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ECHO
Press Releases 2007
FOR IMMEDIATE RELEASE
Electronic Clearing House (ECHO)
Appoints Shawn Alikian as General Counsel
Camarillo, Calif., May 21,
2007 -
Electronic Clearing House, Inc. (Nasdaq: ECHO), a leading provider of
electronic payment and transaction processing
services,
today announced the appointment of Shawn Alikian as in-house General
Counsel.
Mr. Alikian served as
division counsel and vice president of corporate
development for Homestore, Inc., Westlake Village,
California, where he was a legal strategist and
executive responsible for business transactions,
corporate matters and legal issues. Earlier in his legal
career, Mr. Alikian was a corporate and business
transaction attorney for Sideman & Bancroft LLP, San
Francisco, California, and a business transaction and
litigation attorney for Lang, Richert & Patch, Fresno,
California.
Mr. Alikian holds a Juris
Doctor degree from Loyola Law School, Los Angeles, an
MBA from Loyola Marymount University, Los Angeles, and a
Bachelor of Arts, Business Economics from University of
California at Los Angeles.
“We are delighted to
welcome Shawn to our executive team,” stated Chuck
Harris, President and Chief Operating Officer of ECHO.
“Shawn brings impressive credentials in corporate
counsel and legal strategy, and his perspectives will
add a positive dimension to our business operations.”
As an inducement to Mr.
Alikian’s decision to enter into employment with ECHO,
the Company entered into a restricted stock grant
agreement whereby Mr. Alikian was issued 10,000 shares
of restricted stock. The shares vest over a period of
five years, with 2,000 shares vesting on the first
anniversary of the effective date of the restricted
stock grant agreement, and the remainder vesting
annually over a period of four years. The vesting
provisions accelerate to the extent ECHO is
acquired, merges with another company, sells all or
substantially all of its assets, or otherwise enters
into another similar transaction, in each case as set
forth in the restricted stock grant agreement. Mr.
Alikian will forfeit any portion of the shares not
vested at the time that he ceases providing services to
ECHO. The grant of shares was approved by the
Compensation Committee of ECHO’s Board of
Directors.
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 merchant accounts, 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. Examples of
forward-looking statements included in this press release include
the statement regarding the benefits of the addition of Mr. Alikian
to ECHO. Potential risks and uncertainties that may cause actual
results to differ materially 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
E-mail: drehman@echo-inc.com
or
The Abernathy MacGregor Group, Inc.
Moira Conlon, 213-630-6550
E-mail: MHC@abmac.com
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