nFinanSe Announces Closing Of Sale to AccountNow

  nFinanSe Announces Closing Of Sale to AccountNow

Business Wire

TAMPA, Fla. -- December 11, 2012

nFinanSe Inc. (Pink Sheets: NFSE) today announced that on November 30, 2012
stockholders, representing a majority of the voting power of the Company,
approved by written consent the sale of substantially all of its assets to
AccountNow, Inc. a leading provider of general purpose reloadable (GPR)
prepaid cards in the direct-to-consumer sales channel.

As previously announced, the acquisition is being closed in phases: The First
Closing, which occurred on November 30, 2012, involved the sale of the
operational assets of nFinanSe to an entity wholly owned by AccountNow.
Thereafter, assets of nFinanSe will consist solely of the stock of nFinanSe
Payments Inc., the wholly-owned subsidiary of the Company that holds various
state money transmitter licenses. As part of the transaction, AccountNow has
an option to acquire the stock of nFinanSe Payments for a nominal payment at a
Second Closing upon certain states granting approval for a change of control
of its money transmitter licenses.

At the First Closing, $1 Million was paid primarily to satisfy certain Company
liabilities. Additional payments may be received by the Company based on the
amount of net revenues received by AccountNow as a result of its continued
operation of the former nFinanSe operations. AccountNow can terminate these
payments any time after the first anniversary of the Second Closing by making
a lump sum formula-based payment of no less than $3 million. Further, in the
event of a change of control of AccountNow before it has exercised its option
to terminate the revenue sharing payments mentioned above, the Company shall
be entitled to a pro-rata portion of the net sale proceeds of such change in
control. AccountNow also has the right to discontinue the former nFinanSe
operations at any time, in its sole discretion.

Based on the total consideration expected, only holders of nFinanSe Inc.
Series F Convertible Preferred Stock are likely to participate in any proceeds
from the acquisition, and it is highly unlikely that any proceeds will be
available to holders of any other series of nFinanSe’s Convertible Preferred
Stock or its Common Stock. After the Second Closing, nFinanSe Inc. will have
no assets.

About AccountNow, Inc.

AccountNow, Inc. headquartered in San Ramon, California, is a leading provider
of solutions for consumers who choose not to have traditional banking
relationships. AccountNow’s innovative, money saving prepaid cards give
consumers an alternative to traditional checking accounts, access to the
financial and payments systems and FDIC insured deposits.

The nFinanSe Visa® Reloadable Prepaid Card is issued by First California Bank,
Rancho Mirage, CA, Member FDIC, pursuant to a license from Visa Inc. The
nFinanSe Discover® Reloadable Prepaid Card is issued by First California Bank,
Rancho Mirage, CA, Member FDIC, pursuant to a license from Discover® Network.
Discover® and the Discover acceptance mark are service marks used by First
California Bank under license from Discover Financial Services. All cards
funds are insured by the FDIC in accordance with the FDIC's applicable terms
and conditions.

“Safe Harbor” Statement under Private Securities Litigation Reform Act of 1995

This press release contains certain forward-looking statements based on
nFinanSe Inc.’s, or, the Company’s current expectations, forecasts and
assumptions that involve risks and uncertainties. Forward-looking statements
include statements regarding the Company’s expectations, beliefs, intentions
or strategies regarding the future and can be identified by forward-looking
words such as “anticipate,” “believe,” “could,” “estimate,” “expect,”
“intend,” “may,” “should,” “will,” and “would” or similar words and include
statements regarding the anticipated benefits of the Company’s products and
the anticipated roll out of the Company’s products. Forward-looking statements
in this release are based on information available to the Company as of the
date hereof. The completion of the proposed investment transaction on the
terms described in this release, or at all, is subject to risks and
uncertainties associated with results of the investor’s due diligence review,
successful negotiation of the definitive documentation, willingness of the
investor to proceed with the transaction, ability to obtain regulatory and
shareholder approvals as well as factors relating to the Company’s business,
which include the Company’s ability to execute its business strategy and other
risk factors. The Company assumes no obligation to update the information
included in this press release, whether as a result of new information, future
events or otherwise.

Contact:

nFinanSe Inc.
Jerry Welch, 813-367-4811
media@nfinanse.com