PrepaYd Wireless will Not Renew Westminster Cart Location Lease Which Expires June 30th
NEWPORT BEACH, Calif., June 29, 2012 /PRNewswire/ -- PrepaYd Wireless, Inc. a wholly owned subsidiary of PrepaYd, Inc. (OTC PINK: PPDC) announced today PrepaYd Wireless will be closing its Westminster 30 square foot Express Location on June 30, 2012 and will be transferring the Westminster employees to the new PrepaYd Wireless Retail Services Division to sign up new Dealers to the PrepaYd Wireless Dealer Network.
The company will also be transferring its roving manager to the company's new Culver City, Ca. "Full Service" Kiosk which is approximately 100 square feet in a high traffic mall.
"We garnered a lot of useful data and knowledge during the six months we operated the cart. One of the things we learned has proven to be of paramount importance to the company's future growth is that cash payments are critical, and in order to have a successful retail point of sale location you must also have agreements in place with multiple technology providers so your customers can easily replenish their airtime without having to go back to your retail location. Since opening the cart we subsequently engaged 8 provider networks with plans to add even more in the upcoming months, to expand further to our 40,000 retail Airtime Replenishment locations," stated Josh Berman, Vice President of PrepaYd Wireless.
"With only $1,500 a month rent and a short term lease the cart was a great way for us to dip our toe in the retail arena. The decision not to renew the cart lease was partially based on less than anticipated activations then the company had hoped for and putting the newly trained staff to better to use at the company," stated Bruce Berman CEO of PrepaYd Inc.
About PrepaYd Wireless
PrepaYd Wireless, Inc. provides the postpaid experience without the contract, and is a a new leading provider for No Contract Wireless Service with Unlimited Plans starting at $35 per month. Since the company's official launch in December 2011, the company has expanded its distribution through independent retail locations and by offering service plans that include Nationwide Coverage in all 50 states and Puerto Rico and by including all sales, telecom and usage taxes. For more information about PrepaYd Wireless, Inc. visit www.PrepaYdWireless.com.
About PrepaYd, Inc.
PrepaYd, 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 PrepaYd, Inc. visit www.PrepaYdInc.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.
PrepaYd Wireless, Inc.
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