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ATLANTA, May 24 /PRNewswire/ -- CheckFree Corporation (Nasdaq: CKFR) and
Intuit, Inc. (Nasdaq: INTU) today announced they have amicably resolved the
issues that had led to the filing of a lawsuit last March, and to subsequent
arbitration. Other than noting that neither party makes any payment for the
settlement, the specific terms of the agreement were not disclosed.
In commenting on the resolution, Pete Kight, chairman and CEO of CheckFree
said, "We have enjoyed a long and close relationship with Intuit, but we had
an honest disagreement about how to apply our contract in a rapidly-changing
environment. I'm very pleased that we were able to find a solution that
allows our two companies to match our collective and respective strengths to
address the full spectrum of the market's approach to electronic billing and
payment."
Bill Harris, president and CEO of Intuit said, "We are pleased to be back
on track in our relationship with CheckFree in a manner that benefits both
companies. We look forward to our continued relationship and renewed
dedication to meeting customer needs."
About Intuit
Intuit Inc., a financial software and Web-based services company, develops
and markets Quicken, the leading personal finance software; TurboTax, the
best-selling tax preparation software; and QuickBooks, the most popular small
business accounting software. Intuit's Quicken.com Web site (www.quicken.com)
is a leading financial Web site, offering a comprehensive set of financial
news, information and tools, including insurance, mortgage, investment and tax
preparation services. Intuit's products and services enable individuals,
small businesses and financial professionals to better manage their financial
lives and businesses.
About CheckFree
Founded in 1981, CheckFree (www.checkfree.com), the operating subsidiary
of CheckFree Holdings Corp., is the leading provider of financial electronic
commerce services, software and related products. CheckFreedesigns, develops
and markets services that enable nearly three million consumers to receive and
pay bills over the Internet or electronically through a variety of bill
aggregation points, including banks, brokerage firms, portals and interactive
content sites on the Internet, and personal financial management (PFM)
software. CheckFree's range of services and products are focused on enabling
customers to make electronic payments and collections, automate paper-based
recurring financial transactions and conduct secure Internet transactions.
After more than a year of beta testing, CheckFree launched the nation's first
fully integrated electronic billing and payment solution, CheckFree E-Bill, in
March of 1997. Today, the Company has multi-year contracts with nearly 50 of
the nation's top billers to provide online billing and payment through the
CheckFree distribution network.
SOURCE CheckFree Corporation
-0- 05/24/99
/CONTACT: Laurinda Wilson, Media Relations, 678-375-1608, or
lwilson@checkfree.com, or Terrie O'Hanlon, Investor Relations, 678-375-1452,
or tohanlon@checkfree.com, both of CheckFree Corporation; or Linda Fellows,
Investor Relations, of Intuit, 650-944-5436, or linda_fellows@intuit.com, or
Holly Anderson, Media Relations, 650-596-2207, or holly@thomaspr.com, for
Intuit/
/Web site: checkfree.com
(CKFR INTU)
CO: CheckFree Corporation; Intuit, Inc.; CheckFree Holdings Corp.
ST: Georgia
IN: CPR FIN
SU: LAW
PM
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