NEWPORT BEACH, Calif.,
April 13, 2012 /PRNewswire/
-- PrepaYd, Inc. (OTC PINK: PPDC), announced today that in
January of 2010 Bruce Berman issued 42,500,000 warrants at
$0.0001 per share to the company's
then Senior Vice President and 13,750,000 to the company's then
Assistant Vice President. These options were issued from
Bruce Berman's personal stock and
diluted Bruce Berman's personal
ownership of the company but not any of the company's
shareholders.
In February of 2012 half of these warrants vested and were
exercised. Rick Galasieski exercised
21,250,000 warrants and paid the company's CEO Bruce Berman $2,125.00 and received 21,250,000 restricted
common shares of the company's stock from Bruce Berman. Josh
Berman exercised 6,875,000 warrants and paid the company's
CEO Bruce Berman $687.50 and received 6,875,000 restricted common
shares of the company's stock from Bruce
Berman.
Bruce Berman received a total of
$2,812.50 from the exercise of
28,250,000 warrants and reduced his ownership in the company by
28,250,000. Rick Galasieski, who
subsequently resigned, forfeited his remaining 21,250,000
warrants. Josh Berman, the company's now VP and director, has
an additional 6,875,000 warrants at a purchase price at
$0.0001 per share from Bruce Berman that vest in 2014.
"To the untrained investor at first glance the way some websites
reported this transaction could give the appearance that I sold
28,250,000 shares of the company's stock for no apparent reason
other than financial gain and the false impression that the stock
was sold into the market and at market price of approximately
$800,000 to $1,000,000 when in fact I
netted $2,812.50 in a transaction
structured to benefit shareholders at my sole expense," stated
Bruce Berman CEO of PrepaYd, Inc.
About PrepaYd, Inc.
PrepaYd, Inc. is expanding from its original roots of providing
much needed financial services in the Prepaid Debit Card industry
into PrepaYd Wireless and mobile payments segments. The company,
through one of its wholly owned subsidiaries, offers prepaid debit
cards to America's estimated 60 million underbanked citizens. In
addition to the underbanked consumer demographic, small and
mid-size businesses have found a much needed product with the
company's Prepaid Business Expense Card Program. With the
diminishing credit card markets, companies need a new way to fund
employees' expenses other than through traditional credit cards or
cash reimbursements.
For more information about PrepaYd, Inc. visit
www.PrepaYdInc.com.
PrepaYd, Inc.
Investor Relations
Bruce Berman
949-553-9044 ext. 221
FORWARD-LOOKING SAFE HARBOR STATEMENT: To the extent that this
release discusses any expectations concerning future plans,
financial results or performance, such statements are forward
looking within the meaning of Section 27A of the Securities Act of
1933, as amended, and Section 21E of the Securities Exchange Act of
1934, as amended, and are subject to substantial risks and
uncertainties. Actual results could differ materially from those
anticipated in the forward-looking statements. Readers are
cautioned not to place undue reliance on these forward-looking
statements, which speak only as of the date hereof and reflect only
management's belief and expectations based upon presently available
information. These statements, and other forward-looking
statements, are not guarantees of future performance and involve
risks and uncertainties and the company assumes no obligation to
update any of the forward-looking statements in this release.
SOURCE PrepaYd, Inc.