PSPP Holdings, Inc. Appoints New Board of Directors, Reinstalls Kyle Gotshalk as President
2007-10-05 13:31 ET - News Release
LOS ANGELES, CA -- (MARKET WIRE) -- 10/05/07
PSPP Holdings, Inc. (OTCBB: PSPJ), a financial services company that is establishing an international banking network to facilitate electronic remittance, mobile banking, e-benefits, and stored value and pre paid card solutions, announced today that the company has formed a new Board of Directors (BOD) and has reinstalled Kyle Gotshalk as President.
The company stated that in an effort to move the company's business forward, BOD actions included the following measures:
1. Removed Larry Wilcox as Chairman and CEO of PSPP Holdings, Inc. and also removed Mr. Wilcox as an officer of Esafe, the company's wholly owned subsidiary.
2. Reinstated Kyle Gotshalk as President.
3. Reinstated Cherish Adams as Secretary and Treasurer of the Corporation.
4. Frank Tavella was named as the company's new Executive Vice-President.
PSPP Holdings' President Kyle Gotshalk stated, "We felt it was imperative that actions be taken to help circumvent the cause of the recent collapse in the price of the company's stock. We feel we have now installed some extremely adept talent to move PSPP forward and will add additional personnel as time progresses to help assure the success of the company. When I resigned as President of PSPP to take the helm of another business, PSPJ's stock price was above 60 cents per share. It is now under 5 cents per share. Esafe, under the direction of Larry Wilcox, has received over one million dollars in funding but has continued to fail to meet promised benchmarks. It gets worse too. Wilcox has failed to produce records of the expense and payroll accounts of Esafe. We did not feel shareholders should tolerate such behavior for one day longer."
Gotshalk added, "UCHUB, a majority shareholder, refuses to verify the 22,890,000 restricted shares which should still be in its possession. Our management now suspects that some of these shares have been used for hypothecation and funding purposes. In addition, the affiliate accusations that 'consultant' David Osterower and former CEO Larry Wilcox have made against me and the other founders of the company have been referred to our Legal Counsel. The affiliate shares that have been referred to by Osterower and Wilcox, under false accusations, have come nowhere near allowed sales under Rule 144, at any time. The company will issue additional press releases regarding these issues in the future."
About PSPP Holdings, Inc:
PSPP Holdings provides the transaction-based business of electronic payments and related digital banking in two continents today: North America and Africa, utilizing MasterCard International and Visa, as well as local banks which enable settlement of funds in local currency. With strategic relationships in place and with its own proprietary processing software code, PSPP Holdings is committed to delivering speed to market, continuous innovation, significant savings, convenience, and benefits to its customers, cardholders, employees, and investors.
PSPP Holdings, Inc. is headquartered in Los Angeles, California and is a financial services company that is establishing an international banking network to facilitate electronic remittance, mobile banking, e-benefits, and stored value and pre paid card solutions.
-------------------- JMHO. Do your DD. GLTA. Posts: 392 | Registered: Dec 2005
| IP: Logged |
DEPARTURE OF DIRECTORS OR PRINCIPAL OFFICERS; ELECTION OF DIRECTORS; APPOINTMENT OF PRINCIPAL OFFICERS
On October 3, 2007 a special meeting of the majority stockholders of PSPP Holdings, Inc. was held pursuant to the Company’s By-Laws, Article 3, Sec 3,4,9. Consent pursuant to the Company’s By-Laws, Article 7, Sec 1,2- Waiver of Notice. Present at the meeting were the Officers of the Corporation, Kyle Gotshalk as President and Director, Cherish Adams as Sec/Treasurer; all of the Directors of the Company: Kyle Gotshalk, Director, Frank Tavella, Executive Vice President and Director, Ryan Decker, Director, and Thom Archbold, Director. Also present at the meeting were the majority shareholders of the Company represented by 42,570,000 votes. On that date there were Issued and outstanding 64,499,364shares.
On October 3, 2007, the Directors and stockholders of the corporation gave notice to the company of the special meeting held on September 16, 2007.
At that special meeting on September 16, 2007 (held pursuant to the Company’s By-Laws, Article 3, Sec 3,4,9 and Consent pursuant to the Company’s By-Laws, Article 7, Sec 1,2) -by a majority vote of the shareholders of the corporation represented by 42,570,000 shares of the corporation out of 64,499,364 shares issued and outstanding; the shareholders duly noted that according to the Company’s filings with the Secretary of State of Nevada that Kyle Gotshalk was the President of the Company and director and Cherish Adams was the Secretary and Treasurer. To clear up any and all confusion as to who might or might not be officers and directors of the company it was voted that Kyle Gotshalk be President and Director of the corporation and Cherish Adams as Sec/Treasurer; and the following as Directors of the Company: Kyle Gotshalk, Director, Frank Tavella, Executive Vice President and Director, Ryan Decker, Director, and Thom Archbold, Director.
Also on Sept. 16, 2007 the Company’s wholly owned subsidiary, Esafe, Inc.’s Shareholders appointed Kyle Gotshalk as President, Cherish Adams as Sec/Treasurer and Director, and Frank Tavella as Vice President and Director.
-------------------- JMHO. Do your DD. GLTA. Posts: 392 | Registered: Dec 2005
| IP: Logged |
posted
Running into the close. Lots of buying Would be good if it closes at HOD. Looking good for next week. Can it make it back to where it was in Sept:) 61 cents
-------------------- JMHO. Do your DD. GLTA. Posts: 392 | Registered: Dec 2005
| IP: Logged |
posted
PSPJ gonna go buck wild look for a Short squeeze charts resistance at .07 and .14 then we may see the stock shoot towards the 50 day MA all the way at .38!!!!!!!!!!!!!!!!
-------------------- Love 'em or Leave 'em either way I already did it. Posts: 801 | Registered: Jul 2006
| IP: Logged |
posted
Good dd guys. The chart and the discussion are helpful. One more point you may want to consider is the L2. VNDM was the MM selling all the way down on the ASK. Late Friday evening VNDM was on the BID. NITE was holding down the ASK at 0.05, 0.051 and at 0.06. But constant buying and no selling made NITE back off. Rumors of the squeeze because of the restricted stock on ihub. O/S is only 80 million and there does not seem to be any dilution. Float is very low. Monday's trading will determine if its a multi-day short squeeze.
-------------------- JMHO. Do your DD. GLTA. Posts: 392 | Registered: Dec 2005
| IP: Logged |
posted
Should be a very interesting week for PSPJ and don't forget the forward looking event friday 1:10 dividend to keep it going. PSPJ now #3 on IHUB both for best boards and most frequently watched! Hope it has a slow progressive daily increase in pps but with the interest here looks like it might gap and retrace. It will be matching of wits between mm's and traders unless there really is a short squeeze then the strategy changes with the advantage for traders.
Posts: 660 | From: california | Registered: Nov 2005
| IP: Logged |
UBBFriend: Email this page to someone!
Printer-friendly view of this topic
![[Smile]](smile.gif)
