Pacific WebWorks Inc. (OTCBB:PWEB) today announced the acquisition of nearly 400 new hosting clients and the acquisition of an interest in residual cash flows on an additional 547 Intellipay clients. These acquisitions are part of a continued focus on growing the company's residual cash flows.
CEO Ken Bell stated, "Management continues to pursue all avenues to expand recurring income. Opportunities arise periodically where we can acquire portfolios of clients to supplement what we are doing through our other distribution channels. These particular portfolios represent seasoned clients who have been using technology to further their business operations for some time."
Bell continued, "We also continue to see a steady flow of new hosting clients from our TradeWorks marketing initiatives. The company has conducted events in 15 cities during the fourth quarter of 2003 and the first quarter of 2004, and has added approximately 800 new accounts from these events. Pacific WebWorks will hold events in three more cities in March."
Bell concluded, "We remain committed to building shareholder value through the expansion of our residual hosting income."
About Pacific WebWorks & IntelliPay
Pacific WebWorks provides a comprehensive suite of affordable, easy-to-use software programs for small businesses that want to create, manage and maintain an effective Web strategy including full e-commerce capabilities. Pacific WebWorks' wholly owned subsidiary IntelliPay develops and provides trusted electronic transaction processing and payment products and services.
About TradeWorks Marketing Inc.
Pacific WebWorks' wholly owned subsidiary TradeWorks Marketing Inc. is a sales and marketing organization created to market the PWEB and IntelliPay product lines.
