VANCOUVER, British Columbia, Feb. 5, 2009 (GLOBE NEWSWIRE) -- Patrick H. Gaines, Chairman and Chief Executive Officer of LML Payment Systems Inc. (the "Corporation") (Nasdaq:LMLP) announced certain executive appointments for the Corporation today.
Craig Thomson, currently the President and Chief Executive Officer of the Corporation's subsidiary Beanstream Internet Commerce Inc., will be assuming the position of President of LML Payment Systems Inc. and will oversee the Corporation's business and operations in both Canada and the United States. Mr. Thomson was the original founder of Beanstream and has been a recipient of the "Entrepreneur of the Year Award" in manufacturing, wholesale and distribution from Ernst and Young for the Pacific Canada region and has over 15 years of experience leading high technology companies.
Chris Koide, currently the Chief Operating Officer of the Corporation's Beanstream subsidiary, has been promoted to Executive Vice-President -- Operations of LML Payment Systems Inc. In his new role, Mr. Koide's responsibilities will be expanded to include the operations and business development segments of the Corporation's businesses in both Canada and the United States. Mr. Koide has over 15 years experience in national and international corporate banking, with a focus in the areas of business and financial risk analysis, securitization, financial engineering and cash management.
"Today, we are pleased to announce these two management appointments. The addition of these two gentlemen provides greater depth and bench strength to our management ranks. Both Craig and Chris have been instrumental in the success of Beanstream, making it the premier bank neutral payment processor in Canada. We look forward to their continued contributions in their expanded roles within our organization," Mr. Gaines said.
About LML Payment Systems Inc. (www.lmlpayment.com)
LML Payment Systems Inc., through its subsidiaries Beanstream Internet Commerce Inc. in Canada and LML Payment Systems Corp. in the U.S., is a leading provider of financial payment processing solutions for e-commerce and traditional businesses. We provide credit card processing, online debit, electronic funds transfer, automated clearinghouse payment processing and authentication services, along with routing of selected transactions to third party processors and banks for authorization and settlement. Our intellectual property estate, owned by subsidiary LML Patent Corp., includes U.S. Patent No. RE40220, No. 6,354,491, No. 6,283,366, No. 6,164,528, and No. 5,484,988 all of which relate to electronic check processing methods and systems.
Cautionary Statement Regarding Forward-Looking Statements
Certain statements in this press release are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include all passages containing verbs such as "aims," "anticipates," "estimates," "expects," "intends," "plans," "predicts," "projects" or "targets" or nouns corresponding to such verbs. Forward-looking statements also include any other passages that are primarily relevant to expected future events or that can only be evaluated by events that will occur in the future. Forward-looking statements are based on the opinions and estimates of the management at the time the statements are made and are subject to certain risks and uncertainties that could cause actual results to differ materially from those anticipated in the forward-looking statements. Factors that could affect the Corporation's actual results include, among others, the impact, if any, of stock-based compensation charges, the potential failure to establish and maintain strategic relationships, inability to integrate recent and future acquisitions, inability to develop new products or product enhancements on a timely basis, inability to protect our proprietary rights or to operate without infringing the patents and proprietary rights of others, and quarterly and seasonal fluctuations in operating results. More information about factors that potentially could affect the Corporation's financial results is included in the Corporation's quarterly reports on Form 10-Q and our most recent annual report on Form 10-K filed with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance upon these forward-looking statements that speak only as to the date of this release. Except as required by law, the Corporation undertakes no obligation to update any forward-looking or other statements in this press release, whether as a result of new information, future events or otherwise.