PayMeOn, Inc. (OTCBB:PAYM) today announced the following transactions:

  • Celentano Consulting Company, LLC has converted a series of Convertible Notes with a principal amount of $794,861 and accrued interest of $65,652 into 2,494,241 common shares of PayMeOn, Inc. The Notes were converted into common stock at more than a 30% premium to the current price of the Company’s common stock.
  • The Company’s chief executive officer, Ed Cespedes, has forgiven $326,730 of accrued but unpaid compensation due him.
  • Mr. Cespedes has also voluntarily amended his employment agreement with the Company whereby he has reduced his contractual base salary by 30% and eliminated his guaranteed minimum bonus of $50,000 per year. Mr. Cespedes received no compensation of any kind for these amendments.

These actions will reduce PayMeOn’s liabilities by approximately $1,187,243 and will reduce monthly gross compensation expense by $10,416.

According to Mr. Cespedes, “In addition to the actions we have announced today, we will continue to evaluate ways to improve our balance sheet and maximize value for our shareholders.”

Disclaimers

This press release includes management assumptions about our business prospects, financial forecasts, financial position, projections and other forward looking statements regarding PayMeOn, Inc. (“PayMeOn”) its business, prospects and potential transactions it is considering or has completed. This forward-looking information is based on management assumptions and expectations which, while considered reasonable by PayMeOn management as of the date of this press release, are subject to risks (including risks that transactions discussed in this press release may not achieve desired results), uncertainties, and other factors that may cause actual results and performance to materially differ from results or performance expressed or implied by the forward looking statements. A description of these risk factors can be found in our Annual Report on Form 10-K for the year ended December 31, 2013, filed with the Securities and Exchange Commission ("SEC"), and in our other filings with the SEC, which are available at www.sec.gov. PayMeOn, Inc. undertakes no obligation to publicly revise the forward-looking statements presented, except as required by law. Investors should rely only on PayMeOn’s financial statements filed with the Securities and Exchange Commission to evaluate the Company’s financial position and financial results. This document is not intended to solicit any investment. Potential investors in PayMeOn should review PayMeOn’s public filings prior to any investment.

Vincent L. Celentano, an affiliate of PayMeOn, Inc., is Celentano Consulting Company, LLC’s manager.


Contacts

CEOcast, Inc. for PayMeOn
Robert Woods, 212-732-4300