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CyberCash Completes Merger with ICVERIFY

Reston, VA-based CyberCash Inc. said the merger between CyberCash and ICVERIFY has been completed, effective April 30.

Under the terms of the merger, the shareholders of ICVERIFY received $16.15 million in cash and 2.3 million shares of CyberCash common stock. With the completion of the merger, ICVERIFY is now a wholly owned CyberCash subsidiary.

F. Thomas Aden will remain president and chief executive officer of ICVERIFY. In addition, he will serve as an executive vice president of CyberCash, reporting to Bill Melton, president and chief executive officer of CyberCash.

Steve Elefant, ICVERIFY co-founder and chairman, will become vice chairman of CyberCash. Eric Buchbinder, another ICVERIFY co-founder, will become senior vice president for Advanced Technology at CyberCash.

"The closing of this merger is a big step for CyberCash toward achieving a critical mass of merchants using Internet payments in the rapidly growing electronic commerce marketplace," said Melton. "We are now able to offer a complete e-commerce payment offering for everyone from physical world merchants to Internet merchants, financial institutions and billers seeking to offer Internet payment capabilities to their consumers. Moreover, with ICVERIFY we add thousands of merchants to our customer base."