Clareon Corp. Announces New Board Members.

Business/Technology Editors

PORTLAND, Maine--(BUSINESS WIRE)--Oct. 23, 2000

Proven Technology and Renewed Venture Capital Commitment

Attract Respected Business Leaders

Clareon Corporation, provider of the only bank-neutral Internet payment network for secure, information-rich, B2B transactions, today announced three new members of the company's board. W. Thomas Clark, managing director of Morgan Stanley & Co. Incorporated; Rowland T. Moriarty, chairman of Cubex Corporation; and Jake Reynolds, general partner at Technology Crossover Ventures, have joined Clareon's board of directors in order to add a breadth of experience and business knowledge that will keep Clareon on the forefront of the B2B Internet payment market.

"Clareon's position as an innovator in the Internet payment market is reflected in the company's ability to attract such respected business leaders to its board of directors," said Paul Walsh, chairman and CEO of Clareon. "Each of Clareon's new board members is an experienced leader in his field and will help guide the development of the company as we continue to grow and attract new customers."

W. Thomas Clark is currently managing director of Morgan Stanley and Co. Incorporated. He serves as the head of the business to business group in the E-Commerce division. He previously served as business manager for the Global Equity Derivatives Unit, where he oversaw the strategic planning initiatives and product management for the options and futures businesses. Clark joined Morgan Stanley in 1980 and has served in various sales, trading and management positions.

Dr. Rowland T. Moriarty is currently chairman of Cubex Corporation, an international management consulting firm. Before joining Cubex, Moriarty was professor of business administration at Harvard Business School. He has been a consultant to more than 75 companies and serves as a director of seven U.S.-based corporations. Moriarty is a prolific writer and has authored or co-authored 50 publications on the subject of marketing.

Jake Reynolds currently serves as general partner at Technology Crossover Ventures, a multi-stage, Internet focused venture capital firm, and has more than 10 years of technology financing experience. Reynolds' investing expertise is in the Internet software and services space. Prior to joining TCV, Reynolds was with General Atlantic Partners, a private equity firm focusing on information technology. He serves as a director on boards of several private companies.

About Clareon

Clareon Corporation, launched in March 2000, has pioneered the only bank-neutral Internet payment network for secure, information-rich transactions between companies doing business on the World Wide Web. Clareon's payment network is based on technology originally developed by a consortium of leading financial institutions and technology providers for the U.S. Treasury Department in 1998. The high-volume business payment network enables businesses to realize significant cost savings through the ability to transact electronic payments between any company, anywhere, regardless of geography or existing bank relationships. Clareon has secured a total of $45 million in venture funding from the Mayfield Fund, Technology Crossover Ventures, Morgan Stanley Dean Witter, Berkshire Partners LLC, BancBoston Ventures and Comdisco. The company employs 95 people and is headquartered in Portland, Maine's historic Old Port. For more information on Clareon, visit www.clareon.net.