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SAN DIEGO, March 06, 2019 (GLOBE NEWSWIRE) -- via OTC PR WIRE -- Global Payout Inc. (OTC: GOHE) (“Global” or the “Company”) would like to take an opportunity to update its valued shareholders and other interested parties on the status of the Company’s Form 10 filing. As has been previously announced, the Company has been in engaged in a full two-year audit of its financials in preparation for the filing of its Form 10 and its submission to the Securities and Exchange Commission for review. Each of which are a required and represent vital steps in the process of becoming a fully reporting company under the Securities Exchange Act of 1934, a long sought after objective of the Company.
While a significant amount of progress continues to be made by management and all parties involved with the audit and filing, the Company has elected to include its fully audited 2018 financial report with the anticipated filing of its Form 10, along with the fiscal 2017 fully audited financial reports. This decision comes as the Company recognizes that the standard time frame for the fiscal 2018 annual report would be rapidly approaching for any Issuer filing with the SEC under the Securities Exchange Act of 1934, and therefore believes it is in the best interest of the Company, as well as the most logical decision, to thereby incorporate the 2018 financial report into its Form 10. Furthermore, the Company understands that this decision will extend the amount of time needed to successfully complete their financials for the Form 10 but remains optimistic in their ability to submit the filing in a reasonable amount of time.
“We understand how eager and anxious many of our shareholders and those who have been following our story are to see this Form 10 officially filed,” said Global Payout COO, David Flores. “Over the past several months my team and I have been presented with the grueling task of not just getting the Company through a full two-year audit, but also successfully launching and taking our flagship brand, MTrac, to market, another challenging feat in its own right. While we continue to do everything we can to file the Form 10 as expeditiously as possible, it is important to understand that we are not here to cut corners or skip steps in the interest of carelessly rushing this filing to the finish line. By nature, this is a very meticulous process, requiring full and fair disclosure, and we recognize how important it is to the future of our Company, as well as everyone who has put their faith and trust in us, such as our valued shareholders and our hardworking and dedicated employees. While I will candidly admit that this process has far-exceeded the timeline we had initially established, I remain incredibly encouraged by the progress we continue to make every single day across all fronts of our Company. From realizing revenue and seeing our MTrac brand spread across the Country, to the restructuring and fortification of our internal operations, I truly believe Global Payout is on the best path the Company has ever been on, and I can only hope that those who believe in our story recognize this process and continue to hold tight.”
Rather than set forth any additional time frames for the anticipated filing of the Form 10, the Company wishes to reinforce that it is working prudently and diligently to complete the filing in the most reasonable amount of time possible and may provide additional updates as needed throughout this ongoing process. In the meantime, the Company fully intends to file its annual disclosure to comply with OTC Market requirements by the scheduled deadline of March 30, 2019.
About Global Payout, Inc. (OTC: GOHE)
Since the Company's inception in 2009, Global Payout, Inc. has been a leading provider of comprehensive and customized prepaid payment solutions. From 2014 to 2017 Global focused on identifying new state of the art technologies in a variety of industry sectors and successfully helped launch MoneyTrac Technology Inc. and other companies within the FinTech space. In 2018, Global completed a reverse triangular merger with MoneyTrac Technology Inc. resulting in Global retaining the wholly owned subsidiary, MTrac Tech Corporation. Global’s current focus is continuing to identify new business opportunities while it reorganizes its future business endeavors.
About MTrac Tech Corp.
MTrac Tech Corporation, a Nevada Corporation, is a privately held, wholly owned subsidiary of Global Payout, Inc. MTrac is a software technology, sales and marketing, and business development company focused on “high risk” and “high cost” industries. The Company’s flagship product is the MTrac payment platform offering a full-service solution with technology offerings including Payment Platform, Blockchain, Compliance, POS, E-Wallet, Mobile Application and Digital Payment Solutions. We are one network disrupting the status quo. It is MTrac’s creative vision through the use of its innovative technology solution to become the premier service provider offering the “Key to CashlessTM.”
Forward-Looking Statements Disclaimer:
This press release contains forward-looking statements 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. In some cases, you can identify forward-looking statements by the following words: "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "may," "ongoing," "plan," "potential," "predict," "project," "should," "will," "would," or the negative of these terms or other comparable terminology, although not all forward-looking statements contain these words. Forward-looking statements are not a guarantee of future performance or results and will not necessarily be accurate indications of the times at, or by, which such performance or results will be achieved. Forward-looking statements are based on information available at the time the statements are made and involve known and unknown risks, uncertainty and other factors that may cause our results, levels of activity, performance or achievements to be materially different from the information expressed or implied by the forward-looking statements in this press release. This press release should be considered in light of all filings of the Company that are disclosed on the OTC Markets.com website.
Global Payout, Inc.
(702) 790-2511 Ext. 101
MTrac Tech Corp.
(702) 790-2511 Ext. 101
New York, New York