SALT LAKE CITY--(BUSINESS WIRE)--Pacific WebWorks (OTCBB: PWEB) filed a notification of late filing of its 2010 10-K today. The company also reported on its progress in pursuit of an updated business model.
Pacific WebWorks is unable to file Form 10-K for the period ended December 31, 2010 within the prescribed time period without unreasonable effort or expense. Due to the challenges associated with the recent change of its independent public registered accounting firm and the departure of its CFO, the company will release earnings after the standard filing date of March 31st, but no later than April 15, 2011.
Pacific WebWorks continues to focus on synergistic business acquisitions and partnerships. The company is currently in the process of evaluating and cultivating several opportunities, as well as working to develop additional means of capitalizing on its current technologies.
Ken Bell, the company’s CEO, stated, “Pacific WebWorks continues to make progress on identifying opportunities to fully capitalize on its financial strength and experienced management. The company is currently evaluating several investments and partnerships that have the potential to build value for our shareholders.”
Bell continued, “The financial condition of the company continues to be strong and the company is profitable. While gross revenues are down we continue to have a base of loyal customers in the existing business and look forward to adding additional sources of income in the near future. We are optimistic as we examine new and innovative ways to employ the company’s assets to build shareholder value.”
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, 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, 2008 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.