Pacific WebWorks, Inc. 2011 Year End Update

Pacific WebWorks, Inc. (OTC Pink Tier: PWEB.PK) today reported on its progress toward filing its amended Form 10-K for 2010 and on the developments in the Company for 2011.

As outlined in prior press releases and Form 8-K filings, Pacific WebWorks has encountered a series of delays in reporting its earnings for 2010. On April 21, 2011, the Company engaged HJ & Associates, LLC, a McGladrey Alliance firm, as its independent registered public accounting firm. Prior to that time, the Company’s former registered public accounting firm, Chisholm, Bierwolf, Nilson & Morrill, LLC, was dismissed by the Company due to the revocation of their registration with the Public Company Accounting Oversight Board (PCAOB). As a result, it was necessary for the Company’s consolidated financial statements for the year ended December 31, 2009 to be reaudited.

Subsequently, the Company has worked with HJ & Associates, LLC to complete audits of its consolidated financial statements for the years ended December 31, 2009 and 2010. These audits have been larger in scope than typical years, and have required more time and resources than past audits. The Company plans to file its amended 2010 Form 10-K no later than January 10, 2012. During 2011, the Company also implemented a new accounting system, increased its accounting staff and implemented new internal controls, all of which are intended to benefit the Company’s accounting procedures and help ensure its ability to file its periodic reports with the SEC on a timely basis in the future.

Company President and CFO Lance Bell stated, “Pacific WebWorks has made significant improvements in its back office functions over the past year. We are pleased with the relationship we have established with the professionals at HJ & Associates, and believe the implementation of our new accounting system will help to streamline our accounting, enabling us to file our periodic reports timely as we move forward.”

Bell continued, “Completing the 2010 audit has been a large initiative, given the challenges that our past accounting firm encountered. We have now completed that process and look forward to releasing the amended 2010 Form 10-K by January 10, 2012. Concurrent with preparing for that filing, we are focused on completing the reviews of our 2011 quarterly reports so that we can bring the company current in its periodic reports and relist on the OTC Bulletin Board.”

As alluded to in prior press releases, the Company has been actively pursuing its new investment and acquisition strategy. The Company has acquired a majority ownership position in three different businesses, and has invested or is in the process of investing in several others.

Ken Bell, Company CEO, stated, “The year 2011 has been an important one for the future of Pacific WebWorks. We’ve added key personnel to our management and back office teams, and have made good progress in pursuit of our new business model. We believe that our acquisition and investment strategy provides us the ability to better manage risk through the diversification of our risk exposure. We are optimistic about the opportunities we have become involved with, and believe that we are in a good position to help each of them mature into profitable contributions to Pacific WebWorks.”

“The Company’s financial condition continues to be strong. While gross revenues from our previous business model are decreasing, we continue to have a base of loyal customers in our Visual WebTools business, and we expect to grow IntelliPay and our other businesses in the coming year. We want our shareholders to understand the opportunities we have been pursuing during 2011, and plan to release more information about the individual investments throughout January and February of 2012. We are confident and enthused about the Company’s future.”

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, a nationally recognized internet gateway, 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, 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.

Heyu Biological Technology (PK) (USOTC:HYBT)
Historical Stock Chart
From Jun 2024 to Jul 2024