Usio Mourns the Passing of Board Member Miguel A. Chapa
Usio, Inc. (Nasdaq:USIO) announces the abrupt passing of Board member Miguel A. Chapa on August 19, 2020, prompting the company to seek a replacement to comply with Nasdaq regulations. Chapa contributed invaluable expertise in financial analysis and strategic planning since joining the Board in 2015. CEO Louis Hoch expressed deep sorrow over Chapa's loss, noting his inspirational role. Usio, headquartered in San Antonio, Texas, offers diverse electronic payment solutions to various clients, highlighting its unique skills in the prepaid sector.
- The company is actively pursuing qualified candidates to quickly comply with Nasdaq regulations after the board vacancy.
- Chapa's past contributions in strategic planning may have instilled a robust foundation for the company's future.
- The sudden loss of a key board member could disrupt ongoing business strategies and governance.
- Potential risks related to compliance with Nasdaq regulations due to the need to replace Chapa may create uncertainty.
SAN ANTONIO, Aug. 24, 2020 (GLOBE NEWSWIRE) -- Usio, Inc. (Nasdaq:USIO), an integrated electronic payment solutions provider, is mourning the loss of Miguel A. Chapa, a member of Usio’s Board of Directors, who died suddenly on August 19.
“I am deeply saddened by Miguel’s passing,” said Louis Hoch, President and CEO. “For the past five years Miguel has served as an invaluable source of wisdom, knowledge, and inspiration to the Board as well as to everyone at Usio. He will be greatly missed.”
Mr. Chapa joined the Usio Board in 2015 where his skills in business planning, financial analysis, strategic planning, management, negotiations, and leadership have contributed to the company’s success.
In accordance with Nasdaq regulations, the Company will need to replace Mr. Chapa on the Board including the committees on which he served, namely Audit, Compensation, and Nominating and Governance. The Company is actively pursuing qualified candidates and expects to quickly regain Nasdaq compliance.
About Usio, Inc.
Usio, Inc. (Nasdaq:USIO), a leading integrated payment solutions provider, offers a wide range of payment solutions to merchants, billers, banks, service bureaus, and card issuers. The Company operates credit, debit/prepaid, and ACH payment processing platforms to deliver convenient, world-class payment solutions and services to their clients. The strength of the Company lies in its ability to provide tailored solutions for card issuance, payment acceptance, and bill payments as well as its unique technology in the prepaid sector. Usio is headquartered in San Antonio, Texas, and has offices in Austin, Texas, and Franklin, Tennessee, just outside of Nashville.
Websites: www.usio.com, www.singularpayments.com, www.payfacinabox.com, and www.akimbocard.com. Find us on Facebook® and Twitter.
FORWARD-LOOKING STATEMENTS DISCLAIMER
Except for the historical information contained herein, the matters discussed in this release include forward-looking statements which are covered by safe harbors. Those statements include, but may not be limited to, all statements regarding management's intent, belief and expectations, such as statements concerning our future and our operating and growth strategy. These forward-looking statements are identified by the use of words such as "believe," "intend," "look forward," "anticipate," "schedule,” and "expect" among others. Forward-looking statements in this press release are subject to certain risks and uncertainties inherent in the Company's business that could cause actual results to vary, including risks related to the COVID-19 pandemic and its effect on the economy, failure to comply with Nasdaq regulations related to Board composition, risks related to the realization of the anticipated opportunities from the Singular acquisition, the management of the Company's growth, the loss of key resellers, the relationships with the Automated Clearinghouse network, bank sponsors, third-party card processing providers and merchants, the security of our software, hardware and information, the volatility of the stock price, the need to obtain additional financing, risks associated with new tax legislation, and compliance with complex federal, state and local laws and regulations, and other risks detailed from time to time in the Company's filings with the Securities and Exchange Commission including its annual report on Form 10-K for the fiscal year ended December 31, 2019. One or more of these factors have affected, and in the future, could affect the Company’s businesses and financial results in the future and could cause actual results to differ materially from plans and projections. The Company believes that the assumptions underlying the forward-looking statements included in this release will prove to be accurate. In light of the significant uncertainties inherent in the forward-looking statements included herein, the inclusion of such information should not be regarded as a representation by us or any other person that the objectives and plans will be achieved. All forward-looking statements made in this release are based on information presently available to management. The Company assumes no obligation to update any forward-looking statements, except as required by law.
Contacts
Joe Hassett, Investor Relations
Gregory FCA
joeh@gregoryfca.com
484-686-6600
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