PAID Inc. Responds To Stock Volatility
Addressing the recent volatility of its stock price, PAID Inc. of Westborough said it knows of no legitimate reason for the recent decline.
"We believe that the current stock price does not reflect the true value of PAID's businesses and intellectual property and instead is being impacted by baseless rumors," said Greg Rotman, PAID CEO. "As a growing company, PAID is in better shape today financially and as a business than it has ever been."
Stocks of PAID Inc., an entertainment industry management and marketing company, were trading at 10 cents each this morning, up from a 52-week low of 7 cents on Thursday. The highest was 39 cents per share a year ago.
"Through our efforts to reduce expenses, coupled with increased cash flow in 2012, we are less reliant upon stock for consultant compensation and contract advances," said Chris Culross, PAID CFO. "We are fortunate that PAID has no long-term debt with third parties so PAID can control its own destiny."
PAID said it's on target to reduce losses this year and move to profitability in 2013. In the first quarter of 2012, PAID reported an increase in revenues of 80 percent over the previous year, bringing it to $1.3 million. Its net loss was steady at $1 million.
The company also noted that Rotman recently underwent a successful surgery for complications from diverticulitis. In a statement, Rotman said the company has carried on with "business as usual" in his absence, under the day-to-day guidance of Rich Rotman, COO.
Image courtesy of FreeDigitalPhotos.net.
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