JetPay (JTPY) Appoints New COO

August 29, 2016 4:10 PM EDT

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JetPay Corporation (Nasdaq: JTPY) announced that Michael Collester has been named Chief Operating Officer ("COO").

"We are fortunate to have the talent and leadership within JetPay necessary to fill this important position," said Diane (Vogt) Faro, CEO of JetPay. "Over his career, Michael has a track record of building companies focused on delivering results. His entrepreneurial spirit and ability to lead effectively will continue to contribute to the overall success of JetPay."

Prior to being named COO, Mr. Collester served as the President of JetPay's Langhorne, PA location. His responsibilities encompassed overseeing customer service, technical initiatives, finance, and sales management.

Mr. Collester has more than 25 years of executive experience in the strategic partner and merchant services space. In 1989, he founded ACI Merchant Services, Inc., a merchant services provider dedicated exclusively to serving financial institutions. ACI later became recognized as the premier Agent/Referral Bank processing company in the United States and, in 2000, merged with Fifth Third Bank. In 2004, Mr. Collester formed ACI Merchant Systems, LLC, which was acquired by JetPay in November 2014 and currently focuses on financial institution and other strategic partnerships.

"I'm excited about the opportunity to lead JetPay into its next phase of operational excellence and innovation," commented Mr. Collester. "I look forward to the opportunity to build upon JetPay's successes and to help the company reach new heights for its customers, employees and shareholders."

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