Ingo Money announced the addition of Dickson Chu as executive vice president, Corporate Development and chief product officer. In this role, he will lead the company’s strategic corporate development efforts and oversee the evolution and development of Ingo Money’s product roadmap and user experience. Chu brings over 25 years of leadership experience in financial services technology, digital payments and marketplace innovation. An accomplished general manager and innovator, Chu most recently served as investor and active advisor to a number of emerging companies. Previously, Chu served as senior vice president, Merchant Solutions at LivingSocial, evolving the company’s strategy to create a new merchant-focused business line. He also spent nearly two years at Citi as managing director, Digital Networks in the Global Enterprise Payments business unit, where he was responsible for the development of global e-commerce and m-commerce capabilities, as well as the development and launch of Citi’s Google Wallet platform. Before joining Citi, Chu spent six years at PayPal, most recently serving as vice president and head of Global Products and Experience. In this role he led product strategy, development and user experience design for millions of consumers and merchant customers, having previously served as global general manager for PayPal’s Global Merchant Services business, which he helped grow from $60 million to more than $1 billion.
Ingo Money announced the addition of Lisa McFarland as executive vice president and chief marketing officer. In this role, she will lead product strategy and marketing for the company’s Ingo Money Network and Ingo Enterprise Solutions business lines. McFarland brings nearly two decades of expertise in product development, marketing and strategic sales support for B2B and B2C payment card programs. Most recently at Visa, McFarland served as head of Consumer Prepaid Products, where she conceived and executed the company’s product, channel and network development strategies for its consumer prepaid group.
Capital One has named Susan McFarland to the post of Corporate Controller. McFarland will be responsible for overseeing corporate accounting and reporting functions for the company, as well as corporate tax and the financial control environment. In her previous two years at Capital One, McFarland has been serving as CFO for Capital One’s largest business line, US Card, and has provided support to the company’s various corporate infrastructure groups including IT and Human Resources. Capital One Financial Corporation is a holding company whose principal subsidiaries include: Capital One Bank and Capital One, F.S.B., which offer consumer lending products, and Capital One Auto Finance, Inc., which offers primarily automobile financing products.
The USA continues to lead the world in online purchasing and spending. About 32% of Americans are online purchasers compared to an average of 15% outside the USA. Taylor Nelson Sofres Interactive’s third annual Global e-commerce Report also showed that, in terms of online spending, the worldwide median average spent during the past four weeks was $99, while in the United States it is $162. Korea, Germany, Norway and Great Britain follow the USA in online purchasing. However, 40% of Americans do not feel comfortable providing their credit card information online, and 30% of Internet users across the 37 countries interviewed feel the same. The Taylor Nelson Sofres Interactive report concludes that a direct correlation exists between Internet penetration and e-commerce and there is an expectation that other countries will eventually catch up to U.S. e-commerce levels. The report involved interviews with 42,238 people across 37 countries/territories in the early part of 2002.
NextCard ranked as #50 on the ‘Media Metrix Top 50 Web Properties’ for July. It is the only VISA or MasterCard issuer to make it onto the list, logging nearly 6.8 million online visitors. American Express ranked as #38, serving nearly 8 million visitors to its Web site. Firms falling into the ‘Business/Finance’ category attracted more than 52 million visitors during July. Jupiter Media Metrix says people in the U.S. spent on average 20.7 hours online in July 2001, up 10.5% from 18.7 hours in July 2000. Jupiter also reported that other credit card sites such as globaldebitcard.com, theusagoldcard.com, and credit.com attracted between 600,000 and 1 million visitors during July.
Jupiter Media Metrix reported this morning the American Express Web site has broken into the ‘Top 50’ most visited Web sites. AmEx is the only credit card issuer to make it into the ‘Top 50’. According to the ‘Media Metrix U.S. Top 50 Web and Digital Media’ property ratings for April 2001, Americanexpress.com logged 6.6 million unique visitors, placing it #45 among the ‘Top 50’. Jupiter says that over the past twelve months, the number of 18-24 year-olds and persons 55 and over who used the Internet and other digital media grew 32% and 33%, respectively, while overall usage of the Web grew 19% over the same period. Jupiter Media Metrix says the combined number of at-home and at-work Web users in the USA during April was 89.3 million.
