JetPay Announces Diane (Vogt) Faro as Chief Executive Officer
BERWYN, PA–(Marketwired – May 06, 2016) – JetPay Corporation (“JetPay” or the “Company”) (NASDAQ: JTPY), a leading provider of debit and credit card processing for merchants, payroll and human capital management, and prepaid card services, announced today that Diane (Vogt) Faro, a current member of the Company’s Board of Directors (“Board”), has been elected by the Board as Chief Executive Officer, effective May 5, 2016. Bipin C. Shah, the Chairman and Chief Executive Officer, has stepped down as Chief Executive Officer effective May 5, 2016, but will continue in his role as the Company’s Chairman and a member of the Board.
Ms. Faro has been a member of the Board since 2014. She most recently served as President of National Benefit Programs, LLC, a provider of brand loyalty and discount programs to small to mid-size businesses. Ms. Faro is a seasoned executive in the payments industry and has held numerous leadership positions that include President of Global Merchant Services at First Data Corporation, a payment processing company, where she was responsible for over $1 billion in annual revenue. Ms. Faro also served as President of First Data Alliance Group and was Chief Executive Officer of Chase Merchant Services LLC, which processed over $170 billion in payment volume annually during her tenure. Ms. Faro is a former President of the Electronic Transactions Association, served on the Boards of Merchant Link and Front Stream payments, and is one of the founding members of the Women’s Networking in Electronic Transactions (“W.net”).
“I am excited to join the management team of JetPay and see to it that we continue our growth trajectory into the future and our mission of providing innovative products and services with a focus on customer service,” Ms. Faro said. “We are grateful to Bipin for pursuing his vision and building the Company into what it is today. We are honored to have him remain as our Chairman and I look forward to working with him, the Board, and all of our dedicated employees to help JetPay reach its potential.”
About JetPay Corporation
JetPay Corporation, based in Berwyn, PA, is a leading provider of vertically integrated solutions for businesses including card acceptance, processing, payroll, payroll tax filing, human capital management and other financial transactions. JetPay provides a single vendor solution for payment services, debit and credit card processing, ACH services, and payroll and human capital management needs for businesses throughout the United States. The Company also offers low-cost payment choices for the employees of these businesses to replace costly alternatives. The Company’s vertically aligned services provide customers with convenience and increased revenues by lowering payments-related costs and by designing innovative, customized solutions for internet, mobile, and cloud-based payments. Please visit www.jetpay.com for more information on what JetPay has to offer or call 866-4JetPay (866-453-8729).
This press release includes “forward-looking statements” within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. JetPay’s actual results may differ from its expectations, estimates and projections and consequently, you should not rely on these forward-looking statements as predictions of future events. Words such as “expect,” “estimate,” “project,” “budget,” “forecast,” “anticipate,” “intend,” “plan,” “may,” “will,” “could,” “should,” “believes,” “predicts,” “potential,” “continue,” and similar expressions are intended to identify such forward-looking statements. These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially from the expected results. Most of these factors are outside JetPay’s control and are difficult to predict. Factors that may cause such differences include, but are not limited to, (a) the possibility that JetPay’s acquisition of CollectorSolutions, Inc. (“CSI”) pursuant to the agreement and plan of merger, dated February 22, 2016 (the “merger agreement”), does not close when expected or at all; (b) the ability and timing to obtain required regulatory approvals and JetPay’s stockholder approval, and to satisfy or waive other closing conditions under the merger agreement; (c) the occurrence of any event, change or other circumstance that could
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