Online Resources Expands Card Division Leadership
William T. Kinnelly Promoted to President;
Mark J. Milot Named Vice President of Sales
CHANTILLY, Va., May 25, 2005
Online Resources Corp. (Nasdaq: ORCC), a leading outsourcer of Internet financial
services, today announced two appointments to its Card & Credit Services
division. William T. Kinnelly has been promoted to division President
and Mark J. Milot has been appointed Vice President of Sales, a new position
created to further expand the division’s client base and marketing
partnerships.
Mr. Kinnelly has served since 2002 as chief marketing officer for the
division, during which he has led engagements with six of the top twenty
issuers. Mr. Kinnelly previously served as chief operating officer of
Retail Decisions Inc., the U.S. subsidiary of the global credit card processor,
and as president of its telecom division. He has also served with Verizon,
where he headed their enhanced services group. Kinnelly is a graduate
of Georgetown University and The Wharton School, where he was a Palmer
Scholar.
Mr. Milot has more than 18 years of business development and general
management experience, primarily with First Data Corporation’s TeleCheck
Services division. He served as vice president of sales and customer service
for the Northeast region, where he was responsible for client development,
retention and customer service. Most recently, Mr. Milot headed business
development for EnSoft Solutions, Inc., a software company.
"Bill Kinnelly is dedicated to building high quality, innovative
products that bring high value to some of the largest card issuers and
processors in the industry,” stated Matthew P. Lawlor, chairman and
chief executive officer of Online Resources. “I have great confidence
that as President, he has the vision, experience and drive to take our
Card & Credit Services division to a new level.”
Lawlor continued, “We are also pleased to welcome Mark Milot, who
brings with him an excellent track record of successful client-centric
leadership, and who will play a pivotal role as we look to expand our
services in the card issuer market.”
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
and business 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
Online Resources Corporation
703.653.2248
bhalloran@orcc.com
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