Announces Full Repayment of Loan by Former CEO

SANTA MONICA, Calif. – May 17, 2002 –™ (Nasdaq: STMP) today announced that former Chief Executive Officer John Payne repaid to the full balance due under a promissory note executed in favor of by Mr. Payne in November 2000. Mr. Payne repaid the note using his shares of stock that had a market value of approximately seven million dollars.

About (Nasdaq: STMP) is the leading provider of Internet-based postage services. Its flagship product, Internet Postage, enables customers to print U.S. Postal Service-approved postage via a computer and Internet connection.
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