"...We have been requested by our European bank to ensure that we keep our European sponsored merchants paid on a timely basis. Based on this request, we have decided to fund the past due EU funds that were due on 12/5 and ensure that we can pay the EU weekly and as much of the 12/19 semi-monthly clients.
In order to do this, we will need to delay the funding of the US semi-monthly that was due today on 12/15. I thoroughly understand that this is not how we want to be presenting ourselves to our clients and the market. Our board members are working diligently to get additional funding into the company and understand the need to have these funds here before the Holidays. At this point, I do not have a definite date on the US semi-monthly payout, but will provide daily updates to the management team.
We are continuing to negotiate with First Data on the release of our client reserves and hope to have positive news in the next two weeks."
This really SUCKS! Apparently, iBill isn't already behind enough with the U.S. webmasters........
In order to do this, we will need to delay the funding of the US semi-monthly that was due today on 12/15. I thoroughly understand that this is not how we want to be presenting ourselves to our clients and the market. Our board members are working diligently to get additional funding into the company and understand the need to have these funds here before the Holidays. At this point, I do not have a definite date on the US semi-monthly payout, but will provide daily updates to the management team.
We are continuing to negotiate with First Data on the release of our client reserves and hope to have positive news in the next two weeks."
This really SUCKS! Apparently, iBill isn't already behind enough with the U.S. webmasters........
Probabally Right
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