SOURCE: PSPP Holdings, Inc.

September 24, 2007 09:00 ET

PSPP Holdings, Inc. Announced Instructions to Stop the Transfer of Certain Shares of the Company's Common Stock

LAS VEGAS, NV--(Marketwire - September 24, 2007) - PSPP Holdings, Inc. (OTCBB: PSPJ) announced today that last week it instructed the Depository Trust Company (DTC) to stop the transfer of certain shares of the Company's common stock held in the names of affiliates and related parties. In addition, the Company instructed its Transfer Agent, PacWest Transfer, LLC, to freeze all shares also held by these affiliates. In response to our request DTC and PacWest have segregated these shares and they may no longer be presented for transfer.

The Company has taken this extraordinary measure because it believes that prior management allowed the removal of the restrictive legend from affiliate shares and that the removal of such legend was in violation of applicable SEC Rules and Regulations. "We have taken a large hit in the market in the past few weeks and believe it is because a large number of these shares were sold subsequent to the legend's removal," stated the Company's new CEO and Chairman Larry Wilcox. "We are doing everything we can to stop this activity and assure our shareholders of fair trading."

The Company also notes that nearly 15 million shares have been traded since it filed Form 8-K stating that it had reason to believe that certain affiliates or former affiliates of the Company may have sold shares of the Company's common stock in a manner that did not comply with the registration requirements of the Securities Act of 1933 and failed to file with the Securities and Exchange Commission all reports relating to such stock sales, as required by the Securities Exchange Act of 1934.

The Company continues to investigate this matter and has hired the new counsel to help with its investigation. Shareholders who would like additional information or who question the validity of their shares are urged to contact the company via email at ir@eluxefinancial.com.

About PSPP Holdings, Inc.

PSPP Holdings, Inc., headquartered in Las Vegas, Nevada, 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:

Under the Private securities Litigation Reform Act of 1995: The statements contained herein which are not historical are forward-looking statements, including all statements regarding paying a stock dividend, and are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in the forward-looking statements including, but not limited to, certain delays beyond the Company's control with respect to market acceptance of new technologies, products and services, delays in testing and evaluation of products and services, and other risks detailed from time to time in the Company's filings with the Securities and Exchange Commission.

Contact Information

  • Contact:
    PSPP Holdings, Inc.
    800-504-5844