Pacific WebWorks, Inc. (OTCBB: PWEBe) today announced that the Company
expects to be temporarily delisted from the OTCBB. The delisting follows
a series of delays the Company has encountered in filing its Form 10-K
for December 31, 2010.
As reported to the Securities and Exchange Commission ("SEC") in Form
8-K's in April 2011, the Company's independent auditors for many years,
Chisholm, Bierwolf, Nilson & Morrill, LLC ("CBNM") were dismissed in
January 2011 and their registration with the Public Company Accounting
Oversight Board ("PCAOB") has subsequently been revoked. The Company has
since engaged HJ & Associates, LLC as their independent registered
public accounting firm.
On April 21, 2011 Pacific WebWorks was notified by the SEC that as a
result of the April 8, 2011 revocation by the PCAOB of CBNM's
registration, the Company would be required to re-audit PWEB's December
31, 2009 financial statements, along with finalizing the audit of the
December 31, 2010 financial statements before the 10-K for December 31,
2010 could be filed. After making every effort, we now recognize that
these requirements have made it impossible for PWEB to meet the
OTCBB-imposed deadlines for filing the Company 10-K to avoid delisting.
The company also announced the hiring of Tanner Purser as its in-house
accountant. Mr. Purser has several years' experience as an accountant
and an independent auditor and is a candidate for a Masters of
Accountancy from Westminster College in Salt Lake City, Utah, with
graduation expected in May 2011.
Additionally, the Company announced that Christian R. Larsen has stepped
down as President and Secretary of the Company to pursue other business
opportunities, but will remain involved with the Company as a member of
the board of directors and a significant shareholder. The Company also
announced the appointment of K. Lance Bell as the new President,
Secretary and Chief Financial Officer. Lance will also fill the vacant
seat on the Company's board of directors.
Mr. Bell holds an MBA from the Goizueta Business School at Emory
University in Atlanta, Georgia. Additionally, he has an accomplished
13-year career in IT Services, including significant domestic and
international architecture and operations management. Most recently, Mr.
Bell filled the role of Sr. Director of Information Technology for a
Consulting and Managed Services Firm of just over 600 employees.
Ken Bell, company CEO, stated, "The name Chris Larsen has been
synonymous with Pacific WebWorks since its very beginnings. Chris'
contribution to the Company has been immeasurable. While we respect his
desire to move on to other opportunities and challenges, we will miss
his involvement in our daily operations. We are pleased that Chris will
remain a member of our board of directors. His overall knowledge and
business acumen will be important to our continued success."
Bell continued, "After a careful review of candidates it has been
determined that my son, Lance Bell, is best suited to become Pacific
WebWorks' next President. The Company is pleased to announce the hiring
of an individual with Lance's capabilities. We envision Lance providing
the Company with a great deal of leadership as we seek to broaden our
Company's business lines moving forward. His extensive contacts,
domestic and international experience, management and business expertise
will be a valuable component to our future success. Further, we believe
the combined knowledge and experience of Lance and Tanner will
facilitate the accurate and timely filing of our future financial
Bell concluded, "The financial condition of the company remains strong.
We continue to have a base of loyal customers in the existing business
and look forward to adding additional sources of business and income in
the near future. We are going through many changes at Pacific WebWorks
that we believe will pave the way to a successful future for the Company
and our shareholders."
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, our Internet gateway, TradeWorks
Marketing and others. Pacific WebWorks is seeking to expand its
operations into other areas both within and outside of its current
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.
Pacific WebWorks, Inc.
Tim Rieu, 410-825-3930