SECURE SIGN TO ACQUIRE POCKETPASS
Friday March 28, 9:01 am ET
SEATTLE, March 28 /PRNewswire-FirstCall/ --
Secure Sign (OTC: SCSN - News)
formerly "SECU," a Colorado corporation, has entered into a share exchange
agreement to acquire Pocketpass.com, Inc. (Pocketpass), a California
corporation, in a reverse acquisition.
Under the terms of the agreement, Secure Sign will issue up to 24,900,000
shares of its common stock to Pocketpass stockholders in exchange for all
outstanding shares of Pocketpass. Assuming consummation of the acquisition,
former stockholders of Pocketpass will own approximately 83 percent of the
outstanding shares of Secure Sign.
Pocketpass specializes in cash- and web-based micro-payment systems and
pre-paid stored-value cards and has developed a number of proprietary and
patent-pending Internet technologies that enable anonymous online shopping
without a credit card; person-to-person payments such as those required for
auctions; profitable, inexpensive and easy to use micro-payments for
physical and digital property; and seller-selected online cash payment rules.
Pocketpass believes it can conduct profitable pay-for-play or pay-for-
product transactions, over the Internet, for less than 25 cents per
transaction, allowing profit to vendors and service providers on an almost
limitless number of transactions that cannot currently take place because
of the overhead involved in credit card purchases.
The Pocketpass stored value card allows individuals concerned about the
safety and privacy of credit cards to make online purchases without a
credit card. The Pocketpass card also allows teenagers and others without
credit cards, 95 percent of the world's consumers, to engage in the
Internet's burgeoning e-commerce market.
Consummation of the agreement is subject to conditions including, but not
limited to, Secure Sign acquiring at least 90 percent of the outstanding
shares of Pocketpass, completion of due diligence, and Secure Sign entering
into compromise agreements with its outstanding creditors. If completed,
Pocketpass' current board of directors will become directors of Secure Sign
and the company will change its corporate name to Pocketpass.
Except for historic information contained in this release, the statements
in this news release are forward-looking statements that are made pursuant
to the safe harbor provisions of the Private Securities Litigation Reform
Act of 1995. Forward-looking statements involve known and unknown risks and
uncertainties, which may cause a company's actual results in the future to
differ materially from forecasted results. These risks and uncertainties
include, among other things, the company's ability to attract qualified
management, raise sufficient capital to execute its business plan, and
effectively compete against similar companies.
For further information, please contact:
Coya Cady of Secure Sign
Chris Haigh of Pocketpass