiary," said James Egide, Chairman of Digital Courier. "This transaction will put our payment processing and e-commerce services at the hub of Digital Courier's operation and will become the focus of our business going forward," said Egide. DataBank and Digital Courier together become one of the leading companies to provide online businesses with a suite of Internet-based payment processing products. "The merger with DataBank accelerates our strategy to position Digital Courier at the hub of this market," Egide stated. "Digital Courier's technology platform and relationships with key Internet companies will enable us to immediately scale our business to capitalize on Cap´i`tal`ize on` v. t. 1. To turn (an opportunity) to one's advantage; to take advantage of (a situation); to profit from; as, to capitalize on an opponent's mistakes s>. a much broader, global market opportunity," stated Don Marshall This article is about the ice hockey player. For the actor, see Don Marshall (actor). Donald "Don" Marshall (born March 23, 1932) is a retired Canadian ice hockey forward. He was born in Verdun, Quebec. , President of DataBank. DataBank's revenues for calendar 1998 (8 months) were $4.2 million, with net income of $2.3 million. "Approximately 80% of our 1998 revenues were achieved in the last quarter, as our business has grown dramatically each month since May of last year," Marshall stated. Digital Courier supplies financial institutions, businesses and major web portals with sophisticated and proprietary e-commerce software. |
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