Pay Linx Provides Corporate Update



    EDMONTON, Feb. 2 /CNW/ - Pay Linx Financial Corporation ("Pay Linx" or
the "Company") (TSX-V: PIN), a provider of services and infrastructure
enabling the replacement of cash and cheque payments with electronic payment
cards, announced today that it requested the TSX Venture Exchange to halt
trading of its shares pending the release of the following information.
    The Company announced that it has used up all of its available cash and
is in the process of arranging an interim loan with Mr. Ian McNeill, CEO and
director of the Company, to continue operations on a weekly basis while it
seeks permanent financing. The Company is in discussions with several parties
regarding financing to continue operations and complete the development of
Version 3.0 of its software application. While every effort is being made by
the Company to secure this financing, there is no assurance that it will be
successful. There is also no assurance at this time that Mr. McNeil's interim
loans will extend beyond one week.
    The Company also announced the resignations of Mr. John Burns, Q.C. and
Mr. Chuck Walker as members of the board of directors of the Company effective
January 29, 2009 and would like to thank them for their service.

    About Pay Linx

    Pay Linx Financial Corporation (TSX-V: PIN) delivers affordable,
accessible and contemporary payment processing services that integrate
seamlessly into the Interac and MasterCard financial networks in North
America. Pay Linx, which is 25% owned by Royal Bank of Canada ("RBC"),
provides services to RBC for Canadian governments through QuickLinx(TM)
replacing cheque and voucher payments. Pay Linx, through Bank West, a Canadian
financial institution, and Palm Desert National Bank, a United States
financial institution, also delivers new and innovative financial payment
solutions for corporations to better serve their customers.

    Forward-Looking Statements

    The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this release. Certain statements contained herein may
constitute forward-looking statements. These statements relate to future
events or our future performance. All statements other than Statements of
historical fact may be forward-looking statements. Forward looking statements
are often, but not always, identified by the use of words such as "seek",
"anticipate", "plan", "continue", "estimate", "expect", "may", "will",
"project", "predict", "potential", "targeting", "intend", "could", "might",
"should", "believe" and similar expressions. These statements involve known
and unknown risks, uncertainties and other factors that may cause actual
results or events to differ materially from those anticipated in such
forward-looking statements. We believe that the expectations reflected in the
forward-looking statements are reasonable based upon management's current
views but no assurance can be given that these expectations will prove to be
correct and such forward-looking statements should not be unduly relied upon.
No assurance can be given that actual results, performance or achievement
expressed in, or implied by these forward-looking statements will occur, or if
they do, that any benefits may be derived from them. Past results have been
applied in drawing a conclusion or making a forecast or projection set out in
the forward-looking information.

    
    The TSX Venture Exchange Inc. has not reviewed and does not accept
    responsibility for the adequacy or accuracy of this release
    





For further information:

For further information: Ian McNeill, President and CEO, Pay Linx
Financial Corporation, Tel: (780) 702-4710, Email: Ian.Mcneill@PayLinx.ca,
www.paylinx.ca; Marshall Rosichuk, CMA, CFO, Pay Linx Financial Corporation,
Tel: (780) 702-4702, Email: Marshall.Rosichuk@PayLinx.ca, www.paylinx.ca

Organization Profile

PAY LINX FINANCIAL CORPORATION

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