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INTERCEPT, IBILL AMEND PURCHASE AGREEMENT; BENDER OUT AS CHIEF

InterCept, iBill Amend Purchase Agreement; Bender Out as Chief
InterCept Inc. Press Release

Feb. 12, 2003

ATLANTA – InterCept Inc. (Nasdaq: ICPT), a leading provider of technology products and services for financial institutions and merchants, today announced that InterCept and the former owners of iBill have amended the iBill asset purchase agreement to settle outstanding issues related to the $10.5 million remaining in escrow and to eliminate the contractual earnout provisions. Under the recent amendment, InterCept received $8.0 million from the escrow and the former owners received the remaining $2.5 million. At the closing of the original agreement on April 8, 2002, InterCept placed a portion of the purchase price in escrow to secure representations and warranties of the former owners. In the amendment, the former owners also agreed to eliminate the earnout provisions in the purchase agreement. InterCept agreed to indemnify the former owners for any claims resulting from processing-related activities that occurred before April 8, 2002.

In addition, Garrett Bender, iBill's President and CEO, has left the company to pursue other interests. Bender has agreed to be available to iBill for a period of 60 days to assist with the transition. John M. Perry, CEO of InterCept Meerchant Services, is currently performing a strategic review of iBill and will be directing its day-to-day activities in the interim. John W. Collins, chairman and CEO of InterCept, noted, "We recognize Garrett's efforts at iBill and wish him well in his future endeavors."

Further commenting on the amendment, Collins stated, "We believe that the conclusion of the escrow and earnout matters will give InterCept more control over the direction of iBill. We believe that we will now be able to better respond to the requirements of the card associations and to operate iBill in a way that better matches our philosophy and needs."

About InterCept
InterCept Inc. is a single-source provider of a broad range of technologies, products, and services that work together to meet the technology and operating needs of financial institutions. InterCept's products and services include core data processing, check processing and imaging, electronic funds transfer, debit and credit card processing, data communications management, and related products and services. For more information about InterCept, go to www.intercept.net or call (770) 248-9600.

SOURCE>AVNONLINE.COM