Pacific WebWorks Updates Business Model
November 11 2010 - 6:00AM
Business Wire
Pacific WebWorks (OTCBB: PWEB) reported today on the company’s
continued progress towards revising its current business model.
As the company reported last month, it has spent the majority of
this year focusing on servicing its current customer base and
testing new Internet marketing programs. The company has found it
to be extremely difficult to control the messaging delivered
through the affiliate system when marketing over the Internet. As
such, the Company’s management is not willing to expose the company
to unnecessary risks and has discontinued this form of marketing
and is currently focusing on other business opportunities as well
as other means of capitalizing on its current technologies.
Consistent with this transition, the company expects gross revenues
to decrease through year end, but with continued earnings.
Ken Bell, CEO, stated, “Pacific WebWorks continues to make
progress in repositioning itself to fully capitalize on its
financial strength and experienced management. Additionally, it is
in the process of evaluating other needed resources, including
personnel, to take the company to the next level. The company is
currently evaluating several investment opportunities and hopes to
make an announcement before year end.”
Bell concluded, “The company’s financial condition continues to
be strong. While gross revenues are decreasing, we continue to have
a base of loyal customers, resulting in sufficient profitability to
support our ongoing business as we transition the company towards
acquiring and/or merging synergistic profitable opportunities into
our existing operation. We are confident and enthused as we look to
the future and examine new and innovative ways to employ the
company’s assets to continue to build shareholder value.”
About Pacific WebWorks and Intellipay
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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