Under the terms of the merger, the shareholders of ICVERIFY received $16.15
million in cash and 2.3 million shares of CyberCash common stock. With the
completion of the merger, ICVERIFY is now a wholly owned CyberCash subsidiary.
F. Thomas Aden will remain president and chief executive officer of ICVERIFY.
In addition, he will serve as an executive vice president of CyberCash,
reporting to Bill Melton, president and chief executive officer of CyberCash.
Steve Elefant, ICVERIFY co-founder and chairman, will become vice chairman of
CyberCash. Eric Buchbinder, another ICVERIFY co-founder, will become senior
vice president for Advanced Technology at CyberCash.
“The closing of this merger is a big step for CyberCash toward achieving a
critical mass of merchants using Internet payments in the rapidly growing
electronic commerce marketplace,” said Melton. “We are now able to offer a
complete e-commerce payment offering for everyone from physical world
merchants to Internet merchants, financial institutions and billers seeking to offer Internet payment capabilities to their consumers. Moreover, with
ICVERIFY we add thousands of merchants to our customer base.”