Allentown, PA – September 26, 2018—JetPay Corporation (“JetPay” or the “Company”) (NASDAQ: JTPY) announced today the appointment of Laurence L. Stone as chairman of the Company’s Board of Directors. He assumes the role held by Bipin C. Shah since 2008.
Mr. Stone, who became a member of the JetPay board in October 2016, is an industry veteran with over 27 years’ experience as a payment processing executive. He is the managing member of Sundara Investment Partners LLC, the sole shareholder of LHLJ Inc. and the managing member of Main Line Trading Partners LLC. He also serves on the boards of Olivam Partners LP and Clutch Holdings Inc.
JetPay is a leading provider of vertically integrated solutions for corporations and government entities of all sizes. By developing distinctive and innovative payment solutions for brick-and-mortar, web, mobile and cloud-based environments, JetPay creates financial solutions for thousands of clients nationwide. In addition to payment services, JetPay is a single-vendor solution for debit and credit card processing, ACH services, and payroll and human capital management needs for businesses of all sizes.
“We are very fortunate to have someone with Larry’s expertise and insight ready to step into this role and lead our company into the future,” stated Diane (Vogt) Faro, CEO of JetPay. “His extensive knowledge of JetPay ensures a seamless transition for our customers.”
Before joining JetPay as an investor and board member, Stone was a principal and director of Mercury Payment Systems until its sale to Vantiv Inc. in 2014 and Silver Lake Partners in 2010. Mr. Stone previously founded and was an officer of Card Payment Services and Card Payment Systems, Independent Sales Organization merchant processing companies. He served as CEO of Card Payment Systems from 1997 until Concord EFS’s acquisition of Card Payment Systems in 2000. He started his payment processing career at CitiCorp Card Acceptance Services and graduated from the University of Pennsylvania’s Wharton School of Business in 1987.
“I am extremely honored to take on this role and have the opportunity to help JetPay reach even greater accomplishments,” said Mr. Stone. “JetPay is well positioned for continued success, and I look forward to working with our extraordinary leadership team to further strengthen our customer relationships, drive innovation, and increase profitability.”
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About JetPay Corporation
JetPay Corporation, based in Allentown, PA, is a leading provider of vertically integrated solutions for businesses including card acceptance, processing, payroll, payroll tax filing, human capital management services, 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, those described under the heading “Risk Factors” in the Company’s Annual Report filed with the Securities and Exchange Commission (“SEC”) on Form 10-K for the fiscal year ended December 31, 2017, the Company’s Quarterly Reports on Form 10-Q and the Company’s Current Reports on Form 8-K.
JetPay cautions that the foregoing list of factors is not exclusive. Additional information concerning these and other risk factors is contained in JetPay’s most recent filings with the SEC. All subsequent written and oral forward-looking statements concerning JetPay or other matters and attributable to JetPay or any person acting on its behalf, are expressly qualified in their entirety by the cautionary statements above. JetPay cautions readers not to place undue reliance upon any forward-looking statements, which speak only as of the date made. JetPay does not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in its expectations or any change in events, conditions or circumstances on which any such statement is based.