SOURCE: eChinaCash

January 08, 2008 08:00 ET

eChinaCash Appoints Technology Industry Veteran Ron Posner as CEO to Accelerate Growth in Hot China Market

Pairing Reunites Team That Grew Peter Norton Computing From $50 Million to a Key Part of Symantec's $13.6 Billion Market Value; Posner Will Push for Added Revenue Streams and Strategic Partners

BEIJING and SANTA MONICA, CA--(Marketwire - January 8, 2008) - eChinaCash, a leading provider of customized payment solutions and loyalty programs for large Chinese corporations and financial institutions, has appointed Ronald S. Posner as CEO, said chairman Peter Norton. Posner has served on the board of the company for five years and replaces founding CEO Andy Beck, who has stepped down for health reasons.

Posner has been a leader in the consolidation of the high technology, Internet and software industries for more than 30-years. He has a strong track record as CEO, investor and board member of improving market values and liquidity results for public and private companies in record time frames. Among Posner's "home runs" as CEO are orchestrating the merger of Peter Norton Computing and Symantec Corporation; becoming CEO of WordStar and merging it with The Learning Company and a dozen other consumer software companies totaling more than $3 billion in market capitalization gains for investors. Posner holds an MBA from Harvard Business School and a BS in mathematics from Rensselaer Polytechnic Institute, New York.

"We are pleased to have an experienced leader in Ron Posner guiding eChinaCash at this remarkable time of growth in the Chinese financial markets," said Peter Norton, who was the founding chairman of the company in 2003. "The Company has proven its business model and scaled revenues to more than $20 million in a short period of time, and it is now time to bring in a leader who can turn sustainable growth into hyper-growth and bring his world-renowned contacts and deal-making expertise to bear in achieving these goals."

Norton noted that 2008 presents remarkable opportunities for eChinaCash with the world's attention focused squarely on the first Chinese Olympic games, the soaring Shanghai and Hong Kong stock markets and the remarkable growth of the Chinese middle class. "The largest country in the world, by far, with 1.3 billion customers, has minimal use of credit cards domestically and most of the population still pays for everything in cash," noted Posner. "eChinaCash is empowering people in the world's largest nation with prepaid cards that incorporate a valuable loyalty and rewards component, while paving the way for a future economy that includes smart debit and credit cards and incorporates mobile payment solutions. The Olympics will accelerate this trend, and eChinaCash is in an enviable place to take full advantage of this convergence."

About eChinaCash

eChinaCash is a United States corporation based in Beijing, China, and Santa Monica, CA. The Company is a leading provider of customized database management, payment solutions and loyalty programs for large Chinese corporations and financial institutions. These programs are designed to increase product sales, customer retention and customer loyalty; improve cash management and control; and provide strategic marketing programs to enhance brand image.

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