PAY LINX FINANCIAL CORP
PAY LINX FINANCIAL CORP ("PIN-V")
- Grants Stock Options to Directors
Pay Linx Financial Corporation ("Pay Linx" or the "Company"), provider
of services and infrastructure enabling the replacement of cash and cheque
payments with electronic payment cards, announced that it has granted a
total of 311,000 options at an exercise price of $0.15 per share to the
directors as compensation for their services in Q4 2008.
In July 2008, the Pay Linx board implemented a compensation plan (the
"Plan") for the directors of the Company that is based entirely in the form
of options, pursuant to the Company's Stock Option Plan. Since the
Company's formation in 2006, no cash has been paid for Directors' fees. The
Plan is based on a total annual expense budget for Directors' fees of
$65,000, with this expense amount converted, using the Black Scholes model,
into options which are issued on a quarterly basis. In accordance with the
Plan, options were issued in July for the third quarter in addition to the
311,000 issued at $0.15.
About Pay Linx
Pay Linx Financial Corporation delivers affordable, accessible and
contemporary payment processing services that integrate seamlessly into the
Interac and MasterCard financial networks in North America. Pay Linx, which
is 25% owned by Royal Bank of Canada ("RBC"), provides services to RBC for
Canadian governments through QuickLinx(TM) replacing cheque and voucher
payments. Pay Linx, through Bank West, a Canadian financial institution,
and Palm Desert National Bank, a United States financial institution, also
delivers new and innovative financial payment solutions for corporations to
better serve their customers. Pay Linx services support governments and
corporations to replace cash and cheque payments based on services and
infrastructure provided by Pay Linx. Pay Linx instant issuing services
allow corporations to issue and fund a Pre-Paid Interac or MasterCard in
real time allowing the beneficiary to select their own PIN number using a
Pay Linx PIN and Card Activation terminal. This allows the beneficiary to
have instant access to funds that can be reloaded by the corporation.
Forward-Looking Statements
The TSX Venture Exchange does not accept responsibility for the
adequacy or accuracy of this release. Certain statements contained herein
may constitute forward-looking statements. These statements relate to
future events or our future performance. All statements other than
Statements of historical fact may be forward-looking statements. Forward
looking statements are often, but not always, identified by the use of
words such as "seek", "anticipate", "plan", "continue", "estimate",
"expect", "may", "will", "project", "predict", "potential", "targeting",
"intend", "could", "might", "should", "believe" and similar expressions.
These statements involve known and unknown risks, uncertainties and other
factors that may cause actual results or events to differ materially from
those anticipated in such forward-looking statements. We believe that the
expectations reflected in the forward-looking statements are reasonable
based upon management's current views but no assurance can be given that
these expectations will prove to be correct and such forward-looking
statements should not be unduly relied upon. No assurance can be given
that actual results, performance or achievement expressed in, or implied
by these forward-looking statements will occur, or if they do, that any
benefits may be derived from them. Past results have been applied in
drawing a conclusion or making a forecast or projection set out in the
forward-looking information.
The TSX Venture Exchange Inc. has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release
Capitalization Report for Pay Linx Financial Corp
Shares Issued: 52217777
Shares Escrow: 44100000
TSX Venture closing price for Pay Linx Financia
Date: 2008/10/23
Closing Price: 0.100
