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."
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.