Pedestal Inc., the leading Internet-based secondary mortgage marketplace, announced that Philip Wood and William M. Fenimore, Jr. have been elected to the Board of Directors.
Mr. Wood, 45, is Managing Director, Business Development for Reuters Trading Solutions. Reuters recently made a $35 million investment in Pedestal as part of a $45 million round of funding. The two firms have also entered into a global marketing and product development agreement.
Previously, Mr. Wood was Deputy CFO of the Reuters Group PLC. A graduate of Balliol College, Oxford University, he is also a non-executive director of TIBCO Software Inc., and until this year was a director of Instinet Corporation. Mr. Wood is a fellow of the U.K. Institute of Chartered Accountants.
Mr. Fenimore, 56, is currently a strategic advisor to Internet companies on technology issues. Previously, he was CEO of Integrion Financial Network, a start up company owned by 16 large financial institutions, VISA and IBM established to build and operate a common Internet technology infrastructure to serve the e-commerce needs of financial services companies. Prior to Integrion, Mr. Fenimore served as Group Executive Vice President, Chief Technology Officer and Strategic Planning Officer for Meridian Bancorp. He holds a Bachelor of Arts in Business Administration from Lenoir Rhyne College and an MBA from Drexel University. Mr. Fenimore is also a member of the Board of Advisors of Future Technologies Venture Fund.
“We are delighted to welcome Philip and Bill to the Pedestal Board,” said Stuart A. McFarland, President and CEO of Pedestal Inc. “Their understanding of how innovative technology is transforming industries like the secondary mortgage market will significantly contribute to Pedestal’s expansion as the leading platform for trading mortgages and other financial assets. We welcome their experience as we continue to develop specialized value-added services for our customers through our alliances with Reuters, Deutsche Bank and other institutions.”
Other members of the Pedestal Board are: Chairman and Founder Yung Lim; Mr. McFarland; Michael Brown, Senior Associate, Battery Ventures; Joel Horne, Managing Director and Head of ABS/MBS e-Commerce at Deutsche Banc Alex. Brown; Desoto Jordan, private investor and co-founder Perot Systems Corporation; William H. Lacy, former Chairman and Chief Executive Officer of MGIC Investment Corp; Donald E. Lange, President and Chief Executive Officer of Pacific Financial Services, Inc.; and R. David Tabors, Principal, Battery Ventures.
Through its neutral, proprietary Internet-based trading platform, pedestal.com, Pedestal provides enhanced liquidity, expanded market access, lower transaction costs, and integrated customer service to both buyers and sellers in the secondary mortgage marketplace, the largest financial market in the world in terms of trading volumes.
Pedestal currently offers online platforms in two markets: whole-loan one- to four-family residential mortgage loans and TBA-MBS (To-Be-Announced Mortgage-Backed Securities).
Pedestal’s experienced team of secondary mortgage market professionals is currently concentrating on the development of two additional target markets: commercial and multifamily mortgage loans and securities; and asset-backed securities (ABS) and CMOs (collateralized mortgage obligations and other derivative mortgage products).
Headquartered in Washington, DC, Pedestal has over 1,800 users representing approximately 1,000 institutions. For additional information, please visit their website at [http://www.pedestal.com].
AT&T and Simon Brand Ventures have established an exclusive program that enables AT&T residential customers to redeem their monthly long distance service, calling card and local toll charges in exchange for ‘MALLPeRKS’ shopper loyalty points. ‘MALLPeRKS’, with two million members, is the only national mall-based shopper loyalty program. Anyone who switches to AT&T at a Simon mall will receive 60 free minutes of domestic direct-dialed long distance calling from home and 150 ‘MALLPeRKS’ points. Simon’s malls attract 100 million shoppers annually.
Transaction Network Services announced yesterday that it has signed an agreement with BB&T Corp. to provide enhanced ATM technology and transaction transport services. BB&T has more than 740 ATMs currently in service. BB&T will use the TNS ‘TransXpress 1000’ modem and the TNS ‘Host Interface Processor’ to convert approximately 250 ATMs from multi-drop leased lines to a dial-up network. The ‘TransXpress’ modems convert leased line ATMs to alternative communication access methods by replacing the existing modem at the ATM.
