Innovonics Shareholders OK Online Deal

Shareholders of Innovonics Inc. recently approved a proposed merger with MerchantOnline.com Inc., a credit and debit card processor for Internet merchants. Phoenix, Ariz.-based Innovonics' PC Pay card swipe system, which connects to individuals' home computers, encrypts debit and credit card information, eliminating the need to punch in card numbers using a keyboard when shopping on the Internet.

     Planned merger terms call for Boca Raton, Fla.-based MerchantOnline.com to issue 5 million shares of common stock in exchange for 90.1% of the common stock of Innovonics, the companies say. Once the merger closes, Innovonics would become a majority-owned subsidiary of MerchantOnline.com.