ORCC Celebrates One-Year In India, Positions For Asia Market Entrance
Resources Corporation (NASDAQ: ORCC), a leading provider of digital
financial services, today announced the first anniversary of its
technology solutions centre in Bangalore, India, which has quickly grown
Online Resources Corporation (NASDAQ: ORCC), a leading provider of digital financial services, today announced the first anniversary of its technology solutions centre in Bangalore, India, which has quickly grown from its initial hire a year ago to an 80-employee staffed office with continued expansion plans. Officially opened on June 28, 2011, the location serves as a platform for ORCC to expand the capabilities and delivery options of its banking and bill pay solutions into the global market, further solidifying it as a technology leader in the digital financial space. The office provides ORCC the ability to support its existing products and solutions while developing new systems and technologies, due to its deep, highly qualified talent pool of employees. Leveraging Bangalore’s status as a research and development hub, ORCC has exceeded its own expectations of growth in the first year and is using the location to outpace competitors in terms of product development and reach. Entry into the Asia market also allows ORCC to position itself as a pioneer of the next generation of information technology servicing our Banking and EBPP (Electronic Bill Payment and Presentment) customers. ORCC plans to increase its presence in India, building its team to approximately 125 employees by the end of 2012 and using the location as a cornerstone for its strategic growth in the coming years. “The Bangalore facility provides a passageway to increasing ORCC’s global recognition and technology development. In the past year we have invested in getting the engineering team operational, and laid the foundation with a powerful infrastructure,” said Joseph Cowan, president of ORCC. “Moving forward, our technology center in India positions us to remain a leader in the digital financial industry while increasing our presence in the global economy.” About Online Resources Corporation Online Resources Corporation (NASDAQ: ORCC) powers financial interactions between millions of consumers and the company’s financial institution and biller clients. Backed by its proprietary payments gateway that links banks directly with billers, the company provides web and phone-based financial services, electronic payments and marketing services to drive consumer adoption. Founded in 1989, ORCC is the largest financial technology provider dedicated to the online channel. For more information, visit www.orcc.com. This news release contains forward-looking statements based on Online Resources Corporation management's current expectations and beliefs and a number of assumptions concerning future events made with information that is currently available. The words "will," "would," "may," "should," "estimate," "project," "forecast," "intend," "expect," "believe," "target," "designed," "plan," and similar expressions are intended to identify forward-looking statements. Readers are cautioned not to place undue reliance on such forward-looking statements, which are not a guarantee of any results or performance and are subject to a number of known and unknown risks, uncertainties and other factors which could cause actual performance or results to differ materially and adversely from any results or performance expressed or implied by such forward-looking statements. Certain factors that might cause such a difference include, but are not limited to: a history of losses and anticipation of future losses; potential fluctuations in operating results; dependence on the marketing efforts of third parties; potential loss of one or more material clients; potential need for additional capital; potential inability to prevent systems failures and security breaches; potential inability to expand certain services and products in the event of a substantial increase in demand for such services and products; competitive pressures; ability or inability to attract and retain skilled personnel; reliance on patents and other intellectual property; potential change in the rate of user adoption of certain products and services; exposure to consolidation in the financial services industry; and government regulatory developments. For a more detailed description of the factors that could cause such a difference, please refer to our latest filings with the Securities and Exchange Commission, including (but not limited to) the information provided under the heading "Risk Factors" in our latest Annual Report on Form 10-K. We assume no obligation to update or supplement any forward-looking statements.Online Resources, ORCC and the Online Resources logo are trademarks of Online Resources Corp. Other company and product names and logos used in this release are the trademarks of their respective owners.
Shares of Online Resources Corporation (Nasdaq:ORCC) were gapping down Wednesday morning with an open price 30.4% lower than Tuesday's closing price. The stock closed at $6.05 yesterday and opened today's trading at $4.21.