About the restructering:
As many of you know, on December 14, 2000, CyberCash announced
its intention to merge with Network 1 Financial Corp., a premier supplier
of payment processing systems and Internet payment services, to create
a single entity to offer the industry's most fully integrated payment
solution for both Internet and physical world merchants. The
combination of CyberCash and Network 1 would enable CyberCash to
offer its customers a one-stop solution for payment processing and
merchant account services packaged for simplicity and economy.
While we have made tremendous strides over the last several months in
completing the merger, conditions in the capital markets prevent
CyberCash from completing the financing necessary to close the merger
as planned.
In light of these events, the companies have terminated their existing
merger agreement and have entered into an asset purchase agreement
under which Network 1 will acquire all of CyberCash's operating assets.
As part of this strategy, CyberCash today elected to utilize the
procedures offered by Chapter 11 of the U.S. Bankruptcy Code.
Please rest assured that we will continue to provide the same high
quality customer service that has made us the world leader in payment
processing. As these plans develop, we will send you additional
communications.
For more information, please go to
http://www.cybercash.com/restructure.
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