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ECHO
Press Releases 2007
FOR IMMEDIATE RELEASE
Electronic Clearing House, Inc. (ECHO)
to Adjourn Special Meeting
to March 27, 2007
Camarillo, Calif., Mar 6,
2007 -
Electronic Clearing House, Inc. (Nasdaq: ECHO), a leading provider of
electronic payment and transaction processing
services,
will adjourn its special stockholders
meeting scheduled for March 7th relating to its proposed acquisition
by Intuit Inc. The meeting will reconvene at 9 a.m. Pacific time on
March 27, 2007.
The adjournment will allow ECHO
more time to satisfy outstanding closing conditions and to complete
its performance of pre-closing covenants. ECHO expects that
the acquisition will close one to two days after the reconvened
meeting. At that time, ECHO will become a wholly owned
subsidiary of Intuit, and ECHO's stock will cease trading.
Intuit supports the adjournment of the special meeting.
"Both companies have worked
diligently to plan a smooth integration of ECHO's operations
and employees into Intuit's payments business following completion
of the acquisition," said Chuck Harris, ECHO's President and
Chief Operating Officer. "The extra time will allow us to continue
these planning efforts and to satisfy our outstanding closing
conditions."
About Electronic Clearing House, Inc.
(ECHO)
ECHO (www.echo-inc.com)
provides a complete solution to the payment processing needs of
merchants, banks and collection agencies. ECHO's services
include debit and credit card processing, check guarantee, check
verification, check conversion, check re-presentment, and check
collection. Forward-looking
Statements
This news release includes
forward-looking statements, including those regarding the business
of ECHO. These statements are based on certain assumptions
and reflect our current expectations. Statements including words
such as "anticipate," "propose," "estimate," "believe" or "expect"
and statements in the future tense are forward-looking statements.
These forward-looking statements involve known and unknown risks,
uncertainties and other important factors that could cause the
actual results, performance or achievements to differ materially
from any future results, performance, or achievements discussed or
implied by such forward-looking statements. Some of the factors that
could cause results to differ materially from the expectations
expressed in these forward-looking statements include the risks
discussed in ECHO's reports filed with the Securities and
Exchange Commission (the "SEC"), including, without limitation,
ECHO's Form 10-K for the fiscal year ended September 30, 2006
and ECHO's Definitive Proxy Statement on Schedule 14A filed
with respect to the proposed transaction with Intuit Inc. Copies of
ECHO's filings with the SEC can be obtained on its website,
or at the SEC's website at www.sec.gov.
Any forward-looking statement is qualified by reference to these
risks, uncertainties and factors. Forward-looking statements speak
only as of the date of the document in which they are made. These
risks, uncertainties and factors are not exclusive, and ECHO
undertakes no obligation to publicly update or revise any
forward-looking statements to reflect events or circumstances that
may arise after the date of this release.
Additional Information About The
Proposed Transaction And Where You Can Find It
In connection with the proposed
transaction, ECHO has filed a definitive proxy statement and
other relevant materials with the Securities and Exchange Commission
("SEC"). Before making any voting decision with respect to the
proposed transaction, stockholders of ECHO are urged to read the
proxy statement and the other relevant materials filed by ECHO
with the SEC because they contain important information about the
proposed transaction. The proxy statement and other relevant
materials, and any other documents filed by ECHO with the
SEC, may be obtained free of charge at the SEC's website at
www.sec.gov. In addition,
stockholders of ECHO may obtain free copies of the documents
filed with the SEC by contacting ECHO Investor Relations at
800-262-3246 ext. 8533, or by email to
corp@echo-inc.com. You may
also read and copy any reports, statements and other information
filed by ECHO with the SEC at the SEC public reference room
at 100 F Street, N.E., Room 1580, Washington, D.C. 20549. Please
call the SEC at 1-800-SEC-0330 or visit the SEC's website for
further information on its public reference room.
ECHO and its executive
officers and directors may be deemed to be participants in the
solicitation of proxies from ECHO stockholders in favor of
the proposed transaction. Certain executive officers and directors
of ECHO have interests in the transaction that may differ
from the interests of stockholders generally. These interests are
described in the definitive proxy statement.
In addition, Intuit and its executive
officers and directors may be deemed to be participants in the
solicitation of proxies from ECHO's stockholders in favor of
the approval of the proposed transaction. Information concerning
Intuit's directors and executive officers is set forth in Intuit's
proxy statement for its 2006 annual meeting of stockholders, which
was filed with the SEC on November 3, 2006, and annual report on
Form 10-K filed with the SEC on September 15, 2006. These documents
are available free of charge at the SEC's web site at
www.sec.gov or by going to Intuit's
Investor Relations Website at
http://www.intuit.com/about_intuit/investors.
Contact:
Electronic Clearing House, Inc.
Donna Rehman, 805-419-8533
E-mail: drehman@echo-inc.com
or
The Abernathy MacGregor Group, Inc.
Moira Conlon, 213-630-6550
E-mail: MHC@abmac.com
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