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
<PAGE>
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.
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(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.
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<PAGE>
(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).
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<PAGE>
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.
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<PAGE>
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)
<TABLE>
<CAPTION>
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
----------- --------------- ------------- -------------- ------------- ------------
<S> <C>
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
=========== ============= ============== ============= ============
</TABLE>
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<PAGE>
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)
<TABLE>
<CAPTION>
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
------------ -------------- ------------ --------------- ------------- ------------
<S> <C>
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 * * * * *
</TABLE>
* Amounts are not presented as they are anti-dilutive.
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<PAGE>
WORLDCORP, INC. AND SUBSIDIARIES
UNAUDITED PRO FORMA CONDENSED CONSOLIDATED BALANCE SHEET
September 30, 1996
(Dollars in thousands)
(unaudited)
<TABLE>
<CAPTION>
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
------------- -------------- ------------ -------------- ------------- ---------
<S> <C>
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
============= ============== ============ ============== ============= =============
</TABLE>
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<PAGE>
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.
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<PAGE>
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.
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<PAGE>
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
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<PAGE>
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).
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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
