PRESS RELEASE -
For immediate release
CONTACT: Ed Truitt
Cavion Technologies
720-875-1965
[email protected]
CAVION ANNOUNCES DOWNSIZING
ENGLEWOOD, CO - DECEMBER 18, 2000 -- Cavion Technologies (Nasdaq: CAVN)
announced today that it was unable to meet its payroll on Friday, December
15, 2000. While the Company was hopeful that it would raise funds over
the weekend sufficient to fund Friday's payroll, it was unable to do so.
Cavion plans to use all reasonable efforts to keep its network running by
utilizing a downsized staff until such time as additional funds can be
raised or the Company is sold. While the Company is pursuing these
solutions, there is no guarantee that either will be achieved. The
Company is considering other options as well, including seeking bankruptcy
protection.
ABOUT CAVION
Cavion Technologies offers products and services for secure business-to-
business communications and secure Internet financial products and
services designed specifically for the needs of credit unions. The
company's Internet software products include secure Internet access,
online transactional banking, cellular access, online bill payment, and
online loan decision products along with enabling software for kiosks.
Cavion is also building and managing a secure private communications
network called CUiNET (Credit Union interactive Network) exclusively for
the credit union industry. CUiNET provides a secure, high-speed
communications platform for the delivery of services, transactions and
information to and from credit unions and related organizations, such as
trade organizations, corporate credit unions and credit union vendors.
Cavion, www.cavion.com, currently serves 231 credit union entities in 36
states. The company's headquarters are located at 6446 South Kenton
Street, Englewood, CO 80111. Its telephone number is 720-875-1900.
This press release contains forward-looking statements. Cavion uses words
such as "anticipate", "believe", "expect", "future", "may", "will",
"should", "plan", "projected", "intend" and similar expressions to
identify forward-looking statements. These statements are based on the
company's beliefs and the assumptions it made using information currently
available to it. Because these statements reflect the company's current
views concerning future events, these statements involve risks,
uncertainties and assumptions. The actual results could differ materially
from the forward-looking statements. Some, but not all, of the factors
that may cause these differences are discussed in the risk factors section
of the company`s periodic filings under the Securities Exchange Act of
1934 and its registration statements under the Securities Act of 1933. In
any event, you should not place undue reliance on these forward-looking
statements, which apply only as of the date of this press release.
