ENCRYPTIX, INC. CEASES ITS OPERATIONS
El Segundo, Calif. – March 12, 2001 – EncrypTix, Inc., a majority-owned subsidiary of Stamps.com, Inc. (STMP), today announced that its Board of Directors has voted to adopt a plan of liquidation and that the company will cease its operations by March 15, 2001. The privately-held EncrypTix has received all necessary shareholder approvals and has effected an assignment of its assets for the benefit of creditors. Encryptix has taken this action due to the inability to secure additional funding.
About EncrypTix, Inc.
Headquartered in El Segundo, Calif., EncrypTix, Inc. is a service provider of highly secure storage, delivery, and authentication of value over the Internet and wireless networks. EncrypTix will deliver tickets, vouchers, certificates, and other forms of value-bearing instruments and documents over public and private networks to any device, including printers, smart cards, PDAs and Internet enabled mobile phones. Investors in EncrypTix include: Vulcan Ventures, Inc., the investment organization of Paul G. Allen; American Express Travel Related Services Company, Inc.; Galileo International; GetThere.com, Inc.; Loews Cineplex Entertainment Corporation; Mail Boxes Etc. USA, Inc.; Mitsubishi International Corporation; Sabre Holdings, Inc.; Stamps.com; SunAmerica, Inc.; The Walt Disney Company and Tickets.com, Inc. More information about the company can be found at www.encryptix.com.
EncrypTix and the EncrypTix logo are trademarks of EncrypTix, Inc. All other brands and names are the property of their respective owners.