Concord EFS Completes Acquisition of Electronic Payment Services, Inc.

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Concord EFS Completes Acquisition of Electronic Payment Services, Inc.
    MEMPHIS, Tenn., March 1 /PRNewswire/ -- Concord EFS, Inc. (Nasdaq: CEFT)
announced today that it has completed the acquisition of Electronic Payment
Services, Inc. (EPS), an electronic transaction processor headquartered in
Wilmington, Delaware.  The acquisition and plan of merger was announced
November 23, 1998, and approved by Concord's stockholders at a special meeting
held February 18, 1999.  Requisite regulatory approvals were also satisfied.
    The acquisition adds approximately 2,500 merchant and financial
institution customers, and 2.8 billion in transaction processing volume to
Concord's business.  The merger is notable for its product line synergies,
especially in the payment-processing arena where Concord provides a back-end
merchant processing service and EPS contributes a front-end POS acquiring
product.  Concord's president, Edward A. Labry III, remarked, "The result of
this merger is a combined company with a strong, dedicated sales force,
extensive market expertise, and a vertically integrated product offering that
is second to none.  We're excited about the future and about our ability to
deliver comprehensive processing solutions to our clients."  The operation of
the two organizations will be fully integrated during 1999.
    EPS is the holding company for BUYPASS Corporation, a front-end POS
processor, and MONEY ACCESS SERVICE INC., an electronic funds transfer
processor and the nation's leading ATM terminal driver.  EPS also operates the
MAC(R) automated teller machine network.
    Concord provides electronic transaction authorization, processing,
settlement and funds transfer services in selected markets.  Concord's primary
activity is card services, including credit, debit card and electronic benefit
transfer (EBT) card transactions to supermarket chains, grocery stores,
convenience store merchants and other retailers.  Concord also provides
electronic payment, banking products and payroll services to trucking
companies, truck stops and other niche segments of the market.
    This release may contain statements which may constitute "forward-looking
statements" within the meaning of Section 27A of the Securities Act of 1933,
as amended and Section 21E of the Securities Exchange Act of 1934, as amended.
    Investors are cautioned that any such statements are not guarantees for
future performance and involve risks and uncertainties, and that actual
results may differ materially from those contemplated by such forward-looking
statements.  Important factors currently known to management that could cause
actual results to differ materially from those in forward-looking statements
include significant fluctuations in interest rates, inflation, economic
recession, significant changes in the federal and state legal and regulatory
environment, and competition in the Company's markets.  The Company undertakes
no obligation to update or revise forward-looking statements to reflect
changed assumptions, the occurrence of unanticipated events or changes to
future results over time.
SOURCE Concord EFS, Inc.
http://www.prnewswire.com/comp/576550.html or fax,
800-758-5804, ext. 576550
CONTACT:
Edward A. Labry III of Concord EFS,
901-371-8000