HIMC Corporation and Fast Transact Merger Acquisition Cancelled.TACOMA, Wash. -- HIMC Corporation (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). :HMCO HMCO Houghton Mifflin Company HMCO heavily mud cut oil HMCO Hospitality Management and Catering Operations HMCO Hospitality Management Company (India) ) announced today that the proposed merger with Fast Transact, Inc. has been terminated. The boards of directors for both companies have mutually agreed not to pursue further negotiations. In April 2005, HIMC, agreed to acquire FAST TRANSACT(R), a leader in high performance Internet and retail credit card processing. The merger would have brought together FAST TRANSACT's integrated electronic payment technologies with HIMC's suite of products and service offerings for payment, verification, and authentication systems. As part of the negotiation process, both companies re-evaluated the focus to take after the merger. It was concluded that each was moving in a different direction and the two companies have parted in an amicable manner. FAST TRANSACT and HIMC will continue to create and distribute the best merchant services Merchant services is the name given in the United States to a broad category of financial services intended for use by businesses. In its most specific use, it usually refers to the service that enables a business to accept a transaction payment by use of the customer's credit or and payment processing solutions within their respective spaces. About HIMC Corporation HIMC has two wholly owned subsidiaries Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. : ITI (Information Technology Industry Council, Washington, DC, www.itic.org) Formerly the Computer and Business Equipment Manufacturers Association (CBEMA), founded in 1916. ITI is a membership organization composed of approximately 30 large high-tech companies. Internet Services, Inc. and Retrieve Systems Incorporated both located in Tacoma, Washington. HIMC, through its wholly owned subsidiary, ITI Internet Services, Inc., offers a wide variety of payment, verification, and authentication systems. HIMC recently signed a Letter of Intent with United States Financial Services, Corporation. The proposed acquisition includes its wholly owned subsidiaries, Western Clearing Corp. www.westernach.com and ACH Processing Co. www.achprocessing.com For more information, visit www.itinternet.net About Fast Transact, Inc. Founded in 1995 and privately owned and operated, Fast Transact, Inc. is a registered ISO/MSP (Merchant Service Provider) of Bank of America
Bank of America (NYSE: BAC TYO: 8648 ) is the largest commercial bank in the United States in terms of deposits, and the largest company of its kind in the world. and JPMorgan Chase Bank. The company provides integrated electronic payment technologies for accepting, authorizing, securing, and processing credit and debit cards. www.fasttransact.com |
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