EDMONTON, Feb. 9 /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 the following information.
The Company is continuing discussions with several parties to secure
permanent financing to allow the Company to continue operating. There is no
assurance at this time that such financing will be obtained and, without it,
the Company will not be able to continue operating.
The Company will continue operations for the week ending February 13,
2009 through funds loaned to the Company by Mr. McNeill, CEO and director of
the Company to cover payroll and essential expenses. This loan is on a secured
basis through a General Security Agreement to be entered into with Mr.
McNeill. Mr. McNeill has advised that he may continue to loan funds to the
Company to fund payroll on this basis beyond the week ending February 13,
2009, however, there is no assurance this will occur. If Mr. McNeill agrees to
further loans, the Company has agreed at this time to such loans only through
the end of February. While it was anticipated that last week's payroll would
be funded by a loan from Mr. McNeill, this loan was not required.
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 QuickLinxTM
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.
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