Prepayd Inc. CEO Reduces Compensation Over 50% Until Company Posts $2,000,000 in Profit, is Sold or Acquired
HENDERSON, Nev., July 17, 2012 /PRNewswire/ -- PrepaYd, Inc. (OTC PINK: PPDC) announced today PrepaYd Inc. CEO Bruce Berman has reduced his salary voluntarily by just over 50% effective July 15th 2012. This is the third time Bruce Berman voluntarily reduced his future salary by over 50%. In 2010 Mr. Berman voluntarily reduced his salary from $297,500 annually to $114,653; in 2009 Mr. Berman voluntarily reduced his salary from $297,500 to $72,292. Besides reducing his salary by over 50% in the past Mr. Berman also worked from the company's inception in 2007 through December 31, 2008 for $1.
"I am doing this to boost shareholder confidence and value. Anyone that has ever spoken to me knows that since day one I have said over and over I am in this for a stock play not a job or salary. I had a profitable business that I wound down to start what is now PrepaYd Inc. I made more income in one year in my old business than I have been paid in salary by PrepaYd Inc. in the approximate 5 years combined since I started what is now PrepaYd, Inc.," stated Bruce Berman CEO.
Mr. Berman is reducing his salary from $24,791.67 a month to $12,000 a month effective July 15th 2012 forward. Mr Berman is also reducing his paid vacation from 8 weeks per year to 4. He has also agrees that any unused vacation or sick days will be on a use it or lose it basis and will not accrue or be compensated for non use. So far this year Mr. Berman who was entitled to over 4 weeks' vacation has taken one week. Mr. Berman has agreed to leave his salary at the reduced level until the company earns $2,000,000 or more in EBITDA in any 12 month or less period. Also if the company or any of its subsidiaries are sold or acquired Mr. Berman reserves the right to negotiate his future salary with the purchaser if they desire to keep him on. The company currently owes Mr. Berman 1 ½ months back pay at his original salary amount.
About PrepaYd, Inc.
PrepaYd, Inc. is a provider of financial services in the prepaid debit card industry. The company, through its wholly owned subsidiary, offers prepaid debit cards to America's estimated 60 million underbanked citizens. In addition to the underbanked consumer demographic, small and mid-size businesses have found a much-needed product with the company's Prepaid Business Expense Card Program. With the diminishing credit card markets, companies need a new way to fund employees' expenses other than through traditional credit cards or cash reimbursements.
PrepaYd Inc. also owns PrepaYd Wireless, Inc. which provides the postpaid experience without the contract, and is a new leading provider for No Contract Wireless Service with Unlimited Plans starting at $35 per month. Since the company's official launch in December 2011, the company has expanded its distribution through independent retail locations and by offering service plans that include Nationwide Coverage in all 50 states and Puerto Rico and by including all sales, telecom and usage taxes. For more information about PrepaYd Wireless, Inc. visit www.PrepaYdWireless.com.
For more information about PrepaYd, Inc. visit www.PrepaYdInc.com
FORWARD-LOOKING SAFE HARBOR STATEMENT: To the extent that this release discusses any expectations concerning future plans, financial results or performance, such statements are forward-looking within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and are subject to substantial risks and uncertainties. Actual results could differ materially from those anticipated in the forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof and reflect only management's belief and expectations based upon presently available information. These statements, and other forward-looking statements, are not guarantees of future performance and involve risks and uncertainties and the company assumes no obligation to update any of the
SOURCE PrepaYd, Inc.