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Pay By The Day Holdings Signs LOI for Exclusive Technology Rights
Ticker Symbol: U:PBDH


LAS VEGAS, March 15, 2010 (GLOBE NEWSWIRE) -- Pay By The Day Holdings, Inc. (OTCBB:PBDH) is pleased to announce that it has entered into a non-binding letter of intent to acquire all of the assets of Grail Semiconductor and exclusive rights to a number of other cutting edge independent innovative technologies. These acquisitions are subject to the due diligence of all signatories and the negotiation and execution of definitive agreements. Such agreements will be subject to certain conditions including the raising of funds to pursue the Company's new business model. In accordance with the letter of intent, the Company will undertake an immediate name change to Oteegee Innovations Inc. and proceed with a 10 for 1 forward split of the Company's issued and outstanding common shares.
"This is a very exciting time for Pay By The Day and we believe we are partnering with some of the most remarkable innovators in North America," commented Jordan Starkman, CEO of Pay By The Day Holdings. "We look forward to completing the acquisition and executing our new growth initiatives to increase shareholder value by answering the world's crucial technological challenges."

The targeted assets include the following.

Grail Semiconductor Assets:

The Company will acquire the Quantum Inductive Capacitance technology (QIC Chip) of Grail Semiconductor including the exclusive right to pursue claims against various chip manufacturers. (Patent No. US6,642,552)

QIC-Chips:

combine the functions of SRAM, DRAM, and FLASH
operate at speeds faster than SRAM
have density comparable to or better than DRAM
are non-volatile and more stable than FLASH
achieve manufacturing cost advantages comparable to or better than DRAM
QIC Chip Products:

Embedded QIC Memory IP Cores
Pin compatible QIC Flash Chips
QIC Solid State Drives (SSDs)
3D Technology

The inventor of the QIC Chip is developing a hardware and software platform to deliver real-time high-resolution rendering of 3D characters and backgrounds. This technology is to be utilized for myriad high intensity 3D rendering applications including medical scanning.

Energy

Concentrating Solar Collector: A scalable and highly durable stand-alone unit that is designed to be more efficient and less costly than parabolic trough collectors and contemporary solar water heating panels. Unlike photo-voltaic (PV), this resilient technology does not use semiconductors which degenerate over time. (Patent pending)

Thermo-Electric Generator: A frictionless generator scalable for private homes, factories and power plants, designed to produce grid-compatible A.C. electricity without the cost of an inverter; without consuming water or requiring cooling, and more efficiently and cost effectively than current generators. (Patent in preparation)

Concentrating Solar Power (CSP) System: The Oteegee Solar Collectors and Thermo-Electric Generators are designed to integrate seamlessly to achieve any desired output capacity, including large power plants. In addition to selling systems, Oteegee plans to establish and operate many small decentralized power plants throughout the world that sell electricity to power companies and consumers. (No separate patent necessary)

Hydrogen Generator: A ground-breaking technology designed to create hydrogen from any water source, including ocean and grey water. It can be powered by Oteegee's CSP system or any power source, to generate and store hydrogen for on-demand electricity during dark hours, and for automotive fuel. (Patent pending)

Water

Water Generator: A unit employing a design innovation on the Hydrogen Generator that enables small and large scale water desalination and reclamation at a fraction of current costs. This breakthrough technology does not involve reverse osmosis or any other current desalination technology. (Patent in preparation)

Sea Water Mining: Rather than returning concentrated brine to the sea, Oteegee plans to mine the processed water for pure sea salt, high potassium fertilizer and rare earth minerals.

Natural Health

The Company will have exclusive rights to proprietary health products and services that combine cutting edge science and natural medicine. The Company will also acquire a unique new technology that allows organic materials to be processed without oxidation or physical damage to the delicate nutrient complexes, allowing the creation of low cost natural organic super-foods and basic foodstuffs (such as powders and oils) that have long shelf lives without added preservatives. (Patent in preparation)

Bob Stern, CEO of Grail Semiconductor, stated, "Our new business structure is a significant advancement in the way disruptive innovations can be brought to the world for the benefit of humankind. The broad range of "oteegee" power, water, health and education technologies together with public and private financing and adept global management will open new vistas and exciting opportunities for the merged companies, their shareholders, and the world at large."

The Pay By The Day Holdings, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=7216