PAYNOVA RESTRUCTURES ACCORDING TO PLAN – DECISION ON FIRST NEW SHARE ISSUE TO INDIAN XPONSE
(NGM: PAY) · The rationalization and restructuring efforts that Paynova scheduled with Indian Xponse IT Services in August are running according to plan. As payment for the services provided thus far, Paynova’s board has decided to issue 3,173,728 shares to Xponse. · By the second quarter of 2007, the company expects to see the full effects of a considerable 40 percent decrease in operating costs. · For the fourth quarter of 2006, the transaction volumes are estimated to reach a new all time high, with an increase of over 40 percent compared to the previous quarter. · Paynova’s