HIMC Corporation and Fast Transact Merger Acquisition Cancelled
TACOMA, Wash.--(BUSINESS WIRE)--May 15, 2006--HIMC Corporation (OTC:HMCO - News) announced today that the proposed merger with Fast Transact, Inc. has been terminated. The boards of directors for both companies have mutually agreed not to pursue further negotiations.
In April 2005, HIMC, agreed to acquire FAST TRANSACT®, a leader in high performance Internet and retail credit card processing. The merger would have brought together FAST TRANSACT's integrated electronic payment technologies with HIMC's suite of products and service offerings for payment, verification, and authentication systems.
As part of the negotiation process, both companies re-evaluated the focus to take after the merger. It was concluded that each was moving in a different direction and the two companies have parted in an amicable manner. FAST TRANSACT and HIMC will continue to create and distribute the best merchant services and payment processing solutions within their respective spaces.
About HIMC Corporation
HIMC has two wholly owned subsidiaries: ITI Internet Services, Inc. and Retrieve Systems Incorporated both located in Tacoma, Washington. HIMC, through its wholly owned subsidiary, ITI Internet Services, Inc., offers a wide variety of payment, verification, and authentication systems. HIMC recently signed a Letter of Intent with United States Financial Services, Corporation. The proposed acquisition includes its wholly owned subsidiaries, Western Clearing Corp. www.westernach.com and ACH Processing Co. www.achprocessing.com For more information, visit www.itinternet.net
About Fast Transact, Inc.
Founded in 1995 and privately owned and operated, Fast Transact, Inc. is a registered ISO/MSP (Merchant Service Provider) of Bank of America and JPMorgan Chase Bank. The company provides integrated electronic payment technologies for accepting, authorizing, securing, and processing credit and debit cards.
www.fasttransact.com
Contact:
HIMC Corporation
CEO
Jerry Cornwell, 253-284-0320
or
Western Clearing LLC
Mitch Wiggins, 253-255-6530
or
Fast Transact, Inc.
CEO
David Solomon, 360-357-1400