Stamps.com Announces Full Repayment of Loan by Former CEO
SANTA MONICA, Calif. – May 17, 2002 – Stamps.com (Nasdaq: STMP) today announced that former Chief Executive Officer John Payne repaid to Stamps.com the full balance due under a promissory note executed in favor of Stamps.com by Mr. Payne in November 2000. Mr. Payne repaid the note using his shares of Stamps.com stock that had a market value of approximately seven million dollars.
Stamps.com (Nasdaq: STMP) is the leading provider of Internet-based postage services. Its flagship product, Stamps.com Internet Postage, enables customers to print U.S. Postal Service-approved postage via a computer and Internet connection.
“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, including the company’s ability to achieve profitability, 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 annual report on Form 10-K for the fiscal year ended December 31, 2001, and its Current Reports on Form 8-K. Stamps.com undertakes no obligation to release publicly any revisions to any forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
Stamps.com and the Stamps.com logo are trademarks of Stamps.com Inc. All other brands and names are property of their respective owners.