Pacific WebWorks Reports Q1 2010 Financials

Pacific WebWorks, Inc. (OTCBB: PWEB) today reported that revenues for the first quarter ended March 31, 2010 amounted to $3,656,262, up 13% from first quarter revenues for March 31, 2009 of $3,237,919. Net income from operations for the period amounted to $397,227.

Total working capital at March 31, 2010 amounted to $4,602,346, up from $3,864,594 at year end December 31, 2009, with a current ratio of over 10X. The Company’s worth to debt ratio exceeds 6.5X.

Additionally, Q1 2010 first quarter accomplishments include:

Release of Web Wizard Version 5.
Finalized purchase of 16,000-square-foot headquarters building and adjacent downtown property.
Repositioned company to operate consistent with new credit card association guidelines.
Initiated new marketing strategies.

CEO Ken Bell stated, “Our overall financial condition and liquidity continued to improve during the first quarter of 2010. Our balance sheet enjoys record levels for liquidity and solvency. Profits for the quarter, while strong, were down somewhat from 2009 first quarter levels, and below expectations, as a result of significant unexpected costs assessed by the card associations during the first quarter of 2010 relating to our merchant processing.”

Bell continued, “PWEB has made significant progress related to its ongoing legal issues. We expect to reach a final resolution of our legal issues with Google during the second quarter of 2010, and will continue to vigorously defend the frivolous class action suits filed against our company. Additionally, we continue to fine tune our new marketing strategies to better facilitate the development of long-term customer usage of our Visual WebTools suite of products.”

About Pacific WebWorks, Intellipay and TradeWorks Marketing

Pacific WebWorks provides a comprehensive suite of affordable, easy-to-use software programs for small businesses that want to create, manage and maintain an effective Web strategy, including full e-commerce capabilities. Pacific WebWorks operates a number of wholly owned subsidiaries, including Intellipay, TradeWorks Marketing and others.

Forward-Looking Statements

All statements other than statements of historical fact included in this press release are forward-looking statements. Words such as “anticipate,” “believe,” “estimate,” “expect,” “intend” and other similar expressions as they relate to the Company or its management, identify forward-looking statements. Such forward-looking statements are based on the beliefs of the Company’s management, as well as assumptions made by and information currently available to the Company’s management. These statements are not a guarantee of future performance. Actual results could differ materially from those contemplated by the forward-looking statements as a result of certain factors, including the Company’s ability to maintain sufficient credit card processing capabilities to service the demands of their hosting portfolio, and other risk factors discussed under the caption “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2008 as filed with the Securities and Exchange Commission. Such statements reflect the current view of the Company’s management with respect to future events, and are subject to these and other risks, uncertainties and assumptions related to the operations, result of operations, growth strategy and liquidity of the Company. All subsequent written and oral forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by this paragraph. The Company has no intention, and disclaims any obligation to update or revise any forward-looking statements, whether as a result of new information, future results or otherwise.

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