STAMPS.COM ESTABLISHES SUBSIDIARY ENCRYPTIX, INC.
EncrypTix to Explore Secure Printing Applications for the Events, Travel and Financial Services Industries
SANTA MONICA, Calif. – (November 16, 1999) – Stamps.com™ (Nasdaq: STMP) today announced the formation of EncrypTix™ Inc., a new subsidiary created to focus on highly-secure, authenticated online printing of tickets, vouchers, certificates and other forms of bearer value for the events, travel and financial services industries. Utilizing many of the proprietary, Internet-based technologies developed by Stamps.com, EncrypTix will enable sellers and distributors of tickets and financial instruments to complete transactions over the Internet through the customer’s existing laser or inkjet printer.
Jim Rowan, formerly senior vice president and a member of the board of directors of SunAmerica, Inc., will serve as president and chief executive officer of EncrypTix. Rowan has been serving as a consultant to Stamps.com and focusing on the market opportunities and technological feasibility of an online ticketing initiative. At SunAmerica, Rowan was responsible for the technology organization, customer service operations and federally insured trust company. He also directed SunAmerica’s corporate development and acquisition activities. Prior to his tenure at SunAmerica, Rowan was senior vice president of Security Pacific Corporation and was responsible for corporate planning and acquisitions.
“We have created EncrypTix to establish and develop new, alternative uses of Stamps.com’s technology for Internet-based transactions,” stated John Payne, chairman and chief executive officer of Stamps.com and chairman of EncrypTix. “By creating EncrypTix and enlisting Jim Rowan’s very capable leadership, Stamps.com can continue to focus on growing the user base for its Internet Postage service and developing a complete, one-stop mailing, shipping and tracking solution on the Internet.”
Initially, EncrypTix will be a wholly-owned subsidiary of Stamps.com. Upon completion of technology licensing and inter-company operating agreements, EncrypTix intends to seek capital from key strategic investors in addition to Stamps.com. EncrypTix also plans to develop strategic customer and partnering relationships with key providers in the events, travel and financial services industries who are interested in the remotely printed delivery of highly secure, authenticated bearer instruments such as tickets, gift certificates, boarding passes, vouchers and whole value discount coupons.
Stamps.com offers a convenient, cost-effective and easy-to-use service for purchasing and printing postage over the Internet. Its Internet Postage™ service is approved by the US Postal Service and is currently the only commercially available offering that requires no additional hardware to purchase and print postage from a PC. Founded in 1996, Santa Monica-based Stamps.com is the only commercially approved true Internet Postage service. The company’s technology eliminates the need for specialized hardware by giving customers the flexibility to print postage over the Internet securely, accurately and fast. Through partnerships with companies like 3M, America Online, IBM, Microsoft, Office Depot and Quicken.com, Stamps.com targets the small office/home office and consumer markets. More information about the company can be found at sdcmainprod.wpengine.com.
“Safe Harbor” Statement under the Private Securities Litigation Reform Act of 1995: This release may contain forward-looking statements that involve risks and uncertainties. Important factors which could cause actual results to differ materially from those in the forward-looking statements are detailed in filings with the Securities and Exchange Commission made from time to time by Stamps.com, including its registration statement on Form S-1, as amended, that was filed with the SEC on November 8, 1999.
Internet Postage, Stamps.com, the Stamps.com logo, EncrypTix and the EncrypTix logo are trademarks of Stamps.com Inc. All other brands and names are property of their respective owners.