-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, BSBQVujU6eYu+yddcj498H5QYyQzRa6B/sLqOWx6PWmRAjV/dxB+kknkUrElDbjF GnXE1Q1Zce3s7xB6nY85Ug== 0000916641-96-001080.txt : 19961218 0000916641-96-001080.hdr.sgml : 19961218 ACCESSION NUMBER: 0000916641-96-001080 CONFORMED SUBMISSION TYPE: 8-K/A PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19961107 ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 19961217 SROS: NYSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: WORLDCORP INC CENTRAL INDEX KEY: 0000811664 STANDARD INDUSTRIAL CLASSIFICATION: AIR TRANSPORTATION, NONSCHEDULED [4522] IRS NUMBER: 943040585 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K/A SEC ACT: 1934 Act SEC FILE NUMBER: 001-09591 FILM NUMBER: 96682124 BUSINESS ADDRESS: STREET 1: 13873 PARK CTR RD STE 490 CITY: HERNDON STATE: VA ZIP: 22071 BUSINESS PHONE: 7038349200 MAIL ADDRESS: STREET 1: 13873 PARK CENTER ROAD CITY: HERNDON STATE: VA ZIP: 22071 8-K/A 1 WORLDCORP, INC. 8-K/A1 SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ------------------- FORM 8-K/A1 CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): November 7, 1996 WORLDCORP, INC. (Exact name of registrant as specified in charter) Delaware 1-5351 94-3040585 (State or other (Commission (IRS Employer jurisdiction of File Number) Identification No.) incorporation) 13873 Park Center Road, Suite 490, Herndon, Virginia 20171 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (703) 834-9200 EXPLANATORY NOTE: Pursuant to Item 7, this Form 8-K/A1 amends Item 7 of WorldCorp, Inc.'s ("WorldCorp") Current Report on Form 8-K filed on November 22, 1996, to provide the financial statements of the business being acquired and the pro forma financial information required by Item 7. The remaining Items have not been amended and have not been restated in this Form 8-K/A1. Item 7. Financial Statements, Pro Forma Financial Information and Exhibits. (a) Financial Statements of business acquired. 1. The audited, consolidated financial statements of Colonial Data Technologies Corp. ("Colonial Data") for each of the three years ended December 31, 1995, required by this Item 7(a) are incorporated herein by reference to financial statements set forth in the annual Report on Form 10-K of Colonial Data for the year ended December 31, 1995. 2. The unaudited, condensed consolidated financial statements of Colonial Data for the six months ended June 30, 1996 and 1995 required by this Item 7(a) are incorporated herein by reference to Colonial Data's Quarterly Report on Form 10-Q for the six months ended June 30, 1996. 3. The unaudited condensed consolidated financial statements of InteliData for the nine months ended September 30, 1996 required by this Item 7(a) are incorporated herein by reference to InteliData Technologies Corporation's ("InteliData") Quarterly Report on Form 10-Q for the nine months ended September 30, 1996, including the unaudited summary consolidated financial information of Colonial Data for the nine months ended September 30, 1996, incorporated herein by reference to pages 9 and 22.(1) (b) Pro Forma financial information (unaudited). Unaudited Pro Forma Condensed Consolidated Statement of Operations for the year ended December 31, 1995 and the nine months ended September 30, 1996. Unaudited Pro Forma Condensed Consolidated Balance Sheet as of September 30, 1996 and Notes to Pro Forma Financial Statements. - -------- (1) Complete September 30, 1996, condensed financial statements for Colonial Data are unavailable due to the Mergers and the subsequent Form 15 filed with the Securities and Exchange Commission terminating Colonial Data's filing obligations under the Securities Exchange Act of 1934, as amended. -2- (c) Exhibits 2.1 Agreement and Plan of Merger dated as of August 5, 1996, between Colonial Data Technologies Corp. and US Order, Inc. (incorporated herein by reference to Appendix I to the Joint Proxy Statement/Prospectus included in InteliData's Registration Statement on Form S-4 filed with the Commission on August 29, 1996, as amended (File No. 333-11081)). 2.2 Amendment No. 1 dated as of November 7, 1996, by and among US Order, Inc., Colonial Data Technologies Corp. and InteliData Technologies Corporation to the Agreement and Plan of Merger (incorporated herein by reference to InteliData's Current Report on Form 8-K filed November 13, 1996). 20.1 Joint Proxy Statement/Prospectus dated October 9, 1996, of InteliData Technologies Corporation, Colonial Data Technologies Corp. and US Order, Inc. (incorporated herein by reference to the Joint Proxy Statement/Prospectus included in InteliData's Registration Statement on Form S-4 filed with the Commission on August 29, 1996, as amended) (File No. 333-11081). 