Care Concepts I, Inc. (AMEX:IBD) announced today that it has rescinded the closing of its acquisition of Media Billing Company, LLC and its wholly owned subsidiary Internet Billing Company LLC (“iBill”) that was purchased from Penthouse International, Inc. (Pink Sheets:PHSL) in August 2004. We mentioned the original deal righthere last month. On September 20, 2004, the Company received a notice from the AMEX of its intention to de-list the Company’s Common Stock from trading on the exchange, pending a hearing requested by the Company. By agreeing to rescind the closing of the iBill acquisition unless and until the Company has satisfactorily resolved all listing eligibility issues and receives all necessary AMEX approvals related to the iBill transaction, the staff of the AMEX has agreed to withdraw its notice of intent to de-list the Company’s securities.
IBill is a payment option on many personals sites and is included in several CGI payment gateways. In March 2004 Penthouse acquired iBill from InterCept, Inc., a NASDAQ NMS company.
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This story is juicy, read on for more:
After first telling investors that porn comprised just a minor amount of iBill’s business, $259 million (2003 revenue), Intercept finally confessed that porn was actually responsible for 85% of iBill’s annual credit card transactions, which once amounted to as much as $720 million.
Adultfyi (not quite worksafe!)
