SOURCE: PSPP Holdings, Inc.

October 05, 2007 13:32 ET

PSPP Holdings, Inc. Appoints New Board of Directors, Reinstalls Kyle Gotshalk as President

LOS ANGELES, CA--(Marketwire - October 5, 2007) - 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.

Safe Harbor Statement

This press release includes forward-looking statements about the Company's estimated revenue and earnings within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical facts contained in this release, including statements regarding the Company's future financial position, business strategy and plans and objectives of management for future operations, are forward-looking statements. The words "believe," "may," "will," "estimate," "continue," "anticipate," "intend," "expect," and similar expressions, as they relate to the Company, are intended to identify forward-looking statements. We have based these forward-looking statements largely on current expectations and projections about future events and financial trends that we believe may affect the Company's financial condition, results of operations, business strategy and financial needs. Risks and uncertainties include the ability of the Company to attract customers to its website and offer attractive products; to maintain its website, electronic data processing systems, and systems hardware; to forecast accurately net revenue and plan for expenses; to protect our intellectual property rights; and potential litigation and government enforcement actions that may result from our prior securities offerings. Please refer to PSPP's reports and filings with the Securities and Exchange Commission for a further discussion of these risks and uncertainties. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date they are made. PSPP undertakes no obligation to update publicly any forward-looking statements to reflect new information, events or circumstances after the date they were made or to reflect the occurrence of unanticipated events.

Contact Information

  • Contact:

    Kyle Gotshalk
    Email Contact

    Investor Relations
    Viki Ackland
    416-996-1789