CHNW NEWS !!!!!!!
Cash Now Key Executives To Be Compensated by Stock in Lieu of Regular Salary
Tuesday February 27, 8:45 am ET
LAS VEGAS, NV, Feb. 27 /PRNewswire-FirstCall/ - Cash Now Corporation (CHNW.PK) www.cashnow.com (Cash Now), announces that key executives CEO Garr Winters and Richard Sciacchetano, Cash Now's advisor and project manager of the Forex product, have agreed to be compensated primarily in Company stock. Each executive will receive $1.00 in Cash, in lieu of regular salary, plus shares of common stock in the Company commensurate with performance and meeting certain pre-defined business milestones. This arrangement will significantly reduce Cash Now's burn rate and allow the company to maximize its operating budget towards marketing and new business development via third party service agreements.
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CEO Winters noted that: "We are very bullish on the prospects of the Company, particularly with respect to the new products being launched like our Forex trading service, the e-wallet prepaid financial service product, and ATM services. With the ATM and e-Wallet for example, we will be working closely in concert with Mr.Jack Chang and other assets the company has recently acquired to bring them all up to positive income level. The intent is to put ourselves in the same position as our shareholders. Our success will be intrinsically tied to the value we achieve on behalf of our shareholders. We are very excited about the future prospects."
Richard Sciacchetano noted that, "The Forex business opportunity is very exciting to me personally. I believe our timing matches market demand for a better service for the active day trader. We are bringing a platform to market that delivers exactly what the seasoned trader is looking for - a service that provides transparency and real-time interbank currency quotes, where pips are not manipulated with slippage and skuing. In turn, we expect our customers to trade more actively than the norm. They will be able to trade profitably with smaller currency fluctuations, and more quickly to take advantage of currency movements."
It is anticipated that both executives may acquire significant stock positions in the Company based on their compensation levels.
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