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Exhibit 99.2
CHAIRMAN AND CEO OF STAMPS.COM RESIGNS
Former U.S. Postmaster General Marvin Runyon Appointed Chairman
SANTA MONICA, Calif. - Thursday, October 12, 2000 - Stamps.com(TM) (Nasdaq:
STMP), the leading provider of internet mailing and shipping services, today
announced that John Payne, who served as the company's chairman and chief
executive officer, has stepped down. Former U.S. Postmaster General Marvin
Runyon will act as chairman until a permanent replacement is found. Payne served
at the company since May 1998.
"Stamps.com is well-positioned to continue its leadership role in the mailing
and shipping market," said Runyon. "We are confident of the viability of our
long-term business model and are extremely focused on achieving our goals
serving small, large and e-commerce companies. Our sound financial standing of
$300 million of cash-on-hand provides us the resources to accomplish our
business objectives and remain the category leader."
The Board of Director's Executive Committee - which is now comprised of Jeff
Brown of Forrest Binkley & Brown; Brad Jones of Redpoint Ventures and Brentwood
Venture Capital; Mohan Ananda, a co-founder of Stamps.com; and Tom Clancy of
Enterprise Partners Venture Capital - will continue to oversee strategic matters
for the company. Operations management will be provided by the company's
established senior executive team, led by Executive Vice President Steve
Teglovic, Senior Vice President and General Manager Doug Walner and Senior Vice
President and General Manager David Duckwitz. Vice President of Finance Ken
McBride will assume the role of acting chief financial officer.
The Executive Committee of the Board of Directors will immediately engage in a
search for a new chief executive officer and chief financial officer, as well as
explore other strategic alternatives for the company.
"John Payne has been an integral part of helping Stamps.com establish its
leadership position in Internet mailing and shipping. We have a 70 percent share
of the customers using Internet Postage, and strong initiatives in enterprise
and e-commerce areas," Runyon said.
John Payne will remain on the Stamps.com Board and as a special advisor to the
Board of Directors. Finally, the company also announced that Tom Bruggere has
stepped down from his position as a director of the company.
About Stamps.com
Stamps.com(TM) provides the easiest, smartest way to mail or ship letters,
packages or parcels anywhere, anytime. Stamps.com operates three business units
focused on providing valuable e-services allowing small businesses, large
corporations and e-commerce companies to control costs and efficiently manage
their mailing, shipping and returns operations. Its business is anchored in key
relationships with the U.S. Postal Service and United Parcel Service (UPS) and
other carriers, including FedEx, Airborne Express, DHL and Yellow Freight.
Stamps.com's subsidiary, EncrypTix, Inc., leverages its highly secure, patented
technologies enabling companies to provide value-bearing documents like tickets,
coupons and certificates over the Internet to consumers. Stamps.com
International will extend the company's reach into markets outside the U.S.
Visit www.stamps.com for more information.
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"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, 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/A for the fiscal year ended
December 31, 1999, its quarterly report on Form 10-Q for the fiscal quarter
ended June 30, 2000, 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, iShip, iReturn and the Stamps.com, iShip and iReturn logos are
trademarks of Stamps.com Inc. All other brands and names are property of their
respective owners.
