NEWS RELEASE
August 21, 2000
For Immediate Distribution
Global eTelecom Announces Hiring of Noble Wyninegar, formerly of American General to head Risk Management Department
DESTIN, FL- Global eTelecom, Inc., the national leader in Electronic Payment Processing announced the addition of Noble Wyninegar to its management staff. Mr. Wyninegar, formerly of American General Corporation will head up the Risk Management Department for Global eTelecom.
"Noble brings a tremendous amount of experience in understanding risk and finding positive, creative solutions to effectively manage it," states John H. Beebe, Chairman and Chief Executive Officer of Global eTelecom. Beebe adds, "Noble was a personal hire by me because of his foresight, knowledge and experience in the sub-prime finance industry. There are a lot of similarities in types of risk being carried in the two industries. Electronic Check transactions are very different than your standard Credit Card or ACH transaction. The inherent risk of fraud or loss is much greater if you do not fully understand and manage for all of the possible scenarios. Global eTelecom has been on the forefront of risk management for our industry. Noble understands our company's philosophy on managing risk and our dedication to find creative, positive, solution oriented management of the risk for all parties involved. Noble adds a big piece to the puzzle."
Noble Wyninegar was formerly employed with American General Auto Finance, a division of American General Corporation, a FORTUNE 500 company (NYSE: AGC), which specializes in sub-prime consumer, automotive, and mortgage loans nationwide. His responsibilities included Head of Underwriting, Branch Operations, and Profit & Loss control. Prior to that, Mr. Wyninegar held a similar position with Mercury Finance Corporation. (NASDAQ: MFCN) Mr. Wyninegar holds a B.S. in Finance & Management from the University of West Florida.
" I am excited and grateful for the opportunity to join the team at Global eTelecom. My experience in the finance industry gives me a broad base on which to draw from in managing risk," says Mr. Wyninegar. "I feel the level of technology and vision Global eTelecom has developed will revamp the way payment processing is currently handled on a international scale. I look forward to being a contributing member of the team."
About Global eTelecom:
Global eTelecom owns the first technology developed for processing checks electronically at the Point of Sale through the National Automated Clearing House Association (NACHA). Global eTelecom is a member of NACHA, and sits on the Electronic Check Council. Global eTelecom provides it's proprietary electronic check processing services to a nationwide network of banks, independent sales agents, credit card processors and merchants. Global eTelecom's proprietary Electronic Check Services include: Electronic Check Conversion (Point-of Sale), Mail Order Checks, Telephone Checks, Internet, Lockbox Conversion, Recurring Debit, Represented Check Collection (RCK), Electronic Bill Paying, Complete Check Image Capture, and Web based Check Image Retrieval. More information on Global eTelecom can be found on the company's web site at at www.globaletelecom.com
More information on this press release can be obtained by contacting Ed Villarreal, Vice President of Finance, Global eTelecom