PrepaYd Inc. (fka PPDC)

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PrepaYd CEO Clarifies Edgar Filing

Prepayd (PL) (USOTC:PPDC)
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Today : Friday 13 April 2012
PrepaYd CEO Clarifies Edgar Filing
PR Newswire

NEWPORT BEACH, Calif., April 13, 2012

NEWPORT BEACH, Calif., April 13, 2012 /PRNewswire/ -- PrepaYd, Inc. (OTC PINK: PPDC), announced today that in January of 2010 Bruce Berman issued 42,500,000 warrants at $0.0001 per share to the company's then Senior Vice President and 13,750,000 to the company's then Assistant Vice President. These options were issued from Bruce Berman's personal stock and diluted Bruce Berman's personal ownership of the company but not any of the company's shareholders.

In February of 2012 half of these warrants vested and were exercised. Rick Galasieski exercised 21,250,000 warrants and paid the company's CEO Bruce Berman $2,125.00 and received 21,250,000 restricted common shares of the company's stock from Bruce Berman. Josh Berman exercised 6,875,000 warrants and paid the company's CEO Bruce Berman $687.50 and received 6,875,000 restricted common shares of the company's stock from Bruce Berman.

Bruce Berman received a total of $2,812.50 from the exercise of 28,250,000 warrants and reduced his ownership in the company by 28,250,000. Rick Galasieski, who subsequently resigned, forfeited his remaining 21,250,000 warrants. Josh Berman, the company's now VP and director, has an additional 6,875,000 warrants at a purchase price at $0.0001 per share from Bruce Berman that vest in 2014.

"To the untrained investor at first glance the way some websites reported this transaction could give the appearance that I sold 28,250,000 shares of the company's stock for no apparent reason other than financial gain and the false impression that the stock was sold into the market and at market price of approximately $800,000 to $1,000,000 when in fact I netted $2,812.50 in a transaction structured to benefit shareholders at my sole expense," stated Bruce Berman CEO of PrepaYd, Inc.

http://ih.advfn.com/p.php?pid=nmona&article=51999067&symbol=PPDC

This is the filing...

http://sec.gov/Archives/edgar/data/1115707/000136086512000019/xslF345X03/primary_doc.xml