SALT LAKE CITY--(BUSINESS WIRE)--Pacific WebWorks, Inc. (OTCBB: PWEB) today discussed its 2013 10-K report that was filed with the SEC. The Company highlighted its substantial decrease in liabilities, its strong cash position and the new revenue growth that was achieved in its internet technology business.
Lance Bell, CEO, stated, “2013 was a year of rebuilding for Pacific WebWorks. Our internet technology business launched three new products and added over 14,000 net new customers, resulting in new revenues of over $750,000. We are pleased with these accomplishments and believe that the business is positioned to move forward in 2014.”
Bell further stated, “Our balance sheet has undergone significant changes during the past year. Total liabilities were reduced from over $2,100,000 down to under $282,000 largely due to a real estate transaction that enabled us to satisfy the majority of our notes payable. This liability reduction was accomplished while maintaining a strong cash position of over $1,900,000.”
Bell continued, “Our total assets were also significantly reduced due in large part to the recognition of a deferred tax asset valuation allowance. While this valuation allowance reduced total assets on our balance sheet and caused the Company to incur a larger net loss, we do not anticipate that it will have any immediate or future cash impacts. All applicable tax benefits continue to be available to the Company.”
Bell concluded, “We have commenced the rebirth of Pacific WebWorks and believe that we are on the path to increased revenues and profitability. Our balance sheet is healthy, our internet technology business is active once again and we are optimistic about what we can achieve in 2014.”
About Pacific WebWorks
Pacific WebWorks provides a comprehensive suite of affordable, easy-to-use software programs for small businesses that want to create, manage, and maintain an effective Web strategy including full e-commerce capabilities. Pacific WebWorks operates a number of wholly owned subsidiaries including Intellipay, our internet gateway, TradeWorks Marketing, Headlamp Ventures and others.
All statements other than statements of historical fact included in this press release are forward-looking statements. Words such as "anticipate," "believe," "estimate," "expect," "intend" and other similar expressions as they relate to the Company or its management, identify forward-looking statements. Such forward-looking statements are based on the beliefs of the Company's management as well as assumptions made by and information currently available to the Company's management. These statements are not a guarantee of future performance. Actual results could differ materially from those contemplated by the forward-looking statements as a result of certain factors, including the Company's ability to maintain sufficient credit card processing capabilities to service the demands of their hosting portfolio and other risk factors discussed under the caption "Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2013 as filed with the Securities and Exchange Commission. Such statements reflect the current view of the Company's management with respect to future events and are subject to these and other risks, uncertainties and assumptions related to the operations, result of operations, growth strategy and liquidity of the Company. All subsequent written and oral forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by this paragraph. The Company has no intention, and disclaims any obligation to update or revise any forward-looking statements, whether as a result of new information, future results or otherwise.