23.1 Consent of Deloitte & Touche LLP. 99.1 Press Release dated November 7, 1996, announcing the completion of the Mergers (previously filed on November 22, 1996). 99.2 The audited financial statements of WorldCorp for each of the three years ended December 31, 1995 (incorporated herein by reference to financial statements set forth in the Annual Report on Form 10-K of WorldCorp for the year ended December 31, 1995). 99.3 The unaudited financial statements of WorldCorp for the nine months ended September 30, 1996 and 1995 (incorporated herein by reference to WorldCorp's Quarterly Report on Form 10-Q for the nine months ended September 30, 1996). -3- WORLDCORP UNAUDITED PRO FORMA CONDENSED CONSOLIDATED FINANCIAL INFORMATION The following unaudited pro forma condensed financial information gives effect to the Mergers and the necessary adjustments for WorldCorp to record InteliData using the equity method. The Mergers were accounted for under the purchase method of accounting with US Order being deemed the acquiror of Colonial Data. Pursuant to these transactions, InteliData became the successor corporation of US Order. Previous to the Mergers, WorldCorp beneficially owned approximately 56% of US Order and accounted for US Order as a consolidated subsidiary. As a result of the Mergers, WorldCorp currently owns approximately 29% of InteliData and will record its proportionate share of InteliData's financial results subsequent to November 7, 1996 using the equity method. The purchase price of Colonial Data was approximately $189.0 million and was allocated as follows: (1) approximately $87.0 million to the tangible and identifiable intangible assets net of liabilities assumed, (2) approximately $30.0 million to the cost in excess of the net assets acquired ("goodwill") and (3) approximately $72.0 million to in-process research and development. Such in- process research and development will be expensed by InteliData in the fourth quarter of 1996. The goodwill will be amortized over a 15 year period on a straight-line basis. The unaudited pro forma condensed consolidated balance sheet has been prepared as if the acquisition was consummated as of September 30, 1996. The unaudited pro forma condensed consolidated statements of operations for the year ended December 31, 1995 and for the nine months ended September 30, 1996, give effect to the Mergers as if each was completed as of January 1, 1995. As a result, WorldCorp's proforma statement of operations includes InteliData's results for each of those periods under the equity method of accounting. Such statements of operations do not include the combined effect of the $20.8 million nonrecurring charge for the Company's share of InteliData's charge for in-process research and development or the gain on issuance of stock by InteliData of approximately $45.0 million which will be recorded by the Company as a result of this transaction in the fourth quarter. However, such statements do reflect adjustments for the elimination of historical transactions between WorldCorp, US Order and Colonial Data, amortization of goodwill and related income tax effects. This method of combining historical financial statements for the preparation of the pro forma condensed consolidated financial information is for presentation only. Actual statements of operations of WorldCorp will reflect the operating results of InteliData from the closing date of the Mergers with no retroactive restatements. The unaudited pro forma condensed consolidated financial information is provided for illustrative purposes only and is not necessarily indicative of the consolidated financial position or consolidated results of operations that would have been reported had the Mergers occurred on the dates indicated, nor do they represent a forecast of the consolidated financial position or results of operations for any future period. The unaudited pro forma condensed consolidated financial information should be read in conjunction with the historical financial statements and accompanying notes of WorldCorp, US Order and Colonial Data, incorporated by reference or included, herein. -4- WORLDCORP, INC. AND SUBSIDIARIES UNAUDITED PRO FORMA CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS Year Ended December 31, 1995 (Dollars in thousands, except per share amounts) (Unaudited)
