WESTBOROUGH, MA--(Marketwired - January 05, 2017) - PAID, Inc. (OTC PINK: PAYD) and emergeIT today announce their definitive merger agreement effectuated on December 30th, 2016. The two companies have combined their strengths and will now be known as ShipTime. The PAID name will become a powerful brand by expanding their suite of services to a unified platform which includes digital payments and eCommerce shopping carts.
The ShipTime approach to the eCommerce shipping industry is relatively unique, and as a result, PAID's clients will benefit from the strong relationships ShipTime has with carriers globally. Our product offering will grow as we develop our technology and increase our ability to provide enhanced features, full service shopping carts and advanced shipping solutions.
Allan Pratt, Chief Executive Officer, continues his leadership with ShipTime and brings a team motivated for success. The Heroic Support™ team services 35,000 signed members while providing a tailored approach to the industry which will strengthen the combined companies. Mr. Pratt also adds long standing relationships with Canadian, and other global carriers that will be a strong asset to the new ShipTime.
W. Austin Lewis IV, President and CFO of PAID, will remain on the Board of Directors and will continue his leadership as Chief Financial Officer. Lewis stated, "This opportunity for PAID clients and shareholders will help elevate our products and increase shareholder value. I look forward to working with Allan and his talented team of eCommerce and shipping industry professionals. Through this combination we will take PAID and ShipTime to the next level."
"The merger of our two firms has our new collective team excited about the strategic initiatives underway and the growth opportunities we have together," stated Allan Pratt. "Austin and the newly configured Board of Directors bring a great deal of leadership experience, financial expertise and strong strategic skill sets to our organization along with a very enthusiastic and dynamic team. We are already working as a unified entity and I couldn't be more pleased with the chemistry and actions already being taken for 2017 and beyond."
About PAID: PAID Inc., in conjunction with ShipTime, offers online shipping calculation and shopping cart software employing its patented technology to streamline eCommerce. ShipTime is partnered with numerous Canadian and global carriers that offer a web-based platform tailored to small business users. Thousands of users can quote, process, track and manage all their small package and LTL shipments in one application while benefiting from great discounts from brand name carriers. ShipTime was founded with a Heroic Support™ team as its core focus. More details are available at www.shiptime.com or www.paid-corp.com.
Safe Harbor statement under the Private Securities Litigation Reform Act of 1995: Statements in this news release looking forward in time involve risks and uncertainties, including the risks associated with the effect of changing economic conditions, trends in the markets, variations in the Company's cash flow, competition, business development efforts, technology availability and cost of materials and other risk factors. Factors that could cause actual results to differ materially are discussed in the Company's most recent filings with the Securities and Exchange Commission.