Mr. Cole is former chief executive officer of Cash Station, Inc. before it was acquired by Star Systems, now a subsidiary of First Data Corporation. Prior to Cash Station, he served in a variety of electronic payments management positions at The First National Bank of Chicago. Currently, he serves as president and chief executive officer of the YMCA of Metropolitan Chicago, the third largest YMCA in the world with 25 facilities and 3500 employees.
“He is one of the pioneers of the EFT industry, and we will look to his strategic creativity and energy as the Company moves to capitalize on our unique web-based online payments capabilities.”
Mr. Cole is also director of American EPAY, Inc. and OptiScan Technologies, Inc. He is director emeritus of the Electronic Funds Transfer Association, and has previously served on the Boards of Interlink (Visa), CIRRUS Network (MasterCard), and Primary Payments Systems.
"We are highly honored to have Steve Cole serve on our Board," stated Matthew P. Lawlor, chairman and chief executive officer of Online Resources. "He is one of the pioneers of the EFT industry, and we will look to his strategic creativity and energy as the Company moves to capitalize on our unique web-based online payments capabilities."
Lawlor added, "At the same time, Dave O'Connor's service will be greatly missed. His vision, wisdom and support for the past nine years have been a personal inspiration and constant source of strength to our Board. Dave has made his imprint on the Company over its emerging years, and his spirit and sense of optimism will carry us to a new level."
About Online Resources
Online Resources powers Internet financial services for 700 firms nationwide. The Company's proprietary account presentation, payment and relationship management services are branded to its client banks, credit unions, card issuers and payment acquirers. The Company serves over three million consumer end-users and processes over $10 billion in payments annually. Founded in 1989, Online Resources (Nasdaq:ORCC, Website: www.orcc.com) has been widely recognized as one of the nation's fastest growing technology firms.
This news release contains statements about future events and expectations, which are "forward-looking statements." Any statement in this release that is not a statement of historical fact may be deemed to be a forward-looking statement. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the Company's actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Specifically factors that might cause such a difference include, but are not limited to the Company's: history of losses; dependence on the marketing efforts of third parties; potential fluctuations in operating results; ability to make and successfully integrate acquisitions of new businesses; potential need for additional capital; potential inability to prevent systems failures and security breaches; potential inability to expand services and related products in the event of substantial increases in demand; competition; ability to attract and retain skilled personnel; reliance on patents and other intellectual property; exposure to the early stage of market adoption of the services it offers; exposure to the consolidation of the banking and financial services industry; and additional risks and uncertainties discussed in filings made by the Company with the Securities and Exchange Commission, including those risks and uncertainties contained under the heading "Risk Factors" in the Company's Form 10-K, latest 10-Q, and S-3 as filed with the Securities and Exchange Commission. These factors should be considered in evaluating the forward-looking statements, and undue reliance should not be placed on such statements.
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