Authorize.Net President Roy Banks Appointed to Cognigen Board
MOUNTLAKE TERRACE, Wash., Jan. 31 -- Cognigen Networks, Inc. (BULLETIN BOARD: CGNW) ( http://www.cognigen.com/ ) today announced that Roy Banks, President of Authorize.Net, has joined the Cognigen Board of Directors, effective January 24, 2006. The addition of Mr. Banks brings extensive Ecommerce and distribution channel experience to Cognigen`s board and will increase the size of the Cognigen board to five.
"I`m very pleased to welcome such a seasoned Ecommerce executive to our Board of Directors," said Chris Seelbach, Chairman of Cognigen`s Board of Directors. "Roy has demonstrated significant leadership in the Ecommerce industry and has an impressive track record of delivering consistent financial results at Authorize.Net. I`m confident that his skills and experience will complement our existing board."
"Cognigen has built an impressive distribution channel of web entrepreneurs with a proven ability to sell complex products and services," Banks said. "I look forward to working with the Cognigen team and applying my extensive experience and background in both Ecommerce and distribution channels development to ensure Cognigen extracts maximum benefit from their agent channel and future growth initiatives."
As President of Authorize.Net, Mr. Banks oversees daily business operations as well as finance, engineering, sales, marketing and risk management activities. Banks joined Authorize.Net in July 1999 as vice president of business development. Under his guidance and leadership, Authorize.Net`s merchant portfolio has grown from 35,000 active merchants to over 136,000. He has also driven the growth of the Authorize.Net reseller distribution channel to over 3,000 independent sales organizations. He has also been instrumental in the overall revenue growth and increased profitability of the Authorize.Net business resulting in average year over year growth of 25 to 30 percent. He previously held engineering and marketing positions with WordPerfect, Novell, Modus Media International, and Power Quest.
In 2005 Mr. Banks was elected to the Electronic Transaction Association (ETA) Board of Directors, an international trade association serving the needs of organizations offering transaction processing products/services. Mr. Banks has also served in the Department of the Navy and holds a BS in Marketing from Utah Valley State College.
Cognigen Networks, Inc., based in metropolitan Seattle, Washington, offers a wide range of telecommunication services and related technology products via its Web site, http://www.cognigen.net/ . Cognigen`s robust marketing engine harnesses distribution channels featuring a prominent Internet presence, a network of independent agents and several affiliate groups, each having their own customized Web site. Cognigen`s agent initiated sales as well as those generated directly from its main website are fulfilled via proprietary software utilizing the Internet. The Company sells its own proprietary telecommunications services under the Cogni label as a certificated reseller and carrier, and resells the services of industry leaders such as 2Speak, AccuLinq, Inphonic Cellular, ShopForT1, Convergia, IBN Tel, MCI Neighborhood, Pioneer Telephone, OPEX, PowerNet Global, Speakeasy, UniTel and Trinsic / Z-Tel. Cognigen is authorized to operate as an interstate and international carrier under Section 214 of the rules of the Federal Communications Commission and is regulated by some state public utility commissions as a reseller of interstate and intrastate long distance telecommunications services. Since September of 1999, Cognigen has sold, on behalf of its vendors and for its own account, services and products to approximately 820,000 customers worldwide.
The information herein contains forward-looking statements, including, without limitation, statements relating to Cognigen Networks, Inc. Although the Company believes that the expectations reflected in the forward-looking statements are reasonable, no assurance can be given that such expectations will prove to be correct. The forward-looking statements involve risks and uncertainties that affect the Company`s business, financial condition and results of operations, including without limitation, the Company`s possible inability to become certified as a reseller in all jurisdictions in which it applies, the possibility that the Company`s proprietary customer base will not grow as the Company expects, the Company`s inability to obtain additional financing, the Company`s possible lack of producing agent growth, the Company`s possible lack of revenue growth, the Company`s possible inability to add new products and services that generate increased sales, the Company`s possible lack of cash flows, the Company`s possible loss of key personnel, the possibility of telecommunications rate changes and technological changes and the possibility of increased competition. Many of these risks are beyond the Company`s control. The Company is not entitled to rely on the safe harbor provisions of Section 27A of the Securities Act of 1933, as amended, or Section 2lE of the Securities Exchange Act of 1934, as amended, when making forward-looking statements.
Gary Cook, CFO/Interim CEO