NEWPORT BEACH, Calif.--(BUSINESS WIRE)--Prepaid Card Holdings, Inc. (OTC:PPDC) announced today that on March 31, 2011 the Company’s Board of Directors and Majority shareholder each approved a change of the Company’s name to PrepaYd, Inc. The purpose of the name change is to match the Company’s new brand, “PrepaYd”, and to reflect the expansion of the Company’s business plan to provide additional prepaid products besides prepaid debit cards.
The Company, which up until now has focused on providing prepaid debit cards to the estimated 60 million underbanked U.S. consumers and its prepaid business expense cards towards small to medium size employers, has been researching additional prepaid products to offer.
“We have earned consumers’ trust. In most cases our cardholders trust us with the safe keeping of their funds from their income sources and for the disbursement of those funds on their behalf. We believe this same customer demographic will trust us with additional ancillary prepaid products and services. We intend to start offering them new high quality products and services and become a one-stop shop for several of their prepaid and personal needs,” stated Bruce Berman, CEO of Prepaid Card Holdings, Inc.
The name change will go into effect after the SEC mandated 20 day notice period after the filing of the Company’s Information Statement with respect to the name change, and mailing of notice to shareholders. The Company’s primary trading market will reflect the change following approval of the corporate action by FINRA.
About Prepaid Card Holdings, Inc.
Prepaid Card Holdings, Inc. is a provider of financial services in the prepaid debit card industry. The company, through its wholly owned subsidiary, offers prepaid debit cards to America’s estimated 60 million underbanked citizens. In addition to the underbanked consumer demographic, small and mid-size businesses have found a much needed product with the company’s Prepaid Business Expense Card Program. With the diminishing credit card markets, companies need a new way to fund employees’ expenses other than through traditional credit cards or cash reimbursements. For more information about Prepaid Card Holdings, Inc. visit www.PrepaidCardHoldings.com.
FORWARD-LOOKING SAFE HARBOR STATEMENT: To the extent that this release discusses any expectations concerning future plans, financial results or performance, such statements are forward looking within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and are subject to substantial risks and uncertainties. Actual results could differ materially from those anticipated in the forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof and reflect only management's belief and expectations based upon presently available information. These statements, and other forward-looking statements, are not guarantees of future performance and involve risks and uncertainties and the company assumes no obligation to update any of the forward-looking statements in this release.