Mr Joseph Meleady and Mr Joseph Grogan said they were delighted their 17-year ordeal was finally over. Both men said they would pursue a claim for compensation from the Minister for Justice.
They said the Court of Criminal Appeal decision showed they should never have been charged in relation to the theft of Mr Eamon Gavin's car from outside his Templeogue home in 1984.
Accompanied by family and friends, Mr Meleady (34), said: "I'm delighted. Myself and my family are over the moon. I want to thank everybody who has helped us, especially my father who spent his life over the last 17 years constantly searching for justice for us."
Mr Meleady became distressed as he spoke of how the case had "devastated" three families. "We're all innocent, Mr Gavin, myself and Joseph Grogan. Unfortunately we were sentenced for something we didn't do."
He said his father had lost his plumbing business and he himself had been in his fourth year as an apprentice plumber and that career was also lost. His father had been doing quite well but had ended up dependent on social welfare.
He said the court had stated they should never have been charged and that a miscarriage of justice was involved. "It should never have happened," he added. The next step was to approach the Minister for Justice for compensation, but money would never compensate for what had happened.
Mr Grogan, also aged 34 and a minister with the Jehovah Witness church, said it was "a brilliant day for Irish justice". This was the first time a certificate for a miscarriage of justice had been issued under the 1993 Criminal Procedure Act.
He was "looking forward to becoming anonymous in the future" and to getting on with his life. He also thanked all those who had supported them. He said he was not bitter but was angry the case had taken so long to resolve and because "we should never have been charged".
Mr Eamon Gavin said the result was "very bad for Irish justice". He hoped there would be an inquiry into the whole affair before any money was paid out. Mr Gavin said persons who were victims of crime should consider not giving evidence because he did not think the criminal system was geared to finding the truth. He had no feeling towards either Mr Meleady or Mr Grogan, he said. He had shaken hands with Mr Grogan and he did not want to speak to Mr Meleady.
He said he was originally offered £100,000 compensation but following two periods on hunger strike it had been increased to £452,000 which was essentially compensation for loss of wages.