Paid Inc. pulls in $2.5M in debt financing

E-commerce and web service provider Paid Inc. secured $2.5 million in revolving debt financing from New York-based Lewis Asset Management, the company reported. The credit agreement will allow Paid to extend advanced payments for celebrity and musical artist contracts.

Web services offered to celebrities and musical artists by Worcester-based Paid (OTC: PAYD) include new media offerings like VIP ticketing, e-commerce storefronts, ticketing and fan experience packages. Celebrity contracts of $20 million to $30 million are currently pending, according to the company.

Paid, which was founded in 1999 as a sports auction site, reported 2007 revenue of $3.38 million. It operates several businesses, including e-commerce technology company AuctionInc, a shipping calculation and auction management software and service company that streamlines online auctions, e-commerce and website development and hosting.


Read More