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Pacific WebWorks Provides Update

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05/20/2011 | 12:05pm EDT

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in January 2011 and their registration with the Public Company Accounting Oversight Board ("PCAOB") has subsequently been revoked.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 reports."

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 industry emphasis.

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, 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.
801-578-9020
ir@pacificwebworks.com
or
Chesapeake Group
Tim Rieu, 410-825-3930


© Business Wire 2011
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