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Prepaid Card Holdings, Inc. Settled Lawsuit with Its Former COO, Who Agreed to Return 85,000,000 Shares and Options

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  Published in Business and Finance on Tuesday, January 5th 2010 at 3:40 GMT by Market Wire
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LAS VEGAS--([ BUSINESS WIRE ])--Prepaid Card Holdings, Inc. (Pink Sheets:PPDC) announced today that it settled on December 22, 2009 the lawsuit the company filed on September 10, 2009 against its former COO.

As part of the settlement, Prepaid Card Holdings, Inc. received 21,250,000 shares of the company's common stock back from the former COO, which the company intends to cancel and reduce the outstanding shares of the company.

Additionally, 63,750,000 options at .0001 per share held by the former COO will be reassigned to vital management of the company with the exception of the company's CEO.

These 85,000,000 shares and options represent 100% of the remaining shares and options that the former COO was granted by the company. The company paid $15,000 to its former COO and each party also extended mutual releases.

About Prepaid Card Holdings, Inc.

Prepaid Card Holdings, Inc. is a publicly traded holding company whose current holdings consist of a 100% interest in Merchant Processing International Inc. DBA Bank Freedom and the Berman Marketing Group, Inc., a multi-channel direct market firm specializing in direct response marketing through television, radio, Internet and print media.

For further information contact Bruce Berman at 877-237-6260, ext. 128, or visit the Company website at [ www.PrepaidCardHoldings.com ].

FORWARD-LOOKING SAFE HARBOR STATEMENT: To the extent that this release discusses any expectations concerning future plans, financial results or performance, such statements are forward looking within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and are subject to substantial risks and uncertainties. Actual results could differ materially from those anticipated in the forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof and reflect only management's belief and expectations based upon presently available information. These statements, and other forward-looking statements, are not guarantees of future performance and involve risks and uncertainties and the Company assumes no obligation to update any of the forward-looking statements in this release.