SAN ANTONIO, Aug. 23, 2013 (GLOBE NEWSWIRE) -- Michael Long, Chairman and Chief Executive Officer of Payment Data Systems, Inc., (OTCBB:PYDS) provides the following comments. "As part of the widespread trading outage yesterday, trading in our stock was temporarily halted. We believe it would be inappropriate to comment on the reason for the trading outage or even to try to define exactly what occurred. And we cannot determine with any degree of certainty that the outage had any effect on the trading of our stock for the day. However the coincidence of the decrease in our closing price and the timing of the outage is at a minimum "interesting."
Mr. Long added the following updates to the mid-August earnings announcement, "What we can comment on, with confidence, is that the fundamentals of the company have not changed since our public statements released on August 14, 2013.
"This quarter, we continued our record-setting growth in credit and debit card processing. We intend to position our Company for a national listing and believe we are being strategic in our plans to accelerate the growth of Payment Data Systems. We continue to be debt free and are seeing continued interest by new prospective customers for our services, including financial institutions."
"As we reported in mid-August, we continue to invest in the development of an innovative product line to allow financial institutions to offer turn-key prepaid card programs that allow their respective customers to upload personal photos to the image on the front of the card. These products include gift cards, corporate incentive pre-paid, general purpose reloadable pre-paid, and payroll cards. Additionally, based on current discussions with both banks and potential customers, we anticipate the restoration of a significant portion of our echeck revenue by late 3rd quarter of 2013 carrying us into 4th quarter, which should lead to our return to quarterly income generation. Let me emphasize that this continues to be in line with our reported expectations."
About Payment Data Systems, Inc.
Payment Data Systems is an integrated payment solutions provider to merchants and billers. The organization provides an extensive set of products to deliver world-class payment acceptance. Payment Data has solutions for merchants, billers, banks, service bureaus and card issuers. The strength of the Company is its ability to offer specifically tailored solutions for card issuance, payment acceptance and bill payments.
FORWARD-LOOKING STATEMENTS DISCLAIMER
Except for the historical information contained herein, the matters discussed in this release include certain forward-looking statements, which are intended to be covered by safe harbors. Those statements include, but may not be limited to, all statements regarding the Company's and management's intent, belief and expectations, such as statements concerning the Company's future and its operating and growth strategy. Investors are cautioned that all forward-looking statements involve risks and uncertainties including, without limitation, the factors detailed from time to time in the Company's filings with the Securities and Exchange Commission. One or more of these factors have affected, and in the future could affect, the Company's businesses and financial results and could cause actual results to differ materially from plans and projections. In light of the significant uncertainties inherent in the forward-looking statements included herein, the inclusion of such information should not be regarded as a representation by the Company or any other person that the Company's objectives and plans will be achieved. All forward-looking statements made in this release are based on information presently available to the Company's management. The Company assumes no obligation to update any forward-looking statements, except as required by law.
Source:Payment Data Systems, Inc.