Press Releases

Euronet Announces Resignation of its Chief Financial Officer

March 31, 2000 at 12:00 AM EST
Euronet Announces Resignation of its Chief Financial Officer Leawood, Kansas – Euronet Services Inc. (Nasdaq: EEFT) announced that its Chief Financial Officer, Daniel C. Stevens, 44, has resigned on mutually agreeable terms to pursue other interests. Mr. Stevens’s resignation as CFO is effective immediately, but he will remain available to the Company to assist in transition matters. Mr. Stevens assumed his position with Euronet on April 5, 1999.

Mr. Richard P. Halka, 40, European Finance Director, will assume the role of acting CFO. Mr. Halka has been European Finance Director since joining the Company in February, 1999 and in that capacity provided financial oversight over the Company’s ATM operations. He was instrumental in bringing the Company’s ATM operations to an EBITDA positive position and has worked closely with Mr. Stevens in all aspects of the financial management of the Company. Mr. Halka was previously a Management Consulting and Corporate Finance Partner with KPMG.

Michael J. Brown, CEO of Euronet, said: “Dan Stevens’s departure will not cause any disruption in the financial management or operations of the Company. Richard Halka is a very strong, highly qualified finance professional and is already well known to many of the members of the financial community who follow the Company. He will be able to step into Dan’s position on acting basis without any difficulty.”

Mr. Brown added: “We are pleased with the positive trends in the financial performance of the business. During March, we began booking significant Arksys sales that we had anticipated for some time. We believe that this, coupled with our steadily increasing recurring revenue from the ATM network, positions us well for continued improvement in our financial performance during 2000.”

Euronet Services Inc. is a leading provider of electronic financial solutions and transaction processing services. Euronet operates a network of over 2,200 ATMs in Europe and the U.S., and offers the Arksys software suite of integrated solutions for electronic payment and transaction delivery systems. With eight offices in Europe and three in the United States, Euronet Services offers ATM network development and participation, outsourced management solutions, comprehensive software solutions, and professional consulting services to retail banks and companies in more than 60 countries around the world.

Any statements made in this press release which concern Euronet’s or its management's intentions or expectations, or which are predictions of future performance, are forward looking statements. Euronet's actual results may vary materially from those predicted or anticipated in those forward looking statements as a result of a number of factors, including changes in transaction pricing levels on competing bank ATM networks, cancellation or re-negotiation of contracts on which the company is dependent, the level of card growth in emerging markets competition in software sales, unanticipated regulatory developments in the markets in which Euronet does business, or technical problems with development of new products or services. Additional explanation of these factors and other factors affecting the Company's performance are set forth from time to time in Euronet's periodic reports filed with the U.S. Securities and Exchange Commission, including, but not limited to, Euronet's Form 10-K for the period ended December 31, 1999. Copies of this filing may be obtained by contacting the Company or the SEC.