Los Angeles CA., Nov. 22, 2013 (GLOBE NEWSWIRE) -- Source Financial, Inc. (OTCQB: SRCF) ("Source"), an innovative technology driven financial services and payment solutions provider, is pleased to announce the appointment of Klaus Selinger as its Chairman of the Board and John Wolfgang and Richard Allely as its Non-Executive Directors.
"The appointment of Klaus, John and Richard represents a strong addition to an already experienced and capable team. The financial and corporate experience they bring to Source will be invaluable in helping to align and focus our strengths and expertise on mission critical areas of operations and public market growth initiatives." Hugh Evans, President and CEO of Source
Mr. Selinger has extensive board and senior management experience in public companies, government instrumentalities and private organizations, making him a precise fit to lead the board as Chairman. Klaus has a passion for strategy and implementation, which will be an invaluable contribution to Source Financial. He has successfully delivered complex financial projects across several countries and acted as direct advisor to a number of banks. Mr. Selinger has previously held appointments as CEO of listed public companies and has numerous appointments as an executive and non-executive director of private organizations. He has directly drafted and coordinated over 20 prospectuses to raise in excess of $500 million and has led two former private companies through the IPO process. He has a background in financial markets and systems, including off-balance sheet finance structures, venture capital raising and equity finance. Since 2009, Mr. Selinger has been a principal of Dequity Partners, a financial services firm based in Sydney, Australia. He received a Bachelor of Business degree in Accounting from the University of Technology, Sydney, Australia.
Commenting on the appointment, Mr. Selinger stated; "I'm thrilled to be appointed chairman of such an exciting organization. I look forward to working with Source Financial and its leaders to grow the business."
John Wolfgang will serve as non-executive director and Chairman of Source Financials Audit committee. He has spent over forty five years at the accounting firm of UHY LLP (LLP), a firm with presence in 87 countries worldwide through its international network Urbach Hacker Young International (UHYI). John is currently an audit partner with LLP and served on UHYI's Board of directors for 26 years, 5 of which he was Chairman. John has experience in advising businesses with a multi-national presence on complex tax issues and has extensive experience in overseeing the audits of listed public entities operating globally. He previously served as Chairman of the New York State Society of Certified Public Accountants' Construction Contractors Committee and is active in civic and community affairs. He is a member of the American Institute of CPAs, the Foundation for Accounting Education, and the New York and New Jersey State Societies of CPAs. Mr. Wolfgang holds a Bachelor of Business Administration degree from Siena College
"Source Financial is poised to be a leader in providing financial solutions for SME's all over the global. I look forward to helping guide them in the complexities of being a public company." John Wolfgang stated
As a senior management professional with an impeccable reputation for leading Australian and International companies, Richard Allely is a quintessential choice for non-executive director of Source's board.
Commenting on the appointment, Richard Allely stated; "I am very pleased to be asked to join the Source board. I look forward to providing keen insight and experience to Source as they grow."
Richard has over thirty years of experience in senior financial and commercial management. He was the Managing Director and CEO of ASX listed PMP Limited, the largest printing and Distribution Company in Australia and New Zealand. Mr. Allely is currently a Non-Executive Director and Audit Committee Chairman for the PGA of Australia, and was recently appointed to the Advisory Board for Renoir Consulting Group. Mr. Allely has held a number of non-executive roles in the past including Chairman of Australian Property Monitors Pty LTD and Independent member with the Work Cover Authority of NSW. He is a Fellow Australian Society of CPA, a Fellow Chartered Institute of Company Secretaries Australia, and Fellow Australian Institute of Company Directors. Mr. Allely has a Masters of Business Administration and Management from the University of New England in Australia.
Mr. Selinger, Wolfgang and Allely will also be serving on the audit, compensation and nominating committee's for Source Financial. They will oversee, monitor and report on the integrity of company financials, regulatory compliance and company general compensation policies, approving corporate goals and objectives relevant to compensation. They will seek candidates that possess the integrity, leadership skills and competency required to direct and oversee Source's management, acting in the best interests of its stockholders, customers, employees, and the communities it serves.
About Source Financial:
Source Financial, Inc., through its two subsidiaries Moneytech Limited and WikiTechnologies, offers a complete suite of financial products for Consumers and Businesses.
Moneytech offers four main products to the Australian business community : 1) Credit Express - trade finance facilities for SMEs of AUD$1million- AUD$100 million, 2) Confirmed Capital - 100% Accounts Receivables funding for SMEs, 3) Card Solutions- Wholesale gift and prepaid debit card solutions, and 4) Foreign Exchange solutions - Spot Transactions, Forward Cover, Derivatives and Options. Moneytech's targeted financings are AUD$3-AUD$5 million dollars
Moneytech's website is located at: www.moneytech.com.au
WikiPay, a Money Service Business, is a low-cost, mobile and online money transfer and payment solution operating through all 50 United States. For more information, please visit: www.wikipay.com.
WikiLoan is a low-cost peer-to-peer lending platform that works through the participation and collaboration of family and friends through social networks. The company's website www.wikiloan.com provides repayment schedules and documentation for loans, along with proprietary administrative tools, which enable users to securely pull credit reports and automate the loan repayment process.
FORWARD LOOKING STATEMENTS This news release may include "forward-looking statements" regarding Source Financial, and its subsidiaries, business and project plans. Such forward looking statements are within the meaning of Section 27A of the Securities Act of 1933, as amended, and section 21E of the United States Securities and Exchange Act of 1934, as amended, and are intended to be covered by the safe harbor created by such sections. Where Source Financial expresses or implies an expectation or belief as to future events or results, such expectation or belief is believed to have a reasonable basis. However, forward-looking statements are subject to risks, uncertainties and other factors, which could cause actual results to differ materially from future results expressed, projected or implied by such forward-looking statements. Source Financial does not undertake any obligation to update any forward-looking statement, except as required under applicable law.