FOR IMMEDIATE RELEASE

Contact:

Dana A. Bowers President/CEO 800-842-2392

 

iPay Technologies, LLC Announces Acquisition of Certain Assets of Netzee, Inc.’s Kentucky Bill Payment Operation 

May 9, 2001 – iPay Technologies, LLC, a newly formed Kentucky Limited Liability Company and a provider of electronic bill payment services for community financial institutions, today announced that it has acquired certain assets of the Elizabethtown, Kentucky based bill payment operation from Netzee, Inc.  iPay Technologies agreed to pay approximately $1.3 million in cash and assume certain operating liabilities. 

The assets bought consist of approximately 190 contracts with financial institutions and multifamily apartment complexes for the processing of bill payment only transactions over the Internet or the telephone, and associated operating software, hardware and other fixed assets. Netzee was not providing its core Internet banking or cash management products and services to these customers, most of which received these services from another provider. During the first quarter of 2001 these contracts contributed approximately $175,000 in revenue to Netzee.

 

"Almost three years ago, a team of very qualified, talented and dedicated individuals applied their accumulated knowledge from the last decade in the bill payment business to the start up of a new company, Call Me Bill, LLC.  One year later that company was sold to Netzee.  Today, that same management team is still in place at iPay Technologies and is very enthusiastic about becoming an independent entity once again.” said Dana Bowers, CEO.  “This transaction demonstrates the continuing commitment of both iPay Technologies' owners and managers to the belief that we have the ability to deliver a high quality cost effective bill payment solution.  We know how to do it right and at a price a community institution can afford.”