WESTON, Fla., Sept. 2, 2004 (PRIMEZONE) -- Wall Street News Alert's "stocks to watch" this morning are: Care Concepts I, Inc. (AMEX:IBD), MGI Pharma Inc. (Nasdaq:MOGN), Acclaim Entertainment (Pink Sheets:AKLM) and Cooper Companies (NYSE:COO).
Aggressive investors and traders will certainly want to take a look at Care Concepts I, Inc. (AMEX:IBD) this morning! Recently, the company issued a press release announcing it has completed the previously announced acquisition of 100% of Media Billing, LLC and Internet Billing Company(r) (collectively "iBill") from Penthouse International!
iBill provides online payment technologies enabling the purchase and sale of content and other downloadable services over the Internet. iBill was established in 1996 and has generated positive operating income since inception.
This could be the news investors have been waiting for! According to the press release, iBill was established in 1996 and has generated positive operating income since inception. More than 27.0 million online consumers have used iBill to make purchases online. In 2003, iBill averaged 1.2 million transactions per month and completed approximately $330.0 million in online purchases representing un-audited fee income of approximately $45.1 million.
"Similar to the combination of PayPal and eBay, the acquisition of iBill provides our auction operations with an exciting strategic solution to vertically integrate online payment services into our iBidusa.com auction environment," said Gary Spaniak, Jr., Care Concept's President. "This transaction is an important milestone for Care Concepts shareholders, dramatically increasing our revenues and growth opportunities."
Investors watch this one! The company also announced its infrastructure will be expanded to include iBill's 50,000 square foot headquarters and data center in Deerfield Beach, Florida, where it employs approximately 200 people. Care Concepts intends to consolidate its Pompano Beach, Florida radio and online auction operations into the iBill facility.
Pursuant to an amendment to the Agreement, Care Concepts has the option to rescind the transaction if iBill's audited financials statements, as compared to the unaudited financial statements delivered in connection with the transaction, show any material misrepresentation or if certain American Stock Exchange approvals are not obtained.
The stock closed yesterday at around $6.12 a share.
About the companies involved: Care Concepts I, Inc. is a media and marketing holding company with assets including: Foster Sports, Inc., a sports-oriented, multi-media company that produces sports radio talk shows; and iBidUSA.com, a popular website which showcases products and services in an auction format starting with an opening bid of about 30% of the retail value. The company actively and regularly pursues additional acquisition opportunities to enhance its portfolio holdings.
Internet Billing Company (iBill) sells access to online services and other downloadable products (music, games, videos, personals, etc.) to consumers through proprietary web-based payment applications. The iBill online payments systems manage transaction authorization on the global financial networks such as Visa(r) and MasterCard(r) and simultaneously provide password management controls for the life of the subscribing consumer. On-demand CRM (Customer Relationship Management) applications are provided to registered independent merchants, typically small and medium sized businesses seeking a cost effective technology platform to outsource non-core banking and finance functions. Since 1996, iBill has established a trusted brand with consumers and online businesses with 27 million customers in 38 countries.
Stocks showing interesting activity yesterday at the close of the regular trading day were: MGI Pharma Inc. (Nasdaq:MOGN) up 19.8% on 5 million shares traded, Acclaim Entertainment (Pink Sheets:AKLM) down 2.2% on 8.1 million shares traded and Cooper Companies (NYSE:COO) up 9.2% on 2.2 million shares traded.
Commentary:
"Expansion in the U.S. factory sector slowed in August as higher costs for energy and raw materials squeezed manufacturers, a report showed on Wednesday, but analysts said growth remained relatively robust. The Institute for Supply Management said its index of national manufacturing activity fell to 59.0 in August, the lowest since October 2003, from 62.0 in July," stated Mario Cardenas in Wall Street News Alert's daily commentary continued at: http://www.WallStreetNewsAlert.com.
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