Commerce Online (Pinksheets:CMIB) announced today that it has withdrawn its intended acquisition of TenderCard.
CEO, Kyle Gotshalk, commented, "We have set forth a strategy of ambitious growth targets from building our core business and potential merger and acquisition candidates within the credit card processing sector. We are exploring numerous acquisitions, and it is important for our investors that we get it right.
"As we looked at the TenderCard opportunity in more depth, we simply felt that there was a better fit for us. We have chosen to remain focused on the processing industry which offers higher multiples than the gift and loyalty card sector. We plan to continue our roll-up of ISOs and merchants to strengthen our present business model which will have limited dilution to our shareholders," stated Mr. Gotshalk.