[LOGO] DELUXE CORPORATION
DELUXE P.O. BOX 64235
ST. PAUL, MN 55164-0235
(651) 483-7111
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N E W S R E L E A S E FOR ADDITIONAL INFORMATION:
STUART ALEXANDER
Vice President
Investor Relations
(651) 483-7358
DOUGLAS J. TREFF
Senior Vice President
January 2, 2001 Chief Financial Officer
(651) 787-1587
DELUXE CORPORATION COMPLETES SEPARATION OF eFUNDS
St. Paul, Minn. -- Deluxe Corporation (NYSE: DLX) announced today it has
completed the separation of eFunds Corporation through the distribution of all
of its 40,000,000 shares of eFunds Corporation (Nasdaq: EFDS) stock.
On November 30, 2000, Deluxe's board of directors declared a distribution of
eFunds common stock owned by Deluxe to all holders of Deluxe Corporation common
stock as of 5:00 p.m., central standard time, on December 11, 2000 (the record
date). The distribution was completed at the close of business on Friday,
December 29, 2000. Deluxe shareholders were issued .5514 shares of eFunds
Corporation common stock for each share of Deluxe common stock held. Cash will
be issued in lieu of fractional shares. As a result of this distribution, eFunds
Corporation is now a completely independent company.
"This is truly a great day for both Deluxe and eFunds," said J.A. Blanchard,
III, former chairman and CEO of Deluxe, and now the chairman and CEO of eFunds.
"The separation will allow both companies the opportunity to maximize their
shareholder value."
Lawrence J. Mosner, the new chairman and CEO of Deluxe echoed that sentiment.
"The spin-off of eFunds is in keeping with Deluxe's stated intent to enhance
value to our shareholders. Many people have put in a lot of work to make this
happen, bringing us to a point where we can fully unleash the power of each
individual company," Mosner said.
CALCULATING COST BASIS
During the week of December 18, an information statement was mailed to Deluxe
shareholders, and included information on the distribution ratio, as well as
information on how to calculate the tax basis for Deluxe and the eFunds shares
received as a dividend. This same information is available at www.dlx.com. A
toll-free information line has also been set up for shareholders' questions
(866-902-4573).
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ABOUT DELUXE
Deluxe Corporation provides checks and related products to financial services
companies, consumers and small businesses through multiple distribution
channels. Since its beginning in 1915, Deluxe has been instrumental in shaping
the payments industry and serving financial services companies by focusing on
consumers and small businesses. The company is headquartered in St. Paul, Minn.
More information about Deluxe can be found at www.deluxe.com.
ABOUT eFUNDS
eFunds delivers innovative, reliable and cost-effective technology solutions to
meet its customers' payment and risk management, e-commerce and business process
improvement needs. eFunds provides its services to financial institutions,
financial services companies, electronic funds networks, retailers, government
agencies, e-commerce providers and other companies around the world. For more
information, visit www.efunds.com.
STATEMENTS MADE IN THIS RELEASE CONCERNING THE COMPANY'S OR MANAGEMENT'S
INTENTIONS, EXPECTATIONS, OR PREDICTIONS ABOUT FUTURE RESULTS OR EVENTS ARE
"FORWARD-LOOKING STATEMENTS" WITHIN THE MEANING OF THE PRIVATE SECURITIES
LITIGATION REFORM ACT OF 1995. SUCH STATEMENTS ARE NECESSARILY SUBJECT TO RISKS
AND UNCERTAINTIES THAT COULD CAUSE ACTUAL RESULTS TO VARY FROM STATED
EXPECTATIONS, AND SUCH VARIATIONS COULD BE MATERIAL AND ADVERSE. FACTORS THAT
COULD RESULT IN SUCH A VARIATION INCLUDE, BUT ARE NOT LIMITED TO, THE INHERENT
UNRELIABILITY OF EARNINGS, REVENUE AND CASH FLOW PREDICTIONS DUE TO NUMEROUS
FACTORS, INCLUDING MANY BEYOND THE COMPANY'S CONTROL, POTENTIAL DIFFICULTIES,
DELAYS AND UNANTICIPATED COSTS AND EXPENSES INHERENT IN THE DEVELOPMENT AND
MARKETING OF NEW PRODUCTS AND SERVICES, COMPETITIVE FACTORS, AND THE NUMEROUS
RISKS AND POTENTIAL ADDITIONAL COSTS, DISRUPTIONS AND DELAYS ASSOCIATED WITH THE
REORGANIZATION AND SEPARATION OF THE TWO COMPANIES, AND THE ESTABLISHMENT OF NEW
BUSINESS VENTURES AND E-COMMERCE BUSINESS INITIATIVES. FURTHER, THE SEPARATION
OF THE TWO COMPANIES MAY DISRUPT ONE OR MORE OF THE COMPANY'S OR eFUNDS'
CUSTOMER RELATIONSHIPS. THERE ALSO CAN BE NO ASSURANCE THAT THE SEPARATION OF
THE COMPANY AND eFUNDS WILL RESULT IN INCREASED VALUE TO THE COMPANY'S OR
eFUNDS' SHAREHOLDERS FOR MANY REASONS, INCLUDING PREVAILING MARKET CONDITIONS
AND POTENTIAL DISPOSITIONS BY HOLDERS OF THE COMMON STOCK OF EITHER COMPANY OR
THAT THE SEPARATION WILL ACHIEVE THE DESIRED LEVEL OF EFFICIENCY OR EXPENSE AND
COST SAVINGS IN THE COMPANY'S OR eFUNDS' OPERATIONS. ADDITIONAL INFORMATION
CONCERNING THESE AND OTHER FACTORS THAT COULD CAUSE ACTUAL RESULTS TO DIFFER
MATERIALLY FROM THE COMPANY'S CURRENT EXPECTATIONS IS CONTAINED IN THE COMPANY'S
FORM 10-Q FOR THE QUARTER ENDED SEPTEMBER 30, 2000.
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