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Usio Mourns the Passing of Chairman and Co-Founder, Michael R. Long
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Usio, Inc. (NASDAQ: USIO) announced the passing of its Chairman and co-founder, Michael R. Long, on September 7, 2022. Louis Hoch, the CEO, expressed deep sadness and highlighted Long's significant contributions to the company since its founding in 1998. The board unanimously voted to name Long as Chairman Emeritus in a special meeting on September 12, 2022. Hoch will assume the Chairman role alongside his current positions. The board remains compliant with Nasdaq's corporate governance rules following Long's demise.
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Michael Long's leadership contributed to Usio's growth and industry leadership since its inception.
Board voted unanimously to honor Long with the title of Chairman Emeritus.
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SAN ANTONIO--(BUSINESS WIRE)--
Usio, Inc. (Nasdaq: USIO), a cloud-based, integrated FinTech electronic payment solutions provider, is mourning the loss of Michael R. Long, the Company’s Chairman and co-founder, who passed away on September 7, 2022.
Michael R. Long (Photo: Business Wire)
“I am deeply saddened by Michael’s passing,” said Louis Hoch, Vice-Chairman, President and CEO. “Michael has been my mentor, confidant, friend, and business partner for nearly 30 years. After working together at Billing Concepts and US Long Distance, Michael Long, David Jones, and I founded Billserv.com in 1998 during the gold rush of the dot-com era with a goal to become the industry leader in electronic bill presentment and payment. We quickly accomplished that goal under Michael’s leadership as Chairman and CEO, and later, after exiting Billserv, became a leader in ACH processing under the name Payment Data Systems.”
“When I remember Michael, I will recall his unique mastery of listening to his customers, employees, and shareholders. He had a special way of letting you know that he cared deeply about your thoughts and ideas and always let you know you were important to meeting the Company’s goals and objectives. Usio’s employees saw Michael as a teacher and leader that they loved, respected, and admired. He will be greatly missed by everyone who had the good fortune to work with him. All Usio employees are praying for peace for Mr. Long’s wife, Kathy, and their family during their time of loss.”
Mr. Long served as the Company’s Chairman and CEO since its inception in 1998 until August of 2016, when he exited the Chief Executive Officer role and focused his sole attention to leading the board of directors as the Company’s Chairman.
In a special board meeting on September 12, 2022, the board voted unanimously to name Mr. Long to the posthumous, honorary position of Chairman Emeritus and Louis Hoch as Chairman in addition to his current roles as President and CEO. The Vice-Chairman position on the Board will remain vacant until a suitable replacement is identified. With Mr. Long’s passing, Usio’s board will remain in compliance with Nasdaq’s corporate governance rules with a majority of independent board members and will continue to meet Nasdaq’s board diversity requirements.
About Usio, Inc. Usio, Inc. (Nasdaq: USIO), a leading, cloud-based, integrated FinTech electronic payment solutions provider, offers a wide range of payment solutions to merchants, billers, banks, service bureaus, crypto exchanges, 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 company, through its Usio Output Solutions division offers services relating to electronic bill presentment, document composition, document decomposition and printing and mailing services. 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.
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 such risks related to an economic downturn as a result of the COVID-19 pandemic, the realization of opportunities from the IMS 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, 2021. 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. 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.