WorldCorp's Pro Forma Equity in Historical Equity Method Historical WorldCorp Adjustments Earnings of Pro Forma Pro Forma (Note 1) (Note 2) Subtotal Colonial Data Adjustments WorldCorp ----------- --------------- ------------- -------------- ------------- ------------ Operating revenues: Air transportation $ 242,386 $ -- $ 242,386 $ -- $ -- $ 242,386 Transaction processing 4,186 (4,186) -- -- -- -- ----------- --------------- ------------- -------------- ------------- ------------ Total operating revenues 246,572 (4,186) 242,386 -- -- 242,386 ----------- --------------- ------------- -------------- ------------- ------------ Operating expenses: Air transportation: Flight 65,223 -- 65,223 -- -- 65,223 Maintenance 41,843 -- 41,843 -- -- 41,843 Aircraft costs 67,331 -- 67,331 -- -- 67,331 Fuel 16,705 -- 16,705 -- -- 16,705 Depreciation and amortization 6,056 -- 6,056 -- -- 6,056 General and administrative 18,239 -- 18,239 -- -- 18,239 Other 11,091 -- 11,091 -- -- 11,091 ----------- --------------- ------------- -------------- ------------- ------------ Total air transportation 226,488 -- 226,488 0 -- 226,488 ----------- --------------- ------------- -------------- ------------- ------------ Transaction processing: Selling and administrative 5,893 (5,893) -- -- -- -- Research and development 1,067 (1,067) -- -- -- -- Cost of revenue and other 2,497 (2,497) -- -- -- -- ----------- --------------- ------------- -------------- ------------- ------------ Total transaction processing 9,457 (9,457) -- -- -- -- ----------- --------------- ------------- -------------- ------------- ------------ Holding company 4,334 -- 4,334 -- -- 4,334 ----------- --------------- ------------- -------------- ------------- ------------ Total operating expenses 240,279 (9,457) 230,822 -- -- 230,822 ----------- --------------- ------------- -------------- ------------- ------------ Operating income 6,293 5,271 11,564 -- -- 11,564 ----------- --------------- ------------- -------------- ------------- ------------ Equity income (loss) in subsidiaries -- (3,708) (3,708) 3,613 4f 2,349 4g 1,278 (1,156) 4h (577) 4i 757 4j Other income (expense), net 59,392 (561) 58,831 -- -- 58,831 ----------- --------------- ------------- -------------- ------------- ------------ 59,392 (4,269) 55,123 3,613 1,373 60,109 Earnings from continuing operations before income taxes and minority interest 65,685 1,002 66,687 3,613 1,373 71,673 Income tax expenses (661) -- (661) -- (118) 4k (779) ----------- --------------- ------------- -------------- ------------- ------------ Earnings from continuing operations before minority interest 65,024 1,002 66,026 3,613 1,255 70,894 Minority interest 98 (1,002) (904) -- -- (904) ----------- --------------- ------------- -------------- ------------- ------------ Earnings from continuing operations $ 65,122 $ -- $ 65,122 $ 3,613 $ 1,255 $ 69,990 =========== =============== ============= ============== ============= ============ Primary earnings (loss) from continuing operations per common equivalent share $ 3.81 $ 3.81 $ .21 $ .07 $ 4.09 =========== ============= ============== ============= ============ Primary weighted average common and common equivalent shares outstanding 17,103,669 17,103,669 17,103,669 17,103,669 17,103,669 =========== ============= ============== ============= ============ Fully-diluted earnings (loss) from continuing operations per common equivalent share $ 3.03 $ 3.03 $ .16 $ .05 $ 3.24 =========== ============= ============== ============= ============ Fully-diluted weighted average common and common equivalent shares outstanding 22,994,866 22,994,866 22,994,866 22,994,866 22,994,866 =========== ============= ============== ============= ============
-5- WORLDCORP, INC. AND SUBSIDIARIES UNAUDITED PRO FORMA CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS Nine Months Ended September 30, 1996 (Dollars in thousands, except per share amounts) (unaudited)
WorldCorp's Pro Forma Equity in Historical Equity Method Historical WorldCorp Adjustments Earnings of Pro Forma Pro Forma (Note 1) (Note 2) Subtotal Colonial Data Adjustments WorldCorp ------------ -------------- ------------ --------------- ------------- ------------ Operating revenues: Air transportation $ 227,833 $ -- $ 227,833 $ -- $ -- $ 227,833 Transaction processing 2,938 (2,938) -- -- -- -- ------------ ------------ ------------ ------------ ------------- ------------ Total operating revenues 230,771 (2,938) 227,833 -- -- 227,833 ------------ ------------ ------------ ------------ ------------- ------------ Operating expenses: Air transportation: Flight 52,186 -- 52,186 -- -- 52,186 Maintenance 44,348 -- 44,348 -- -- 44,348 Aircraft costs 60,434 -- 60,434 -- -- 60,434 Fuel 14,698 -- 14,698 -- -- 14,698 Depreciation and amortization 