SOURCE: Debitman Card, Inc.

April 10, 2006 08:00 ET

Debitman Initiates Next Growth Phase With CEO Appointment

Former LiveCapital CEO Mike Grossman Takes Helm; Company Opens New Bay Area Headquarters

SAN MATEO, CA -- (MARKET WIRE) -- April 10, 2006 -- Debitman Card, Inc., creator of The Retailer's Network debit card payment system, today announced the appointment of Mike Grossman as chief executive officer and the opening of its new headquarters in San Mateo, California.

Grossman founded and was CEO of LiveCapital, the leading provider of online credit management software, which was acquired last July by Dun & Bradstreet. Founder R. Scott Hatfield has assumed the new role of vice president, business development, and continues as a member of the board of directors.

"Retailer-issued cards are the only way for merchants to win their revolt against high interchange rates, and Debitman provides them with the means to take control of electronic payments in their stores," Grossman said. "Debitman is poised at a critical inflection point and I am excited to join the company and lead the effort forward."

The Retailer's Network, a merchant-friendly debit payment network, reduces the fees that merchants pay for accepting electronic payments and provides new revenue sharing opportunities to retailers that issue their own branded debit cards. More than 200,000 locations nationwide are part of The Retailer's Network, including Wal-Mart, Sam's Club, CVS, Duane Reade, and Walgreens.

"Mike's appointment combined with an infusion of funding last year sets the stage for Debitman's market expansion as The Retailer's Network takes hold with merchants who are seeking an alternative to the high cost of credit card acceptance," said Eric Dunn, chairman of the Debitman board of directors.

Under Grossman's leadership, LiveCapital raised more than $70 million and was awarded the Software & Information Association's Codie Award for Best Financial Product.

Previously, Grossman was employed at Intuit, where he directed the marketing and development effort for Quicken on CD-ROM and launched the first version of Quicken Deluxe. He also managed Intuit's first online banking product delivered via the Internet and America Online.

Prior to joining Intuit, he worked as a brand manager for Johnson & Johnson. He also founded and managed a successful specialty apparel business, which included Bloomingdales, Saks, and JC Penney as major customers. Earlier, he worked as a management consultant for McKinsey & Company in San Francisco and Sydney.

Grossman received an A.B. in Economics and a J.D. from Harvard University.

About Debitman

Debitman® created and operates The Retailer's Network, the only national, interoperable electronic payment network for retailer-issued debit cards. Founded in 2000 with a commitment to lower fees for card transactions and generating revenue for card-issuing retailers, the company is privately-held and headquartered in San Mateo, CA. For additional information, visit www.debitman.com.

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