Pacific WebWorks, Inc. Files 2010 Form 10-K
January 11 2012 - 12:03PM
Business Wire
Pacific WebWorks, Inc. (OTC Pink Tier: PWEB.PK) this week filed
its amended Form 10-K for the year ended December 31, 2010.
The Company reported Revenues of $8,568,635, Income before
income taxes of $455,187, with Net Income of $46,811 for the year
ended December 31, 2010. The Company also reported Total Assets of
$11,320,152 as of December 31, 2010. Included in the filing was a
listing of Subsequent Events which outlines the new business
opportunities the Company has become involved with in 2011. The
Company plans to provide additional information on these
opportunities in subsequent releases.
Company President and CFO Lance Bell stated, “Despite the
business and marketing challenges in 2010, the Company was able to
manage its costs in order to remain profitable and achieve pre-tax
Income of $455,187. The Company’s balance sheet at the end of 2010
remains strong and we are pleased with the progress we made in 2011
toward utilizing that strong balance sheet to enter into new
business opportunities.”
Bell continued, “Completing the 2010 audit has been a large
initiative given the challenges that our past accounting firm
encountered. Our focus now moves to completing the reviews of our
2011 quarterly reports so that we can bring the Company current in
its periodic reports enabling the Company to trade again on the OTC
Bulletin Board. We believe that Pacific WebWorks is well positioned
to develop and grow its businesses and we are optimistic about the
future as we begin a new year.”
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, 2010 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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