International Card Establishment to Acquire Merchant Service Provider Worldwide Business Services

Thursday 27 November 2003 22:16 CET | News

International Card Establishment (I.C.E.), has entered into a Binding Letter of Intent to acquire all of the issued and outstanding shares of Worldwide Business Services.

The terms of the Letter of Intent call for I.C.E. to issue up to 600,000 shares of its restricted common stock and assume approximately $230,000 in Worldwide Business Services debt. The acquisition is subject to due diligence. Since its founding less than two years ago, Worldwide Business Services has grown its revenues to $150,000 per month (unaudited) and its revenues are projected to reach approximately $3 Million in 2004. The company attained profitability in its second year of operation and has rapidly become one of the largest agencies within First Data Corp.s CardService International unit. Worldwide Business Services relocated its 15-man sales force to I.C.E.s Oxnard, California offices on November 17, 2003 and has assumed the management of I.C.E.s internal bankcard services and sales staff. The internal bankcard services unit is expected to generate revenues of approximately $3 Million in 2004.

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Categories: Payments & Commerce | Payments General
Countries: World
This article is part of category

Payments & Commerce