Pacific WebWorks Provides Update
May 20 2011 - 12:00PM
Business Wire
Pacific WebWorks, Inc. (OTCBB: PWEBe) today announced that the
Company expects to be temporarily delisted from the OTCBB. The
delisting follows a series of delays the Company has encountered in
filing its Form 10-K for December 31, 2010.
As reported to the Securities and Exchange Commission (“SEC”) in
Form 8-K’s in April 2011, the Company’s independent auditors for
many years, Chisholm, Bierwolf, Nilson & Morrill, LLC (“CBNM”)
were dismissed in January 2011 and their registration with the
Public Company Accounting Oversight Board (“PCAOB”) has
subsequently been revoked. The Company has since engaged HJ &
Associates, LLC as their independent registered public accounting
firm.
On April 21, 2011 Pacific WebWorks was notified by the SEC that
as a result of the April 8, 2011 revocation by the PCAOB of CBNM’s
registration, the Company would be required to re-audit PWEB’s
December 31, 2009 financial statements, along with finalizing the
audit of the December 31, 2010 financial statements before the 10-K
for December 31, 2010 could be filed. After making every effort, we
now recognize that these requirements have made it impossible for
PWEB to meet the OTCBB-imposed deadlines for filing the Company
10-K to avoid delisting.
The company also announced the hiring of Tanner Purser as its
in-house accountant. Mr. Purser has several years' experience as an
accountant and an independent auditor and is a candidate for a
Masters of Accountancy from Westminster College in Salt Lake City,
Utah, with graduation expected in May 2011.
Additionally, the Company announced that Christian R. Larsen has
stepped down as President and Secretary of the Company to pursue
other business opportunities, but will remain involved with the
Company as a member of the board of directors and a significant
shareholder. The Company also announced the appointment of K. Lance
Bell as the new President, Secretary and Chief Financial Officer.
Lance will also fill the vacant seat on the Company’s board of
directors.
Mr. Bell holds an MBA from the Goizueta Business School at Emory
University in Atlanta, Georgia. Additionally, he has an
accomplished 13-year career in IT Services, including significant
domestic and international architecture and operations management.
Most recently, Mr. Bell filled the role of Sr. Director of
Information Technology for a Consulting and Managed Services Firm
of just over 600 employees.
Ken Bell, company CEO, stated, “The name Chris Larsen has been
synonymous with Pacific WebWorks since its very beginnings. Chris’
contribution to the Company has been immeasurable. While we respect
his desire to move on to other opportunities and challenges, we
will miss his involvement in our daily operations. We are pleased
that Chris will remain a member of our board of directors. His
overall knowledge and business acumen will be important to our
continued success.”
Bell continued, “After a careful review of candidates it has
been determined that my son, Lance Bell, is best suited to become
Pacific WebWorks’ next President. The Company is pleased to
announce the hiring of an individual with Lance’s capabilities. We
envision Lance providing the Company with a great deal of
leadership as we seek to broaden our Company's business lines
moving forward. His extensive contacts, domestic and international
experience, management and business expertise will be a valuable
component to our future success. Further, we believe the combined
knowledge and experience of Lance and Tanner will facilitate the
accurate and timely filing of our future financial reports.”
Bell concluded, “The financial condition of the company remains
strong. We continue to have a base of loyal customers in the
existing business and look forward to adding additional sources of
business and income in the near future. We are going through many
changes at Pacific WebWorks that we believe will pave the way to a
successful future for the Company and our shareholders.”
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, our Internet
gateway, TradeWorks Marketing and others. Pacific WebWorks is
seeking to expand its operations into other areas both within and
outside of its current industry emphasis.
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, 2009 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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