Clareon Names Two New Executive Team Members; B2B Payment Network Builds Momentum with the Addition of Seasoned Finance and Sales Executives.

Business/Technology Editors

PORTLAND, Maine--(BUSINESS WIRE)--Nov. 8, 2000

Clareon Corporation, provider of the only bank-neutral Internet payment network for secure, information rich, B2B transactions, today announced that it has named Gregory Amoroso head of finance and controller and Michael Rague head of sales. These new appointments add valuable experience to Clareon's management team and build momentum as the company further establishes its position as a leader in the B2B Internet payment market.

Greg Amoroso brings 15 years of accounting and financial management experience to Clareon. Most recently, he served as senior manager at PricewaterhouseCoopers in Portland, Maine, where he was responsible for all aspects of service delivery to client portfolios. Amoroso has significant SEC and private capital market experience. As head of finance at Clareon, Amoroso will be responsible for financial reporting, internal controls and managing relationships with the financial and investing communities. Amoroso received a B.S. in business administration with a concentration in accounting from Boston College.

Michael Rague brings 15 years of sales and management experience to Clareon. Most recently, Rague served as vice president of hospitality sales at Qwest Communications, Inc. in San Antonio, Texas, where he was responsible for telecommunication sales in the hospitality industry throughout 27 states. He will utilize his extensive experience and success with expanding national market share and achieving sales and profit goals above industry growth rates. Rague received a B.S. in business management from Bentley College.

"The addition of Amoroso and Rague to Clareon's management team are critical to our growth and to increasing Clareon's presence in the B2B payment market," said Paul Walsh, chairman and CEO of Clareon. "With Rague expanding upon our national sales efforts and Amoroso overseeing the bottom line, Clareon is poised to move its business to the next level, expanding its customer base and bringing value to businesses doing business on the Web."

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 103 people and is headquartered in Portland, Maine's historic Old Port. For more information on Clareon, visit www.clareon.net.