SOURCE: Seraph Security Inc.

June 18, 2009 08:30 ET

Seraph Security Inc. Announces Official Corporate Name Change to Commerce Online Inc. and Ticker Symbol Change to "CMIB"

Company to Continue E-Commerce and Mobile Payments Strategy With $1 Million 1st Year Revenue Objective

LOS ANGELES, CA--(Marketwire - June 18, 2009) - Commerce Online Inc. (PINKSHEETS: CMIB) today announced the Company's corporate ticker symbol will change from "SRHS" to "CMIB" effective at the opening of the market today, Thursday, June 18th. The ticker has been changed as part of the Company's overall plan to launch its new e-commerce transactional software, payment gateway and social network technology strategy. Specifically, the ticker was changed in conjunction with the official corporate name change from Seraph Security Inc. to Commerce Online Inc.

"We are extremely pleased to announce approval of our new corporate business strategy and trading status under the ticker symbol 'CMIB.' This is the first in a series of steps to make Commerce Online a fully reporting company on the OTC exchange and prove our e-commerce transactional software, mobile payment solutions and social networking engine for license will quickly set us apart within our sector and create immediate growth for both our company and loyal shareholders. We believe recent technology agreements signed with cutting edge partners within our industry, and expanding new client list all to be released within coming weeks will immediately prove we are on track to meet our revenue benchmarks for this exciting first year," stated B. Michael Friedman for Commerce Online.

Industry Overview

The US credit card processing industry includes fewer than 500 companies with combined annual revenue under $10 billion. Major companies include First Data Corporation, Total System Services, Global Payments, and Bank of America's BA Merchant Services. The industry is highly concentrated: the top four companies account for 40 percent of industry revenues. The industry handles a high volume of transactions. First Data processes around 20 billion merchant transactions yearly; Total System Services, about 10 billion. First Data had 400 million card accounts from 1,400 credit card issuers in a recent year, and accounts with 4 million merchants.

When it comes to consumer purchases, plastic is in, paper is out. Credit and debit cards, along with other electronic payment methods, are growing in popularity for their added convenience, greater security and ease of use compared to cash on-hand. Retailers must keep pace with these trends, while making sure to control costs and encourage sales by providing a range of electronic processing options. As a result the market for credit/debit card services is expected to grow from 49 Billion in 2006 to 85 billion in 2010. eCheck/ACH services are projected to rise from 13 Billion to 19 billion over the same time period. (Source: McKinsey & Co. Payments Practice; figures from 2010 are estimates.)

About Commerce Online

Commerce Online Inc. ( is positioned to become a market leader in both online and wireless merchant payment solutions. The Company offers a full spectrum of secure and reliable transaction processing solutions using traditional, Internet Point of Sale (POS), e-commerce and mobile (wireless) terminals. Our electronic payment processing suite of services will enable clients to accept all major credit cards, debit and ATM cards and ACH check drafts for payment whether a retail, service, mail-order or Internet merchant. As an industry innovator, we are dedicated to delivering comprehensive services from merchant account activation, gateway connections and web development and social network engines to a worldwide client base.

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