LOS ANGELES, Aug. 11, 2011 (GLOBE NEWSWIRE) -- MediSwipe Inc. (http://www.MediSwipe.com) (OTCBB:MWIP), a leading company specializing in merchant payment solutions and financial products for the medical health care industries and mobile payment industry, today announced plans to retire twenty six million (26) common shares to the Company's treasury that will be sent to the transfer agent for retirement. In a pre-arranged deal and recent board resolution, this retirement represents almost ten percent (10%) of the current outstanding share count held by the parent Company. MediSwipe believes the retirement of these shares benefits the Company and all shareholders by reducing the number of outstanding shares and lowering dilution.
"Shareholders will be updated as this process is implemented. It must be said that our Company has no plans to issue any stock, save for any transactions or any possible mergers or acquisitions that are presented to the Board and deemed to increase the value of our Company. Our plans are to file our 10 Q on time by the 15th of this month, which is now completed, and complete the S-1 spin-off of our subsidiary, 800 Commerce, by the end of September, offering every current shareholder a dividend share of their holdings once effective. Our goal is now as it has always been, which is to reward shareholders moving forward," stated B. Michael Friedman, CEO of MediSwipe Inc.
About MediSwipe, Inc.
MediSwipe, Inc. www.globenewswire.com/newsroom/ctr%3Fd=228117%26l=6%26a=%2528www.MediSwipe.com%2529%26u=http%253A%252F%252Fwww.cannabismedsolutions.com%252F">(www.MediSwipe.com/" target="_top" rel="nofollow">www.MediSwipe.com) offers a full spectrum of secure and reliable transaction processing and security solutions for the medical and healthcare industries, using traditional, Internet Point-of-Sale (POS), e-commerce and mobile (wireless) payment solutions. The Company now also offers digitized personal health records in conjunction with Industry Alliance Partners. MediSwipe offers reliable merchant payment solutions and closed-loop, pre-paid, stored value and loyalty cards as a unique cash alternative to these regulated and e-commerce businesses specializing within the healthcare sector.
FORWARD-LOOKING DISCLAIMER
This press release may contain certain forward-looking statements and information, as defined within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, and is subject to the Safe Harbor created by those sections. This material contains statements about expected future events and/or financial results that are forward-looking in nature and subject to risks and uncertainties. Such forward-looking statements by definition involve risks, uncertainties and other factors, which may cause the actual results, performance or achievements of MediSwipe Inc. to be materially different from the statements made herein.