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Deluxe Reaches Agreement To Sell Financial Alliance

ST. PAUL, Minn., Nov. 25 /PRNewswire/ -- Deluxe Corporation (NYSE: DLX) announced today that it has entered into an agreement to sell its Financial Alliance Processing Services Inc. subsidiary to FA Holdings, Inc. Financial Alliance, based in Louisville, Ky., is a credit and debit card processing services company. FA Holdings is a company organized by the current management of Financial Alliance and Inverness/Phoenix LLC to effect the acquisition. Inverness/Phoenix LLC is an investment firm based in Greenwich, Conn. Terms of the agreement were not disclosed.

The sale is part of Deluxe's previously announced plans to divest a number of businesses that do not fit with its business strategy. Earlier this year, Deluxe sold its ink business, its internal bank forms unit, a consumer software unit, and its health care forms business.

Founded in 1915, Deluxe is a leading payment services provider to financial institutions and retailers. The company operates three market- serving units:

Deluxe Financial Services provides check printing, direct marketing and customer database management, and related services to the financial industry; and payment systems protection services -- including check authorization, account verification, and collection services -- to financial institutions and retailers.

Deluxe Electronic Payment Systems provides electronic funds transfer services to the financial and retail industries and electronic benefits transfer services to state governments.

Deluxe Direct provides electronic printing services through World's Easiest and Printovation. It also markets forms, specialty papers, and other products to small businesses; provides tax forms and electronic tax filing services to tax preparers; and sells direct mail greeting cards, gift wrap, and related products to households. It also sells direct mail checks to households and small businesses.

SOURCE Deluxe Corporation
 -0- 11/25/96

/CONTACT: Stuart Alexander, Vice President, Corporate Public Relations, 612-483-7358, or Charles M. Osborne, Senior Vice President, Chief Financial Officer, 612-483-7355, both of Deluxe Corporation/


CO: Deluxe Corporation; FA Holdings, Inc. ST: Minnesota, Kentucky IN: PAP CPR SU:

MR-CC -- MNM025 -- 3905 11/25/96 16:16 EST
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Publication:PR Newswire
Date:Nov 25, 1996
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