5,949 -- 5,949 -- -- 5,949 General and administrative 17,870 -- 17,870 -- -- 17,870 Other 16,686 -- 16,686 -- -- 16,686 ------------ ------------ ------------ ------------ ------------- ------------ Total air transportation 212,171 -- 212,171 -- -- 212,171 ------------ ------------ ------------ ------------ ------------- ------------ Transaction processing: Selling and administrative 7,426 (7,426) -- -- -- -- Research and development 6,876 (6,876) -- -- -- -- Cost of revenue and other 2,242 (2,242) -- -- -- -- ------------ ------------ ------------ ------------ ------------- ------------ Total transaction processing 16,544 (16,544) -- -- -- -- ----------- ------------ ------------ ------------ ------------- ------------ Holding company 3,016 -- 3,016 -- -- 3,016 ------------ ------------ ------------ ------------ ------------- ------------ Total operating expenses 231,731 (16,544) 215,187 -- -- 215,187 ------------ ------------ ------------ ------------ ------------- ------------ Operating income (loss) (960) 13,606 12,646 -- -- 12,646 ------------ ------------ ------------ ------------ ------------- ------------ Equity income (loss) in subsidiaries -- (7,628) (7,628) 1,426 4f 3,670 4g (2,507) (871) 4h 896 4j Other income (expenses), net (5,432) 137 (5,295) -- (5,295) ------------ ------------ ------------ ------------ ------------- ------------ (5,432) (7,491) (12,923) 1,426 3,695 (7,802) Earnings (loss) from continuing operations before income taxes and minority interest (6,392) 6,115 (277) 1,426 3,695 4,844 Income tax expense (495) -- (495) -- (137) 4k (632) ------------ ------------ ------------ ------------ ------------- ------------ Earnings (loss) from continuing operations before minority interest (6,887) 6,115 (772) 1,426 3,558 4,212 Minority Interest 529 (6,115) (5,586) -- -- (5,586) ------------ ------------ ------------ ------------ ------------- ------------ Earnings (loss) from continuing operations $ (6,358) $ -- $ (6,358) $ 1,426 $ 3,558 $ (1,374) ============ ============ ============ ============ ============= ============ Primary earnings (loss) from continuing operations per common equivalent share $ (0.39) $ (0.39) $ 0.09 $ 0.22 $ (0.08) ============ ============ ============ ============= ============ Primary weighted average common and common equivalent shares outstanding 16,447,127 16,447,127 16,447,127 $ 16,447,127 $ 16,447,127 ============ ============ ============ ============= ============ Fully-diluted earnings (loss) from continuing operations per common equivalent share * * * * * Fully-diluted weighted average common and common equivalent shares outstanding * * * * *
* Amounts are not presented as they are anti-dilutive. -6- WORLDCORP, INC. AND SUBSIDIARIES UNAUDITED PRO FORMA CONDENSED CONSOLIDATED BALANCE SHEET September 30, 1996 (Dollars in thousands) (unaudited)
Pro Forma WorldCorp's Historical Equity Method Equity in WorldCorp Adjustments Net Assets of Pro Forma Pro Forma (Note 1) (Note 2) Subtotal Colonial Data Adjustments WorldCorp ------------- -------------- ------------ -------------- ------------- --------- Current Assets: Cash and cash equivalents $ 53,783 ($17,494) $ 36,289 $ -- $ -- $ 36,289 Restricted short-term investments 4,886 (4,322) 564 -- -- 564 Accounts receivable 28,270 (1,245) 27,025 -- -- 27,025 Prepaid expenses and other current assets 7,081 (977) 6,104 -- -- 6,104 ------------- -------------- ------------ -------------- ------------- ------------- Total current assets 94,020 (24,038) 69,982 -- -- 69,982 Property and equipment, net 70,461 (2,885) 67,576 -- -- 67,576 Long-term operating deposits 16,161 -- 16,161 -- -- 16,161 Other assets and deferred charges, net 15,507 (8,176) 7,331 -- -- 7,331 Investment in unconsolidated 17,392 17,392 22,601 4a 31,808 4b 41,763 subsidiaries (1,873) 4c (7,405) 4d (20,760) 4e Intangible assets, net 2,487 -- 2,487 -- -- 2,487 -- -- -- Total Assets 198,636 (17,707) 180,929 22,601 1,770 205,300 Current liabilities Notes payable 30,141 30,141 -- -- 30,141 Current maturities of long-term obligations 11,319 (292) 11,027 -- -- 11,027 Accounts payable 25,513 (4,562) 20,951 -- -- 20,951 Accrued expenses 42,390 (1,129) 41,261 -- -- 41,261 ------------- -------------- ------------ -------------- ------------- ------------- Total current liabilities 109,363 (5,983) 103,380 -- -- 103,380 Long-term obligations, net 104,475 (27) 104,448 -- -- 104,448 Other liabilities 15,681 (61) 15,620 -- -- 15,620 ------------- -------------- ------------ -------------- ------------- ------------- Total liabilities 229,519 (6,071) 223,448 -- -- 223,448 Minority interest 16,315 (11,636) 