Paid, Inc. Revenues to Date Up Over 100% Over All of 2008, Expects to be Cash Positive in 2009
Highlights:
• $5 million of revenue/deferred revenue though May 15, 2009, over 100% higher than year end 2008 revenue
• Cash positive
• Multiple new clients
• VIP ticket packages selling well for multiple clients
• Continuing to market and upgrade intellectual property
• Expanded marketing capabilities
Boston, MA - Paid, Inc. (OTCBB: PAYD) has started off 2009 by adding new celebrity services clients, expanding its service offering, continuing to market its intellectual property and boosting revenues dramatically.
Increased Revenue for 2009
Paid, Inc. has generated more than $5 million of revenue and deferred revenue to date in 2009, compared to total 2008 revenue of $2.18 million. The majority is deferred revenue from VIP ticket package sales, which will be booked as revenue as the events occur.
VIP packages are currently on sale for multiple tours and series of events and are selling well. Paid anticipates that it will be handling VIP ticketing for additional tours/events that are currently being planned but have not yet been announced. Paid is now cash positive and expects to be cash positive through the remainder of the year, primarily from sales of VIP experiences and merchandise for tours/events currently scheduled and being planned.
Expanded Client Base
Paid’s celebrity services business has recently added new clients, including Professional Bull Riders, The Bold & The Beautiful, Drowning Pool, DOWN and Mötley Crüe members Mick Mars and Nikki Sixx and expects to continue building its client base in multiple areas. Paid has steadily been shortening its sales cycle from 12+ months to three to six months.
About Paid, Inc.:
Paid, Inc., publicly traded under the ticker PAYD, is a one-stop brand management and marketing resource to music, entertainment and sports personalities and organizations, and offers AuctionInc™ online shipping calculation and shopping cart software employing its patented technology to streamline ecommerce. Known for quality and customer service, Paid offers turnkey online, mobile, social media and traditional marketing campaigns, as well as award-winning video & film production, VIP ticketing, web site design, merchandising, ecommerce and fan community management programs.
Safe Harbor statement under the Private Securities Litigation Reform Act of 1995:
Statements in this news release looking forward in time involve risks and uncertainties, including the risks associated with the effect of changing economic conditions, trends in the markets, variations in the company's cash flow, competition, celebrity programs, business development efforts, technology availability and cost of materials and other risk factors. Factors that could cause actual results to differ materially are discussed in the Company's most recent filings with the Securities and Exchange Commission.
To receive updates on Paid, Inc. news via email, please send an email to Julie@paid.com with your name, contact info and the subject “Paid email update.”
CONTACT:
Julie Shepherd, Accentuate PR, 815 479 1833, Julie@paid.com
