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E-Duction Names Thomas McCormick Senior Vice President
and Chief Legal Officer - Accomplished financial services attorney to augment management team
01/03/02
BLUE BELL, PA (January 4, 2002) – E-Duction,
Inc., the provider of a no-interest payroll deduction credit card,
has announced the addition of Thomas McCormick to its senior management
team. As Senior Vice President and Chief Legal Officer, McCormick's
key responsibilities include ensuring that E-Duction is in full
compliance with all applicable law, negotiating E-Duction's relationships
with employers, financial institutions and key partners, and managing
the Company's intellectual property. McCormick also will serve as
Secretary of E-Duction's Board of Directors.
"As our former outside counsel, Tom is very familiar
with our company," said Kirk Watkins, Chairman and CEO of E-Duction.
"We're pleased that now he will be a full-time member of our
management team. His extensive knowledge of the financial services
industry and his experience negotiating some of our most critical
alliances will help guide us through our launch and beyond."
Prior to joining E-Duction, McCormick was an attorney
in the Washington, DC office of the international law firm Morrison
& Foerster, where his practice focused on legislative, regulatory,
and transactional matters for the financial services industry, specializing
in consumer lending and credit card issues. He represented numerous
high-profile clients, including Bank One/First USA, Capital One,
J.P. Morgan Chase, First Union, Fleet Credit Card Services, GE Capital,
MasterCard, MBNA, SunTrust and Visa. He was the lead negotiator
for the sale of a $1.8 billion portfolio of credit card receivables
and was principal author of amendments to the federal Fair Credit
Reporting Act signed into law by President Clinton in November,
1998. McCormick also has worked closely with venture-backed start-up
consumer payment card companies advising them on operations, strategy,
and regulatory compliance matters.
"I am excited to join E-Duction during this period
of transformation," said McCormick. "I look forward to
working with E-Duction's existing senior management and its world-class
partners through its launch and successive stages of growth."
About E-Duction, Inc. - E-Duction, Inc. offers
its patented financial technology to large corporations as a unique
employee benefit, enabling employees to make interest-free purchases,
365 days-per-year through direct payroll deduction. The Company
has partnered with MasterCard to create "The Ultimate Way to
Pay." With the E-Duction MasterCard, employees can "e-Duct"
their purchases over two to six months, interest-free, at more than
22 million locations worldwide. In addition, E-Duction allows employers
to consolidate an unlimited number of post-tax payroll deductions
onto one platform. For more information about E-Duction, please
visit the Company's website at www.E-Duction.com
or call 877-663-3828.
For further information on E-Duction, Inc., contact:
Tom McCormick
Fax: 215.542.7090
E-mail: tmccormick@E-Duction.com
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