2004-10-01 - Los Angeles, CA, USA: Stamps.com (Nasdaq: STMP)
has been by the U.S. Postal Service to conclude its market test and to
cease taking customer orders for PhotoStamps(TM) as of October 1, 2004, to
allow the Postal Service to conduct a review of the program. The USPS stated
that it expects to make a decision on the future of the PhotoStamps program
within 90 days. Customer response to the market test of the new
PhotoStamps(TM) product has been overwhelmingly positive with an estimated
100,000 sheets, or 2,000,000 individual PhotoStamps, ordered during the
approximately seven weeks of the market test which began with the public
launch on August 10.
Stamps.com recently submitted a formal request to the U.S. Postal Service
to extend the PhotoStamps market test for a definite period of time, or to
start a new market test of the service. That request is expected to be
considered during the Postal Service's evaluation period. Stamps.com also
made a request that it be allowed to continue taking PhotoStamps orders while
the program was evaluated, and that request was effectively denied.
"We are disappointed with this outcome as it puts the PhotoStamps program
into a state of limbo as the holiday season approaches, however we acknowledge
the Postal Service's request to evaluate the program before additional orders
are taken," said Stamps.com president and CEO Ken McBride. "By all reasonable
measures, we think this program has been overwhelmingly successful. The
customers have voted loud and clear with their orders -- now it is up to the
USPS."
All orders
received up to 30 September will be fulfilled by Stamps.com in the following
business days. All PhotoStamps postage is valid US postage and can be used at
any point in the future. The evaluation period stoppage affects only the
PhotoStamps program and in no way impacts the regular Stamps.com PC Postage
product.
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