FlexShopper Announces Appointment of New Chief Executive Officer
September 23 2019 - 4:13PM
FlexShopper, Inc. (Nasdaq: FPAY) (“FlexShopper” or the “Company”),
a leading national online lease-to-own (“LTO”) retailer and LTO
payment solution provider, today announced the appointment of
Richard House Jr. as Chief Executive Officer, effective October 7,
2019. Current CEO and Company founder Brad Bernstein will assume
the position of President, where he will focus on product
development, new customer initiatives and other operational areas.
Mr. Bernstein commented, “We are pleased to have
Rich joining our executive team. We founded FlexShopper with a
vision of enabling all consumers to be able to shop for whatever
they want, regardless of their personal financial standing. Over
the last five years our company has taken off, validating the
service we provide to people, and we are even more excited about
what the future holds. Rich brings significant experience which we
believe will add strength to our leadership team and further
support the continued growth of our business.”
Mr. House has more than 30 years of experience
in consumer lending across a multitude of disciplines and has led
businesses from inception to becoming stock exchange-listed public
companies. In 1997, he was a co-founder and then President of
Atlanticus Holdings (formerly Compucredit Corp.), which has been a
significant lender in the prime and non-prime markets in both the
United States and the United Kingdom. Under his leadership,
Compucredit Corp. became one of the nation's largest sub-prime
issuers of consumer credit with revenues exceeding $700 million.
After leaving Atlanticus in 2014, Mr. House was the Chief
Executive Officer of Veta Finance, Ltd., a provider of technology
solutions to lenders in the United States and the United Kingdom.
Prior to Atlanticus, he was a Managing Director of the Quantitative
Solutions and Consulting Division of Equifax. Mr. House earned B.S.
and M.A. degrees in Economics from Georgia Institute of Technology
(Georgia Tech) and Southern Methodist University, respectively.
Mr. House commented, “Brad and his team have
accomplished a tremendous amount at FlexShopper and I am eager to
build on that success. FlexShopper has established itself as a
leading provider of digital rent-to-own solutions across multiple
retail channels. The consumer landscape has really shifted in
recent years and I am confident that FlexShopper is well-positioned
to provide value for both consumers and retailers.”
FlexShopper Chairman Howard S. Dvorkin added,
“We are excited to have Rich join FlexShopper as we build upon the
impressive growth that Brad has driven since founding the company.
Rich has a total of 30 years of experience in the consumer credit
industry along with extensive public company experience. I am
confident that Rich’s wealth of knowledge and experience will help
lead the continued growth and evolution of FlexShopper.”
As an inducement to enter into his employment
agreement, Mr. House was awarded initial stock options to purchase
350,000 shares of our common stock at an exercise price of $1.52
per share, vesting in five equal annual increments commencing
December 31, 2020. If there is a Change of Control (as defined in
the employment agreement) of our company during his employment
term, all of the unvested initial options will immediately vest.
The inducement grant was approved by a majority of
FlexShopper’s independent directors in accordance with Nasdaq
rules.
About FlexShopper
FlexShopper, Inc. enables consumers to shop for
brand name electronics, home furnishings and other durable goods on
a lease-to-own (LTO) basis through its e-commerce marketplace
(www.FlexShopper.com), as well as its patented and patent pending
systems. FlexShopper also provides LTO technology platforms to
retailers and e-retailers to facilitate transactions with consumers
that want to acquire their products, but do not have sufficient
cash or credit. FlexShopper approves consumers utilizing its
proprietary consumer screening model, collects from consumers under
an LTO contract and funds the LTO transactions by paying merchants
for the goods.
Forward-Looking Statements
All statements in this release that are not
based on historical fact are “forward-looking statements” within
the meaning of Section 21E of the Securities Exchange Act of 1934.
Forward-looking statements, which are based on certain assumptions
and describe our future plans, strategies and expectations, can
generally be identified by the use of forward-looking terms such as
“believe,” “expect,” “may,” “will,” “should,” “could,” “seek,”
“intend,” “plan,” “goal,” “estimate,” “anticipate,” or other
comparable terms. Examples of forward-looking statements include,
among others, expectations concerning our business strategy.
Forward-looking statements involve inherent risks and uncertainties
which could cause actual results to differ materially from those in
the forward-looking statements, as a result of various factors
including, among others, the following: limited operating history,
limited cash and history of losses; ability to obtain adequate
financing to fund our business operations in the future; failure to
successfully manage and grow our FlexShopper.com e-commerce
platform; ability to maintain compliance with financial covenants
under our credit agreement; dependence on the success of our
third-party retail partners and continued relationships with them;
compliance with various federal, state and local laws and
regulations, including those related to consumer protection;
failure to protect the integrity and security of customer and
employee information; and other risks and uncertainties described
in the Risk Factors and Management’s Discussion and Analysis of
Financial Condition and Results of Operations sections of our
Annual Report on Form 10-K and subsequently filed Quarterly Reports
on Form 10-Q. The forward-looking statements made in this release
speak only as of the date of this release, and FlexShopper assumes
no obligation to update any such forward-looking statements to
reflect actual results or changes in expectations, except as
otherwise required by U.S. federal securities laws.
Contact
Jeremy HellmanVice PresidentThe Equity
Group212-836-9626jhellman@equityny.com
FlexShopper, Inc.Investor
Relationsir@flexshopper.com
FlexShopper, Inc.
FlexShopper (NASDAQ:FPAY)
Historical Stock Chart
From Mar 2024 to Apr 2024
FlexShopper (NASDAQ:FPAY)
Historical Stock Chart
From Apr 2023 to Apr 2024