PAID Inc. to Issue Financial Results by May 18; Patent Update to Follow
May 3, 2012
PAID retains Rosen Seymour Shapss Martin & Company as public accountant
Boston, MA – May 3, 2012 – PAID Inc. (OTCBB: PAYDE) anticipates filing its Form 10-K 2011 yearend financial results by May 18, 2012. PAID’s long track record of timely filing of financial results was interrupted when the ill-timed resignation of PAID’s previous auditing firm on March 27, 2012 caused PAID to be delinquent in filing its Form 10-K for 2011. As a result an “E” has been appended to the company’s ticker and it is trading under the ticker PAYDE. Once PAID is current in its SEC financial filings, the “E” will be removed and PAID will resume trading under the ticker PAYD. PAID expects to file its Form 10-Q first quarter 2012 financial results following the release of the 10-K.
PAID has retained Rosen Seymour Shapss Martin & Company LLP (“Rosen Seymour”) as the Company’s independent registered public accounting firm.
“Rosen Seymour is a 200-person regional accounting firm with a lot of depth and public accounting experience working with growing companies,” stated Christopher Culross, PAID Inc. CFO. “While with previous corporations that engaged Rosen Seymour’s services, I worked extensively with their auditing teams and they proved to be very responsive, knowledgeable and comfortable working with small cap companies, and very competitively priced in the marketplace. Coupled with the fact that they look to build a long-term relationship with their clients, the selection of Rosen Seymour fits very well with our objectives.”
Intellectual Property Update
“We are excited about our prospects for monetization of our two online shipping calculation system patents based on our discussions with multiple entities,” said Greg Rotman, CEO of PAID Inc. “We’ve been strategically pursuing and laying the groundwork for our next steps. We expect to provide an update on certain details by the end of the second quarter of 2012.”
Rotman noted, “Our intellectual property remains an extremely valuable asset for PAID, as the systems and methods detailed in the patents transcend technology and can be applied to future technologies employed in calculating shipping charges.”
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About PAID, Inc.:
PAID, Inc., publicly traded under the ticker PAYD, 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 atwww.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.