Corillian Corp. (NASDAQ: CORI), the number one provider of online banking solutions to leading financial institutions, has received a number of inquires regarding trading activity and the recent price of its shares of common stock.
The company's management is not aware of any changes to its business status from those outlined in its quarterly earnings call held last week. On July 21, 2004, the company reported growth in revenues, earnings and cash; beating consensus EPS estimate by $0.01 in the second quarter of 2004.
The company has learned that Battery Ventures, one of Corillian's original venture investors in 1999, has distributed its remaining 2.2 million shares to its limited partners. Battery Ventures distributed the bulk of its shares of Corillian last fall. Ravi Mohan left Battery in the fall to be a founding partner in Shasta Ventures and Battery ceased to be an affiliate of the company. Mr. Mohan remains an active Corillian board member.
"The freeing up of previous venture investments in Corillian stock is something we have been looking forward to since our IPO in 2000," said Paul Wilde, CFO, Corillian Corp., "With this final distribution, Corillian common stock will have greater public float, and the overhang from a significant private investor is removed."
"Corillian is excited about the most recent quarterly financial results, including beating consensus EPS estimates by $0.01 and the signing of Wachovia, the fourth largest bank in the U.S.," said Alex Hart, CEO, Corillian Corp. "We're grateful for Battery Ventures' participation in investment in Corillian over the past five years and thank them for their lengthy backing as a venture investor."