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STANFORD BUSINESS SCHOOL DEAN ELECTED TO VERIFONE'S BOARD OF DIRECTORS

 REDWOOD CITY, Calif., Dec. 17 /PRNewswire/ -- VeriFone Inc. (NASDAQ: VFIC) today announced the election of A. Michael Spence, 49, to its board of directors. A prominent member of the nation's academic and business community, Spence has been dean of Stanford University's Graduate School of Business since 1990. He also serves on the board of directors of BankAmerica Corp., Sun Microsystems and General Mills.
 "The addition of Dr. Spence further strengthens our board and reaffirms VeriFone's commitment to its basic business values," said Hatim Tyabji, VeriFone chairman, president and chief executive officer. "These values are clearly synergistic with the principles endorsed by the nation's leading academic institutions. Dr. Spence's election also reflects our determination to succeed as an ethical and accountable organization that emphasizes long-term growth strategies for the benefit of stockholders, customers and employees."
 According to Tyabji, Spence brings to the nine-member VeriFone board an important new perspective developed during his distinguished 21-year career in both the public and private sector. He anticipates that the new director will apply academic rigor to strategic issues and draw on his extensive knowledge of economics, finance, shareholder responsibility and competitive strategy.
 "It is a privilege to join the board of VeriFone, an innovative and distinguished company," said Spence. "I look forward eagerly to working with Hatim Tyabji, an imaginative leader, and with the other members of the board."
 Distinguished Career
 Spence's career combines many years of experience as an administrator, professor, researcher and author. In his previous administrative position, Spence was dean of the faculty of arts and sciences at Harvard University, overseeing Harvard College, the Graduate School of Arts and Sciences and the Division of Continuing Education.
 Through his academic posts and service on advisory boards, Spence has become nationally recognized as an expert in economic theory. While at Harvard, he served as professor of economics and business administration from 1975 to 1990, and was named chairman of the economics department in 1983. Earlier in his career, Spence was an associate professor of economics at Stanford.
 Among his many honors, Spence was awarded the prestigious John Bates Clark Medal by the American Economic Association for his "significant contribution to economic thought and knowledge." He was also elected a Fellow of the American Academy of Arts and Sciences, awarded the John Kenneth Galbraith Prize for excellence in teaching and granted a Rhodes Scholarship by Oxford University.
 The author of three books and more than 50 professional articles, Spence is currently chairman of the National Research Council Board on Science, Technology and Economic Policy.
 Spence earned his undergraduate degree in philosophy from Princeton University, graduating summa cum laude. He also earned a B.A./M.A. in mathematics from Oxford and a Ph.D. in economics from Harvard.
 The Company
 VeriFone Inc., based in Redwood City, is a leading global provider of Transaction Automation solutions used to deliver payment processing and other transaction services to the retail, healthcare and government markets. The company has more than 30 facilities -- including regional offices, development centers and manufacturing and distribution centers -- located throughout the United States and in or near Frankfurt, Germany; London; Madrid, Spain; Milan; Paris; Singapore; Sydney, Australia; Taipei and Kaohsiung, Taiwan, R.O.C.; and Bangalore, India. To date, VeriFone has shipped more than 2.6 million Transaction Automation systems, which have been installed in more than 70 countries. The company's 1991 revenues totaled $187.9 million. VeriFone has been named one of America's 100 fastest-growing companies by Fortune and one of the 200 best small companies by Forbes.
 NOTE: VeriFone is a registered trademark of VeriFone Inc. All other brands or products are trademarks or registered trademarks of their respective holders and should be treated as such.
 -0- 12/17/92 R
 /CONTACT: Tod Bottari of VeriFone, 415-598-5570; or Jane Gideon of Wilson McHenry, 415-592-7600, for VeriFone/
 (VFIC)


CO: VeriFone Inc. ST: California IN: CPR SU: PER

TM-SG -- SJ001 -- 8617 12/21/92 09:04 EST
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Date:Dec 21, 1992
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