Pacific WebWorks, Inc. Discusses 2013 10-K Report
March 31 2014 - 12:50PM
Business Wire
Pacific WebWorks, Inc. (OTCBB: PWEB) today discussed its 2013
10-K report that was filed with the SEC. The Company highlighted
its substantial decrease in liabilities, its strong cash position
and the new revenue growth that was achieved in its internet
technology business.
Lance Bell, CEO, stated, “2013 was a year of rebuilding for
Pacific WebWorks. Our internet technology business launched three
new products and added over 14,000 net new customers, resulting in
new revenues of over $750,000. We are pleased with these
accomplishments and believe that the business is positioned to move
forward in 2014.”
Bell further stated, “Our balance sheet has undergone
significant changes during the past year. Total liabilities were
reduced from over $2,100,000 down to under $282,000 largely due to
a real estate transaction that enabled us to satisfy the majority
of our notes payable. This liability reduction was accomplished
while maintaining a strong cash position of over $1,900,000.”
Bell continued, “Our total assets were also significantly
reduced due in large part to the recognition of a deferred tax
asset valuation allowance. While this valuation allowance reduced
total assets on our balance sheet and caused the Company to incur a
larger net loss, we do not anticipate that it will have any
immediate or future cash impacts. All applicable tax benefits
continue to be available to the Company.”
Bell concluded, “We have commenced the rebirth of Pacific
WebWorks and believe that we are on the path to increased revenues
and profitability. Our balance sheet is healthy, our internet
technology business is active once again and we are optimistic
about what we can achieve in 2014.”
About Pacific WebWorks
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, Headlamp Ventures 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, 2013 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.
Pacific WebWorks, Inc.Investor Relations,
801-578-9020ir@pacificwebworks.com
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