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ECHO
Press Releases 2004
FOR IMMEDIATE RELEASE
Electronic Clearing House
(ECHO)
Hires Steven Smith as new CIO
Camarillo, Calif., November 9, 2004 -
Electronic Clearing House, Inc. (Nasdaq: ECHO), a
leading provider of electronic payment and transaction processing
services, announced today that Steven
Smith has joined the Company on November 4, 2004 as new Chief Information
Officer.
Steven Smith brings over 22 years of
IT and Business Transformation experience to ECHO. Prior to
joining ECHO, Steve was VP of Engineering for Digital Insight
(a financial services ASP providing Internet banking, bill payment,
cash management and loan origination capabilities to over 1,500
financial institutions across North America), where he was
accountable for all product development. Steve has 11 years' product
development experience with financial, supply chain and telecom
systems. Steve also brings 11 years of global experience with Ernst
& Young / CAP Gemini, where, as a Partner he led enterprise
system implementation efforts for Fortune 500 corporations across
North America, South America, Asia and Europe. Steve holds a B.A.
degree in Computer Science from The University of Texas in Austin.
"I believe Steve's experience
managing multiple development platforms and his strong technical
expertise will serve ECHO well, as we finalize several key
initiatives in both our credit card and check processing
environments," said Joel Barry, CEO and Chairman of ECHO.
"Steve will assume responsibility for all software development,
data center operations, quality assurance programs and systems
design. We think his contribution to ECHO's continuing
success in these areas will be both immediate and significant."
"I am very pleased to be joining
ECHO at this exciting stage in the Company's
development," said Steven Smith. "With my background at
the nexus of technology and financial services, I fully understand
both the challenges and the opportunities of the position. I am
certain that my experience will make a positive contribution to ECHO's
continued growth and the reinforcement of its market leadership
role."
Mr. Smith succeeds Alex Seltzer, the
Company's Chief Operating Officer and Chief Information Officer,
with respect to information technology duties previously performed
by Mr. Seltzer, and joins ECHO as a result of Mr. Seltzer's
decision to pursue other business interests. Mr. Seltzer will
continue providing services to ECHO through December 31,
2004, the effective date of his resignation. ECHO does not
currently anticipate hiring a new Chief Operating Officer.
About Electronic Clearing House, Inc.
(ECHO)
ECHO (www.echo-inc.com)
provides a complete solution to the payment processing needs of
merchants, banks and collection agencies. ECHO's services
include debit and credit card processing, check guarantee, check
verification, check conversion, check re-presentment, and check
collection.
Safe Harbor Statement Under the
Private Securities Litigation Reform Act of 1995: Any statements set
forth above that are not historical facts are forward-looking
statements that involve risks and uncertainties that could cause
actual results to differ materially from those in the
forward-looking statements. Potential risks and uncertainties
include, but are not limited to, such factors as fluctuations in
demand for the Company's products and services, the introduction of
new products and services, the Company's ability to maintain
customer and strategic business relationships, technological
advancements, impact of competitive products and services and
pricing, growth in targeted markets, the adequacy of the Company's
liquidity and financial strength to support its growth, and other
information detailed from time to time in the Company's filings with
the United States Securities and Exchange Commission.
Contact:
Electronic Clearing House, Inc.
Donna Rehman, 805-419-8533
corp@ECHO-inc.com
http://www.echo-inc.com
or
Coffin Communications Group
Crocker Coulson, 818-789-0100
crocker.coulson@coffincg.com
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