WESTBOROUGH, MA -- (Marketwire) -- 06/15/12 -- PAID Inc. (OTCBB: PAYD) today addressed the recent volatility in the price of its shares. The company knows of no legitimate reason for the recent decline in its stock price.
"We believe that the current stock price does not reflect the true value of PAID's businesses and intellectual property and instead is being impacted by baseless rumors," stated Greg Rotman, PAID Inc. CEO. "As a growing company, PAID is in better shape today financially and as a business than it has ever been."
PAID is on target to reduce losses on increased revenue in 2012 and move to profitability in 2013. The Company believes cash from operations will be sufficient to fund the business in 2012.
"Through our efforts to reduce expenses, coupled with increased cash flow in 2012, we are less reliant upon stock for consultant compensation and contract advances," said Chris Culross, PAID CFO. "We are fortunate that PAID has no long-term debt with third parties so PAID can control its own destiny."
The recently issued projections for increased record-level revenue are primarily from our entertainment business and do not reflect possible revenue from potential monetization of PAID's intellectual property. As announced previously, PAID intends to provide an update on the status of its patents and monetization efforts by the end of June 2012.
Greg Rotman recently underwent surgery for complications from diverticulitis, a curable, controllable condition that is not life threatening. The surgery went well and he is expected to make a full recovery.
"Greg has received excellent medical care and we're thankful he's rebounding quickly," PAID Inc. COO Richard Rotman stated. "He's already back to work on a reduced schedule, so it's clear he's feeling much better and is not missing a beat."
"I'm feeling much better and have already started to resume my normal activities," Greg Rotman noted. "Fortunately, we have a very capable management team and staff at PAID, so it has been business as usual in my absence. As COO, Rich (Rotman) has been overseeing the day-to-day operations management of every area for years, as well as being intimately involved in advancing our intellectual property strategies with our legal team since day one. Chris Culross and Keith Garde have been cementing new contracts to continue our growth momentum, while our entire team has been providing the quality products and services for which we are known to our rapidly growing client base."
About PAID Inc.:
PAID Inc. is a one-stop brand management and marketing resource to music, entertainment and sports personalities and organizations, and offers AuctionInc online shipping calculation and shopping cart software employing its patented technology to streamline ecommerce. Known for quality and customer service, PAID offers turnkey online, mobile, social media and traditional marketing campaigns, as well as award-winning video & film production, VIP ticketing, web site design, merchandising, ecommerce and fan community management programs. More details are available at www.paid.com.
Safe Harbor statement under the Private Securities Litigation Reform Act of 1995:
Statements in this news release looking forward in time involve risks and uncertainties, including the risks associated with the effect of changing economic conditions, trends in the markets, variations in the company's cash flow, competition, celebrity programs, business development efforts, technology availability and cost of materials and other risk factors. Factors that could cause actual results to differ materially are discussed in the Company's most recent filings with the Securities and Exchange Commission.
For PAID Inc.