Appointment of New Chairman
Sydney, Feb 18, 2015 AEST (ABN Newswire) - Emerchants Limited (
ASX:EML) (EMCHF:OTCMKTS) announces that Mr Bob Browning will step down as chairman of Emerchants on 18 February 2015. Mr Browning, who resides in the United States of America, is seeking to reduce his travel commitments in coming to Australia.
As chair for the past 3 years Mr Browning has been instrumental in helping to steer Emerchants towards its present position of generating positive EBITDA. Most recently he led the company in its successful acquisition of Store Financial Services UK Limited in December 2014, which will generate long-term rewards for shareholders. Mr Browning will remain on the board as a non-executive director and stand for re-election at the company's annual general meeting in November 2015.
Managing Director, Tom Cregan, on behalf of the Emerchants Board, thanked Mr Browning for his excellent guidance and significant contribution to the growth of Emerchants. Mr Cregan added, "Bob has been very supportive of management in our strategy of turning Emerchants into a leader in the reloadable industry and then supporting and driving our push internationally. We're pleased that Bob is remaining on the Board and I look forward to his continued contribution to the Company."
The Board is pleased to advise that Mr Peter Martin has been appointed as chairman to replace Mr Browning. Mr Martin, a substantial shareholder, has been a non-executive director of the company since 19 April 2012 and has over 35 years' commercial experience in marine construction, finance and investment management. He was formerly the CEO of Rothschild Australia Asset Management and was a director of a number of Rothschild boards in Australia and overseas.
About Emerchants Ltd
Emerchants Ltd (ASX:EML) (OTCMKTS:EMCHF) is a payments solutions provider of prepaid financial card products and services in Australia. By using its proprietary Secure Account Management (SAM) system, the Company provides its clients with innovative financial service payment solutions for reloadable and nonreloadable pre-paid card programs.
Emerchants' proprietary technology, processing capabilities and program management services offers clients more control and flexibility in managing corporate expense programs, funds disbursement, petty cash, per diems, emergency payments, disaster/welfare programs and many other individual and bulk payment scenarios. Emerchants partner with well-established banking institutions and card associations (eftpos, Visa) to ensure card programs are fully compliant, scalable and easy to implement for clients.
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