Nickatilynx
01-03-2005, 02:59 PM
December 30, 2004 09:01 AM US Eastern Timezone
PHSL Worldwide, Inc. Announces $10.4 Million Payment Expected by January 31, 2005
DEERFIELD BEACH, Fla.--(BUSINESS WIRE)--Dec. 30, 2004--PHSL Worldwide, Inc. (Pink Sheets:PHSL) announced that the payment by Interactive Brand Development of the termination fee of $10.4 million is expected to be received by January 31, 2005. As previously disclosed, PHSL is being paid the fee pursuant to an agreement with IBD and in connection with its recent $16.475 million private placement that included Internet Billing Company (iBill).
PHSL intends to use the $10.4 million payment to enhance the balance sheet and liquidity of its iBill subsidiary. iBill is the principal operating subsidiary of PHSL.
The consideration for the payment is twenty million IBD shares and a $1.0 million promissory note. The shares were registered by IBD with the US Securities and Exchange Commission on Form S-3.
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® and MasterCard®. Since 1996, iBill has established a trusted brand with consumers and online businesses with 27 million customers in 38 countries. In 2003, iBill averaged 1.2 million transactions per month and completed approximately $330.00 million in gross transactions.
About PHSL Worldwide, Inc.
PHSL is a media holding company which publishes magazines under the PENTHOUSE™ name in Mexico, pursuant to a pending license agreement with Penthouse Media Group. In addition to publishing, PHSL Worldwide has significant real estate holdings in Ixtapa, Mexico that it intends to develop. PHSL owns iBill, an online payment processor of credit cards and financial transactions. PHSL is majority owned by the Molina Vector Investment Trust, an entity controlled by Dr. Luis Enrique Fernando Molina.
PHSL Worldwide, Inc. Announces $10.4 Million Payment Expected by January 31, 2005
DEERFIELD BEACH, Fla.--(BUSINESS WIRE)--Dec. 30, 2004--PHSL Worldwide, Inc. (Pink Sheets:PHSL) announced that the payment by Interactive Brand Development of the termination fee of $10.4 million is expected to be received by January 31, 2005. As previously disclosed, PHSL is being paid the fee pursuant to an agreement with IBD and in connection with its recent $16.475 million private placement that included Internet Billing Company (iBill).
PHSL intends to use the $10.4 million payment to enhance the balance sheet and liquidity of its iBill subsidiary. iBill is the principal operating subsidiary of PHSL.
The consideration for the payment is twenty million IBD shares and a $1.0 million promissory note. The shares were registered by IBD with the US Securities and Exchange Commission on Form S-3.
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® and MasterCard®. Since 1996, iBill has established a trusted brand with consumers and online businesses with 27 million customers in 38 countries. In 2003, iBill averaged 1.2 million transactions per month and completed approximately $330.00 million in gross transactions.
About PHSL Worldwide, Inc.
PHSL is a media holding company which publishes magazines under the PENTHOUSE™ name in Mexico, pursuant to a pending license agreement with Penthouse Media Group. In addition to publishing, PHSL Worldwide has significant real estate holdings in Ixtapa, Mexico that it intends to develop. PHSL owns iBill, an online payment processor of credit cards and financial transactions. PHSL is majority owned by the Molina Vector Investment Trust, an entity controlled by Dr. Luis Enrique Fernando Molina.