Pay Linx Financial Corporation ("Pay Linx" or the "Company") (TSX-V: PIN), a provider of services and infrastructure enabling the replacement of cash and cheque payments with electronic payment cards, announced today the following information.
The Company is continuing to review financing and restructuring proposals through the efforts of the board of directors. The president of the Company, Ian McNeil, who has been temporarily suspended pending resolution of these matters, has demanded repayment of the loans in the amount of approximately $70,000 that he provided to cover payroll and other essential expenses, and to establish priority he has effected the seizure of computers and other equipment; however, the equipment has been left in the Company's possession for its continued use. The Company's landlord has demanded payment of overdue rent and may take action if they do not receive payment. The Company's transfer agent has advised that they intend to suspend services if outstanding accounts are not paid by March 25, 2009. Such services are required to maintain trading on the TSX Venture Exchange, and trading will be suspended if the transfer agent suspends services. The Company does not have any cash on hand and laid-off its staff on March 12, 2009 on a temporary basis pending possible future financing arrangements. There is no assurance that the Company will be able to successfully arrange and/or complete any financing or restructuring proposals. Further updates will be provided as developments occur.