4,679 -- -- 4,679 Common stockholders' deficit Common stock 16,608 16,608 -- -- 16,608 Additional paid-in capital 43,900 43,900 -- -- 43,900 Unrealized loss on investments (808) (808) -- -- (808) Other (421) (421) -- -- (421) Accumulated deficit (105,240) (105,240) 22,601 1,770 (80,869) ESOP guaranteed bank loan (897) (897) -- -- (897) Treasury stock, at cost (340) -- (340) -- -- (340) ------------- -------------- ------------ -------------- ------------- ------------- Total stockholders' deficit (47,198) -- (47,198) 22,601 1,770 (22,827) ----------------------------------------------------------------------------------------------- Total liabilities and common stockholders' deficit $ 198,636 $ (17,707) $ 180,929 $ 22,601 $ 1,770 $ 205,300 ============= ============== ============ ============== ============= =============
-7- WORLDCORP NOTES TO UNAUDITED PRO FORMA CONDENSED CONSOLIDATED FINANCIAL INFORMATION (In thousands) NOTE 1 - HISTORICAL WORLDCORP WorldCorp's scheduled service operations were reflected as discontinued operations as of June 30, 1996. As a result, results for the year ended December 31, 1995 reflected herein have been restated to reflect scheduled service operations as discontinued operations. NOTE 2 - PRO FORMA EQUITY METHOD ADJUSTMENTS The pro forma equity method adjustments were made to the unaudited pro forma consolidated financial information to record WorldCorp's proportionate share of US Order's net assets and financial results under the equity method, as a result of WorldCorp's percentage ownership in InteliData decreasing from approximately 56% to approximately 29% due to the Mergers. Prior to the Mergers, WorldCorp accounted for US Order as a consolidated subsidiary. NOTE 3 - PURCHASE PRICE OF COLONIAL DATA The purchase price of the acquisition of Colonial Data is computed as follows: Estimated fair value of common stock to be issued.............. $ 181,752 Estimated fair value of employee stock options and warrants.... 2,446 Cost of previous investment in Colonial Data................... 3,393 Estimated US Order transaction costs........................... 1,000 ---------- Total..................................................... $ 188,591 ========= The purchase price is expected to be allocated as follows: Current assets................................................. $ 76,355 Lease base..................................................... 8,887 Equipment and other............................................ 3,157 In-process research and development............................ 71,960 Developed technology........................................... 1,258 Goodwill....................................................... 30,204 Liabilities assumed............................................ (3,230) ----------- Total..................................................... $ 188,591 ========= The allocation of the purchase price to Colonial Data tangible and identifiable intangible assets was based on a preliminary independent appraisal of the estimated fair value of certain of those assets. Such preliminary appraisal indicated approximately $72.0 million for purchased in-process research and development, which will be expensed by InteliData during the fourth quarter of 1996, as the technology has not reached technological feasibility and does not have alternative future uses. The unaudited pro forma condensed consolidated statements of operations do not include WorldCorp's pro rata share of this one-time charge for purchased in-process technology as it represents a material nonrecurring charge. The final appraisals of assets and liabilities acquired, and other factors related to the integration of the companies, may result in differences in the final allocation of the purchase price. -8- NOTE 4 - PRO FORMA PURCHASE ADJUSTMENTS - COLONIAL DATA MERGER The following pro forma adjustments have been made to the unaudited pro forma condensed consolidated financial information: (a) Reflects WorldCorp's proportionate share of historical net assets of Colonial Data, adjusted to reflect estimated transaction costs related to the Merger incurred by Colonial Data of approximately $2.0 million, and the elimination of Colonial Data's investment in US Order of approximately $3.5 million. (b) Reflects WorldCorp's proportionate share of the excess of the estimated fair market value of InteliData Common Stock issued to effect the transaction and the estimated fair value of Colonial Data stock options and warrants assumed by InteliData over the carrying amount of Colonial Data's net assets. As noted above, US Order has been deemed the acquiring