Green Dot and Harvest Announce Advisory Arrangement
March 13 2017 - 4:16PM
Business Wire
Green Dot Corporation (NYSE:GDOT) (the “Company”) and Harvest
Capital Strategies LLC (“Harvest”) today announced that the Company
has invited Jeffrey B. Osher to serve as an observer and advisor to
the Company’s Board of Directors (the “Board”). Mr. Osher is a
Managing Director of Harvest, one of the Company's largest
long-term shareholders.
“With Steve’s leadership and operational, strategic and
entrepreneurial accomplishments, combined with Jeff’s experience as
a long-term investor in and knowledge of our company, I am
confident that we will be well positioned to further expand Green
Dot’s terrific equity performance over the past year and generate
very positive future results,” said William I. Jacobs, Green Dot’s
independent Chairman.
Steven W. Streit, Green Dot’s Founder, Director and CEO,
commented, “We are excited to invite Jeff to serve as an advisor to
our Board. Jeff's firm, Harvest, and I, personally, are among the
Company's largest shareholders, and I expect our financial
alignment will further serve to enhance the Company’s significant
progress over the past year. I am truly excited for us all to work
together in maximizing Green Dot’s future prospects and building
even greater long term value for all of our fellow Green Dot
shareholders.”
Jeffrey B. Osher said, “Guided by Steve’s successful leadership
and strategic vision, Green Dot has done an outstanding job
methodically executing against its Six-Step Plan. The solid
financial performance has resulted in market leading shareholder
value creation over the past year. Steve and his entire team should
be gratified by their notable accomplishments, and I believe Green
Dot’s future is as bright as ever. I am delighted to have the
opportunity to work with Steve, Bill, and the entire Board, and I
am eager to help play a part as Green Dot continues to deliver on
its mission of building a great business that creates meaningful
shareholder value.”
Mr. Osher joined Harvest Capital Strategies LLC in August
2002 and is the Managing Director and Portfolio Manager. Since
January 2016, Mr. Osher has served on the Board of Directors of the
SEAL Family Foundation. Mr. Osher holds a B.A. in Political Science
and History from Miami University of Ohio and is a CFA
Charterholder.
Forward-Looking Statements
This announcement contains forward-looking statements, which are
subject to the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. These statements include, among
other things, statements regarding the Company's future stock price
and financial performance contained in the quotes of management and
others that involve risks and uncertainties. Actual results may
differ materially from those contained in the forward-looking
statements contained in this announcement. The potential risks and
uncertainties that could cause actual results to differ from those
projected include, among other things, the timing and impact of
revenue growth activities, the Company's dependence on revenues
derived from Walmart and three other retail distributors, impact of
competition, the Company's reliance on retail distributors for the
promotion of its products and services, demand for the Company's
new and existing products and services, continued and improving
returns from the Company's investments in new growth initiatives,
the extent to which the Company’s processing technology partner
covers the Company’s expenses and other losses associated with the
processor migration issues that began in May 2016 and have caused a
delay in the Company’s processor migration until at least the first
half of 2017, potential difficulties in integrating operations of
acquired entities and acquired technologies, the Company's ability
to operate in a highly regulated environment, changes to existing
laws or regulations affecting the Company's operating methods or
economics, the Company's reliance on third-party vendors, changes
in credit card association or other network rules or standards,
changes in card association and debit network fees or products or
interchange rates, instances of fraud developments in the prepaid
financial services industry that impact prepaid debit card usage
generally, business interruption or systems failure, including any
new issues that could develop in connection with the Company's
processor migration scheduled to occur in the first half of 2017,
and the Company's involvement litigation or investigations. These
and other risks are discussed in greater detail in the Company's
Securities and Exchange Commission filings, including its most
recent annual report on Form 10-K and quarterly report on Form
10-Q, which are available on the Company's investor relations
website at ir.greendot.com and on the SEC website at www.sec.gov.
All information provided in this announcement is as of March 13,
2017, and the Company assumes no obligation to update this
information as a result of future events or developments.
About Green Dot
Green Dot Corporation, along with its wholly owned subsidiary
bank, Green Dot Bank, is a bank holding company regulated by the
Board of Governors of the Federal Reserve System and the Utah
Department of Financial Institutions. Green Dot is widely
recognized as the inventor of the prepaid debit card industry and
is the largest provider of reloadable prepaid debit cards and cash
reload processing services in the United States. Green Dot is also
a leading financial technology company and the largest processor of
tax refund disbursements in the U.S. through its wholly owned
subsidiary, TPG. Green Dot is also a leading provider of mobile
banking with its GoBank checking account sold at retailers
nationwide and through integrated technology partners. Green Dot's
products and services are available to consumers through a
distribution network of more than 100,000 U.S. locations, as well
as online, in the leading app stores and through leading online tax
preparation providers. Headquartered in Pasadena, Calif., it has
additional facilities throughout the United States and in Shanghai,
China.
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version on businesswire.com: http://www.businesswire.com/news/home/20170313006364/en/
For Green Dot CorporationInvestor
Relations626-765-2427IR@greendot.comorMedia RelationsBrian Ruby,
203-682-8268Brian.Ruby@icrinc.com
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