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Tennenbaum Encourages Shareholders to Vote the Blue Proxy for Tennenbaum Director Nominees at Online Resources' Annual Meeting as Recommended by Riskmetrics/ISS and Proxy Governance
Date:4/24/2009

SANTA MONICA, Calif., April 24 /PRNewswire/ -- Tennenbaum Capital Partners released today the following open letter to shareholders of Online Resources Corporation (Nasdaq: ORCC):

April 24, 2009

Dear Fellow Shareholders:

We are looking forward to the upcoming Annual Meeting and appreciate the time many of you have taken to meet with our team and our nominees. We believe many of you share our concerns about poor corporate governance, lack of board direction, poor share performance and challenged execution. But with your support, as soon as this election is over, our nominees will begin to work constructively with the rest of the board and management to start driving shareholder value.

Over the past four weeks we have spoken with many of the Company's major shareholders and are very encouraged by their feedback and understanding that contrary to management's continued propaganda, we are not conflicted with common shareholders. In fact, in addition to our preferred shares we beneficially own 2,853,000 common shares, representing approximately 9.6% of the Company's outstanding common stock. If our only objective was a quick sale of the Company (which it is not), we would have sold our entire common and preferred stock position to any number of potential acquirers who have in the past expressed interest in buying our position as part of a strategy to acquire the Company.

If a sale of the Company was our primary objective, I can assure you that we would have not invested our time and our money in this proxy contest, nor would we have selected a slate of nominees whose experiences are grounded in rolling up their sleeves to create value out of technology services businesses. If we needed liquidity on our position, we would be calling strategic acquirers to take us out of our position. Inst
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SOURCE Tennenbaum Capital Partners
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