Technology Stocks : PayPal Inc. - PYPL
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To: zax who wrote (43)4/8/2002 6:19:22 PM
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PayPal Named Finalist for MIT's Prestigious Sloan eBusiness Awards

Updated: Monday, April 8, 2002 12:22 PM ET

Online Payment Service Provider Recognized in Two Categories

PALO ALTO, Calif., April 8 /PRNewswire-FirstCall/ -- PayPal, Inc. (Nasdaq: PYPL, news, msgs) announced today that the company has been selected as a finalist for the MIT Sloan eBusiness Awards (eBAs) in both the "Internet Services" and the "Disruptive Technology of the Year" categories. Sponsored by the Sloan School of Business at the Massachusetts Institute of Technology, the eBAs are designed to showcase global advances and to reward outstanding achievements in the field of eBusiness.

"The PayPal service enables quick and easy eCommerce payments for individuals and small businesses -- a market under-served by traditional payment mechanisms," said Peter Thiel, PayPal founder and CEO. "Certainly the more than 24,000 people who join the PayPal network every day are testament to the significant impact the service continues to have on society, and we are very pleased to be recognized by this respected institution for our success."

The Internet Services eBA nomination recognizes companies that have innovatively leveraged the Internet to creatively serve their customers. The Disruptive Technology eBA is designed to honor companies whose technology has begun to significantly and positively impact daily life. Five finalists were selected in each category, and winners of the eBAs will be announced at the eBusiness Awards Ceremony on April 17, 2002 at 6:30 p.m. at MIT's Kresge Auditorium.

About the Awards

The MIT Sloan eBAs were founded in 1999 to recognize and award successful innovation in eBusiness. The awards, which are entirely student run, have quickly become the premier event recognizing global advances and leadership in the field of eBusiness. This reputation is largely due to the support and sponsorship of leaders in the academic and business communities. Previous sponsors of the Sloan eBAs include Fleet, Scient, Dell, GM, Visteon, Nokia, Microsoft, British Telecom, PriceWaterhouseCoopers and Merrill Lynch. Jury members responsible for choosing the winners of past shows have included Michael Dell, Bill Porter, the editors of Newsweek, Red Herring, The Financial Times and Fast Company and the chairmen and CEOs of Nortel, BellSouth and Intel. Additional information can be found at

About PayPal

PayPal enables any business or consumer with email to send and receive online payments securely, conveniently and cost-effectively. PayPal's account-based network builds on the existing financial infrastructure of bank accounts and credit cards to create a global payment system. PayPal has more than 15 million member accounts, including more than 3 million business accounts. In 2001, PayPal processed over $3.5 billion in payments.

Based in Palo Alto, California, PayPal is available to users in 39 countries including the United States. Further information about the company can be found at

Forward Looking Statements

This press release contains forward-looking statements that involve risks and uncertainties that could cause actual results to differ significantly from those projected. Factors that might cause or contribute to such differences include, but are not limited to, our ability to compete with other payment systems, the risk of loss due to fraud and disputes between senders and recipients, and the fact that our status under state, federal and international financial services regulation is unclear. You are cautioned not to place undue reliance on the forward-looking statements, which speak only as of the date of this release. Our filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K for the year ended December 31, 2001, include more information about factors that could affect our financial results.

SOURCE PayPal, Inc.

CONTACT: Julie Anderson of PayPal, Inc., 888-337-3533, or; or Darcy Hansen of Applied Communications, +1-415-365-0222, or for PayPal, Inc.
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