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The auction of CyberCash's assets, part of the company's reorganization under Chapter 11, was held April 11. The winning bid of $20.4 million was submitted jointly by VeriSign, Inc., and First Data Merchant Services. VeriSign and FDMS aren't disclosing what each will pay for the CyberCash assets. 

The acquisition is subject to approval by CyberCash's board of directors and the bankruptcy court. Closing is scheduled for May 1, 2001. 

Excluded from the transaction are CyberCash's interest in CyberCash K.K., its Japanese payment processing joint venture with SoftBank, as well as CyberCash's investments in Commission Junction, X.com, and Outbounders, Inc. CyberCash intends to sell these financial assets through subsequent auctions in the next 60 days. 

The Company took the opportunity to reiterate that it was conducting business as usual during its reorganization. Karnes stated "We have achieved 100% service availability throughout this entire process and look forward to maintaining our exceptional track record for security and dependability in the future." He added, "Sales remain brisk and we are adding new merchants daily." For more information visit www.cybercash.com.