company for the purpose of the purchase method of accounting. As a result, the average market price of shares of US Order Common Stock for a period of five trading days prior to and after the public announcement of the Merger has been utilized in the determination of purchase consideration related to shares of InteliData Common Stock issued to Colonial Data's stockholders. This amount is comprised of WorldCorp's proportionate share of the estimated fair market value of in-process research and development recorded of approximately $72.0 million, the estimated fair value of developed technology recorded of approximately $1.3 million, the estimated fair market value over the carrying amount of Colonial Data's lease base related to its leased Caller ID units with the customers of a major telco of $6.8 million, and goodwill recorded of $30.2 million. (c) Reflects WorldCorp's proportionate share of the elimination of US Order's previous investment in Colonial Data, and cancellation of such shares. (d) Adjusts WorldCorp's proportionate share of the carrying value of its investment in InteliData Common Stock to reflect its new ownership percentage as a result of the transaction. (e) Reflects WorldCorp's proportionate share of a one-time charge for purchased in-process research and development. (f) Reflects WorldCorp's proportionate share of historical earnings of Colonial Data. (g) Adjusts WorldCorp's proportionate share of historical losses in US Order to reflect its new ownership percentage as a result of the Mergers. (h) Reflects WorldCorp's proportionate share of the amortization of the preliminary allocation of purchase price to developed technology, goodwill, and lease base. These amounts are being allocated on a straight-line basis over 2 years, 15 years, and 5 years, respectively. (i) Reflects WorldCorp's proportionate share of the estimated transaction costs incurred by Colonial Data relating to the Mergers of approximately $2.0 million. (j) Reflects WorldCorp's proportionate share of the effect of the Mergers and above pro forma adjustments on InteliData income tax expense. (k) Reflects the effect of the Mergers and above pro forma adjustments on WorldCorp's income tax expense. -9- SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. WORLDCORP, INC. Date: December 16, 1996 By: /s/ Mark S. Lynch ------------------- Mark S. Lynch Vice President and Chief Financial Officer -10- INDEX TO EXHIBITS 2.1 Agreement and Plan of Merger dated as of August 5, 1996, between Colonial Data Technologies Corp. and US Order, Inc. (incorporated herein by reference to Appendix I to the Joint Proxy Statement/Prospectus included in InteliData's Registration Statement on Form S-4 filed with the Commission on August 29, 1996, as amended (File No. 333-11081)). 2.2 Amendment No. 1 dated as of November 7, 1996, by and among US Order, Inc., Colonial Data Technologies Corp. and InteliData Technologies Corporation to the Agreement and Plan of Merger (incorporated herein by reference to InteliData's Current Report on Form 8-K filed November 13, 1996). 20.1 Joint Proxy Statement/Prospectus dated October 9, 1996, of InteliData Technologies Corporation, Colonial Data Technologies Corp. and US Order, Inc. (incorporated herein by reference to the Joint Proxy Statement/Prospectus included in InteliData's Registration Statement on Form S-4 filed with the Commission on August 29, 1996, as amended) (File No. 333-11081). 23.1 Consent of Deloitte & Touche LLP. 99.1 Press Release dated November 7, 1996, announcing the completion of the Mergers (previously filed on November 22, 1996). 99.2 The audited financial statements of WorldCorp, Inc. ("WorldCorp") for each of the three years ended December 31, 1995 (incorporated herein by reference to financial statements set forth in the Annual Report on Form 10-K of WorldCorp for the year ended December 31, 1995). 99.3 The unaudited financial statements of WorldCorp for the nine months ended September 30, 1996 and 1995 (incorporated herein by reference to WorldCorp's Quarterly Report on Form 10-Q for the nine months ended September 30, 1996). -11- EX-23 2 EXHIBIT 23.1 Exhibit 23.1 INDEPENDENT AUDITORS' CONSENT We consent to the incorporation by reference in this Current Report on Form 8-K/A1 filing of WorldCorp, Inc. of our report dated January 26, 1996, appearing in the Annual Report on Form 10-K of Colonial Data Technologies Corp. for the year ended December 31, 1995 incorporated by reference in this Form 8-K/A1. /s/ Deloitte & Touche LLP Deloitte & Touche LLP Hartford, Connecticut December 16, 1996 -----END PRIVACY-ENHANCED MESSAGE-----