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February 3, 1997updated 05 Sep 2016 12:30pm

CYBERCASH LOOKS AHEAD DESPITE 1996 LOSSES OF $26M

By CBR Staff Writer

Inevitably with internet payment system company CyberCash Inc, its year-end figures contain more forward-looking stories than rear-facing. The Reston, Virginia company reported fourth quarter net losses of $8.1m, up from $3.8m on revenues of just $50,646. There were no revenues in the corresponding 1995 period. While the electronic commerce juggernaut is still trying to find first gear, CyberCash seems to have managed to grab mindshare at least with its CyberCoin small payments system, PayNow secure electronic check payment service and establishing links with most major card processing companies, Visa and MasterCard as well as technology leaders looking to see what e- commerce has to offer them. During the year CyberCash signed deals with Microsoft, Oracle, Sun, Digital Equipment Corp, Lotus and Hewlett-Packard, among others. Next quarter CyberCash plans to launch its Digital Debit Card. It has a long wish list for other plans for 1997, including extending its merchant development program to include more web hosting services, new alliances with financial institutions, making it easier for web content providers to sell in small increments under $10 called Digital Newsstand, which is to be tested by the likes of Bloomberg, Barron’s Online, Financial Times and NBC Desktop Video. It also reckons it will persuade more banks to take up bank-branded electronic wallets so they own their space on the web. President and CEO Bill Melton said CyberCash will look to expenses at the 1996 levels and should be able to meet its requirements from existing funds, but would look for additional equity if needs be. Cash at the year-end stood at $33.7m. Acquisitions for niche products and technology are likely, Melton said. Net losses for the year were $26.5m, up from $10.0m, on revenues of $127,439. https://www.cybercash.com

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