Stephen S. Cole Elected to Online Resources' Board of Directors
CHANTILLY, Va., May 10, 2005
Online Resources Corp. (Nasdaq: ORCC), a leading outsourcer of Internet
financial services, today announced Stephen S. Cole has been elected to
the Company's Board of Directors. Mr. Cole is a 33-year veteran of the
banking and electronic funds transfer (EFT) industry. He replaces David
A. O’Connor, an ATM network pioneer, who retired from the Board after
nine years of service.
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.
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.
Media Contact: Beth Halloran,
Director, Corporate Communications
703.653.2248
bhalloran@orcc.com
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