PYDS CEO Comments On Trading Events Of August 22, 2013
SAN ANTONIO, Aug. 23, 2013 (GLOBE NEWSWIRE) -- Michael Long, Chairman and Chief Executive Officer of Payment Data Systems, Inc., (OTCBB:PYDS) provides the following comments. "As part of the widespread trading outage yesterday, trading in our stock was temporarily halted. We believe it would be inappropriate to comment on the reason for the trading outage or even to try to define exactly what occurred. And we cannot determine with any degree of certainty that the outage had any effect on the trading of our stock for the day. However the coincidence of the decrease in our closing price and the timing of the outage is at a minimum "interesting."
Mr. Long added the following updates to the mid-August earnings announcement, "What we can comment on, with confidence, is that the fundamentals of the company have not changed since our public statements released on August 14, 2013.
"This quarter, we continued our record-setting growth in credit and debit card processing. We intend to position our Company for a national listing and believe we are being strategic in our plans to accelerate the growth of Payment Data Systems. We continue to be debt free and are seeing continued interest by new prospective customers for our services, including financial institutions.""As we reported in mid-August, we continue to invest in the development of an innovative product line to allow financial institutions to offer turn-key prepaid card programs that allow their respective customers to upload personal photos to the image on the front of the card. These products include gift cards, corporate incentive pre-paid, general purpose reloadable pre-paid, and payroll cards. Additionally, based on current discussions with both banks and potential customers, we anticipate the restoration of a significant portion of our echeck revenue by late 3rd quarter of 2013 carrying us into 4th quarter, which should lead to our return to quarterly income generation. Let me emphasize that this continues to be in line with our reported expectations."
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