Read this Part, "intent is to put ourselves in the same position as our shareholders"
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.'
Coming soon, Forex trading system, Name Change, Cusip # change,
A lot of PR's on the way. End of Feb and March looks awsome for Positive News.
February 27, 2007 - 8:45 AM EST
Cash Now Key Executives To Be Compensated by Stock in Lieu of Regular Salary
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.
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.
About Cash Now
Cash Now Corporation, a pioneer in the payday loan industry, is developing the most comprehensive menu of services in the cash advance industry, all centered on the Cash Now brand. The company's proven business model includes licensing to corporately operated locations across the U.S. and Canada, as well as several foreign markets. Additionally, Cash Now's website is the most advanced payday-lending portal, offering key insight to clients and potential clients alike.
The Company is currently in the process of expanding its product portfolio by bringing a retail Forex trading platform to market, targeted to seasoned day traders. The Beta test site is scheduled for launch in late February, with a full-service roll-out to follow once the platform has been successfully tested.
Additionally, the Company's e-wallet product, named EM2 (Electronic Money Management) continues to be developed. This stored value card allows customers to transfer cash value without having to issue cheques. Employers can use it to pay employees (of great benefit for hourly workers who may not have a bank account); in multi-level marketing organizations, as well as facilitating electronic fund transfers.
Safe Harbor Statement
Information in this press release may contain 'forward-looking statements.' Statements describing objectives or goals or the Company's future plans are also forward-looking statements and are subject to risks and uncertainties, including the financial performance of the Company and market valuations of its stock, which could cause actual results to differ materially from those anticipated. Forward-looking statements in this news release are made pursuant to the 'Safe Harbor' provisions of the United States Private Securities Litigation Reform Act of 1995. Investors are cautioned that such forward-looking statements involve risks and uncertainties, including, without limitation, risks relating to the ability to close transactions being contemplated, risks related to sales, continued acceptance of Cash Now's products, increased levels of competition, technological changes, dependence on intellectual property rights and other risks detailed from time to time in Cash Now's periodic reports filed with the regulatory authorities.
SOURCE Cash Now Corporation
Source: PR Newswire (February 27, 2007 - 8:45 AM EST)
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