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WereOnYourSide · 12-19-2004, 05:40 PM

"In its most recent filing with the Securities and Exchange Commission, Interactive Brand Development (?IBD?) (formerly Care Concepts) indicated that the proposed acquisition of iBill by IBD has been terminated. The proposed acquisition was terminated primarily because the American Stock Exchange objected to the closing of the iBill acquisition and threatened to de-list the IBD stock from the exchange if the acquisition was consummated. The American Stock Exchange raised concerns that iBill could inadvertently be processing transactions for content that violates federal and state laws. Although iBill diligently monitors and enforces compliance with all applicable laws, we do not control the content of our clients and therefore we could not provide assurance to The American Stock Exchange that our clients? content would always adhere to regulatory guidelines. We could only guarantee that we would act appropriately when we came across non-compliant content. Accordingly, IBD and Penthouse International (PHSL), iBill?s ultimate parent company, have mutually agreed to terminate the proposed acquisition agreement. iBill and IBD will continue to have a marketing partner relationship, and iBill will benefit in the future from new business ventures that IBD develops on both a processing and marketing front.

As part of the termination agreement, PHSL will receive 20,000 shares of IBD?s Series D preferred stock that will be convertible into 20.0 million shares of IBD?s common stock, subject to approval by shareholders and The American Stock Exchange. Based on yesterday?s closing price of IBD?s common stock, these shares have a value of approximately $8.4 million, which will strengthen the PHSL balance sheet and enhance our ability to raise additional funding for the company. In addition, PHSL has received a commitment for a line of credit that we anticipate having in place by the end of this year. This will also help with operational costs and other outstanding obligations.

Lastly, the day-to-day management of iBill will remain the same, with the same dedicated group of individuals within iBill and PHSL working to make us as successful as we can be. If anyone has additional questions, please do not hesitate to ask."

Just wonderful..............

12-19-2004, 05:40 PM
WereOnYourSide Registered User Join Date: Nov 2004 Posts: 30	Looks like Mickey owns iBill again "In its most recent filing with the Securities and Exchange Commission, Interactive Brand Development (?IBD?) (formerly Care Concepts) indicated that the proposed acquisition of iBill by IBD has been terminated. The proposed acquisition was terminated primarily because the American Stock Exchange objected to the closing of the iBill acquisition and threatened to de-list the IBD stock from the exchange if the acquisition was consummated. The American Stock Exchange raised concerns that iBill could inadvertently be processing transactions for content that violates federal and state laws. Although iBill diligently monitors and enforces compliance with all applicable laws, we do not control the content of our clients and therefore we could not provide assurance to The American Stock Exchange that our clients? content would always adhere to regulatory guidelines. We could only guarantee that we would act appropriately when we came across non-compliant content. Accordingly, IBD and Penthouse International (PHSL), iBill?s ultimate parent company, have mutually agreed to terminate the proposed acquisition agreement. iBill and IBD will continue to have a marketing partner relationship, and iBill will benefit in the future from new business ventures that IBD develops on both a processing and marketing front. As part of the termination agreement, PHSL will receive 20,000 shares of IBD?s Series D preferred stock that will be convertible into 20.0 million shares of IBD?s common stock, subject to approval by shareholders and The American Stock Exchange. Based on yesterday?s closing price of IBD?s common stock, these shares have a value of approximately $8.4 million, which will strengthen the PHSL balance sheet and enhance our ability to raise additional funding for the company. In addition, PHSL has received a commitment for a line of credit that we anticipate having in place by the end of this year. This will also help with operational costs and other outstanding obligations. Lastly, the day-to-day management of iBill will remain the same, with the same dedicated group of individuals within iBill and PHSL working to make us as successful as we can be. If anyone has additional questions, please do not hesitate to ask." Just wonderful.............. __________________ We may work at iBill but believe us, we're on your side. We probably can't answer your technical questions, but we can certainly commiserate with you.