UCI Medical Affiliates, Inc. announced Friday that it has executed an Acquisition Agreement in which UCI will acquire the assets of MainStreet Healthcare Corporation of Atlanta, Georgia for a combination of cash, UCI stock and debt assumption. The closing is expected to occur on or about March 3l,1998. MainStreet, with annualized revenues of approximately $7 million and with approximately 100 employees, owns and operates nine primary care medical offices in the Atlanta, Georgia area and two primary care medical offices in Knoxville, Tennessee.
With this acquisition, Columbia, S.C. based UCI will operate 51 freestanding, primary care focused medical centers in South Carolina, Georgia and Tennessee. “This expansion into neighboring states fits perfectly into our core business plan of enhancing our influence as a primary care based physician group which negotiates with insurance payors for fair rates and which is committed to quality, affordable and accessible care for our patients,” said M. F. McFarland, III, M.D., UCI’s President and Chief Executive Officer.
A. Wayne Johnson, MainStreet’s Chairman and Chief Executive Officer, will join UCI’s Board of Directors concurrent with the closing of the acquisition. Mr. Johnson brings to the UCI Board added expertise in the areas of investment banking and multi-state development. Prior to co-founding MainStreet, Mr. Johnson was President of one of the operating subsidiaries of First Data Corporation, was an Executive Vice President of Visa USA and was a partner in the consulting division of Deloitte & Touche LLP.
The Company also announced that revenue for the first quarter of the fiscal year ending September 30, 1998 increased by 25% to $8,078,000 from $6,488,000 for the first quarter of the fiscal year ended September 30, 1997. Revenue growth is attributed to both same center increases in patient visits and patient charges at established centers and to the expansion in the number of centers UCI operates.
Patient encounters increased to 115,000 in the first quarter of fiscal year 1998 from 96,000 in the first quarter of fiscal year 1997.
The Company reported a net loss of $877,000 or $.15 per share for the first quarter of fiscal year 1998, as compared to a profit of $30,000 or $.01 per share for the first quarter of fiscal year 1997. “Recent losses are attributable in part to assimilation issues related to recent acquisitions, and in part to the Company continuing to invest heavily in the information systems and infrastructure necessary to support continued expansion by practice acquisitions (such as MainStreet), so that it can position itself to successfully operate in the rapidly changing primary care market place,” said Jerry F, Wells, Jr., CPA, UCI’s Executive Vice President of Finance and Chief Financial Officer.
The Company’s December 31, 1997 balance sheet reflects an increase in total assets to $22,961,000, as compared to $16,549,000 at December 31, 1996, while stockholders’ equity at December 31, 1997 increased to $9,441,000 from $7,852,000 at December 31, 1996.
UCI Medical Affiliates, Inc., provides nonmedical management and administrative services for freestanding medical centers which operate as Doctor’s Care urgent care centers, Doctor’s Surgical Group, Doctor’s Orthopedic Group, the UCI Division of Family Medicine and Progressive Therapy Services.
This press release contains forward-looking statements subject to the safe harbor created by the Private Securities Litigation Reform Act of 1995. The Company cautions readers of this press release that such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from those expressed or implied by such forward- looking statements. Although the Company’s management believes that their expectations of future performance are based on reasonable assumptions within the bounds of their knowledge of their business and operations, there can be no assurance that actual results will not differ materially from their expectations. Factors which could cause actual results to differ from expectations include, among other things, the difficulty in controlling the Company’s cost of providing healthcare and administering its network of Centers; the possible negative effects from changes in reimbursement and capitation payment levels and payment practices by insurance companies, healthcare plans, government payors and other payment sources; the difficulty of attracting primary care physicians; the increasing competition for patients among healthcare providers; possible government regulations in multiple jurisdictions negatively impacting the existing organizational structure of the Company; the possible negative effects of prospective healthcare reform; the challenges and uncertainties in the implementation of the Company’s expansion and development strategy; the dependence on key personnel, and other factors described in other reports filed by the Company with the Securities and Exchange Commission.