CHANTILLY, Va., Aug. 8, 2017 /PRNewswire/ -- It is with gratitude and appreciation that Intersections Inc. (NASDAQ: INTX), a leading provider of identity risk management and privacy protection services for consumers, announces that John H. Lewis, Managing Partner and Chief Investment Officer at Osmium Partners, LLC, has resigned as a director of Intersections effective August 8, 2017. Upon his resignation, the Board consists of eight persons.
Mr. Lewis has been a member of the Board of Intersections Inc. since October 2015. Mr. Lewis has worked with the rest of the Board over the last 22 months to refine the Company's strategy to refocus solely on providing world-class identity and privacy protection services to U.S. and Canadian consumers. This process included the Company's complete divestiture of all non-core assets. The divestiture program was completed with the sale of the Company's Pet Health Monitoring business on July 31, 2017.
Mr. Lewis commented, "The Company is now poised for long-term growth, as it brings to market its new identity theft product in partnership with IBM's Watson artificial intelligence platform through a variety of new distribution channels, including direct-to-consumer, distribution partners, employer groups as an employee benefit, and businesses in response to data breaches."
Michael Stanfield, Chairman and Founder of Intersections Inc., expressed his appreciation to Mr. Lewis for his engagement and hard work over the last two years. "John has been a valuable and informed voice around the boardroom table. We appreciate all of his efforts and look forward to continue to have Osmium Partners as an Intersections shareholder."
Statements in this release relating to future plans, results, performance, expectations, achievements and the like are considered "forward-looking statements" under the Private Securities Litigation Reform Act of 1995. You can identify forward-looking statements by the fact that they do not relate strictly to historical or current facts. These statements may include words such as "anticipate," "estimate," "expect," "project,'' "plan," "intend," "believe," "may," "should," "can have," "likely" and other words and terms of similar meaning in connection with any discussion of the timing or nature of future operating or financial performance or other events. Those forward-looking statements involve known and unknown risks and uncertainties and are subject to change based on various factors and uncertainties that may cause actual results to differ materially from those expressed or implied by those statements, including the impact of shutting down and then divesting our Pet Health Monitoring segment; the timing and success of new product launches and other growth initiatives; the continuing impact of the regulatory environment on our business; the continued dependence on a small number of financial institutions for a majority of our revenue and to service our U.S. financial institution customer base; our ability to execute our strategy and previously announced transformation plan; our incurring additional restructuring charges; our incurring additional impairment costs or charges on goodwill and/or assets; our ability to control costs; and our needs for additional capital to grow our business, including our ability to maintain compliance with the covenants under our term loan or seek additional sources of debt and/or equity financing. Factors and uncertainties that may cause actual results to differ include but are not limited to the risks disclosed under "Forward-Looking Statements," "Item 1. Business—Government Regulation" and "Item 1A. Risk Factors" in the Company's most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q and in its recent other filings with the U.S. Securities and Exchange Commission. The Company undertakes no obligation to revise or update any forward-looking statements unless required by applicable law.
About Intersections Inc.:
Intersections Inc. (NASDAQ: INTX) provides innovative, information-based solutions that help consumers manage risks and make better informed life decisions. Under its IDENTITY GUARD® brand and other brands, the company helps consumers monitor, manage and protect against the risks associated with their identities and personal information. Headquartered in Chantilly, Virginia, the company was founded in 1996. To learn more, visit www.intersections.com.
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SOURCE Intersections Inc.
Ron Barden, Intersections Inc., 703.488.6810, IR@intersections.com