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SAN DIEGO, Aug. 13, 2018 (GLOBE NEWSWIRE) -- via OTC PR WIRE -- GreenBox POS, LLC (USOTC: GRBX), ("GreenBox", "the Company") is pleased to announce the acquisition of Sky Mids Technologies ("Sky"), development and processing Corporation. Sky's transactional platform specializes in robust and secure payments processing. The company has been utilizing GreenBox's revolutionary payments system, QuickCard, as its main payments infrastructure for some time and the experience has been exceptional for both companies. The speed, accuracy, security, privacy and extendibility of QuickCard and its TrustGateway technology, as well as its inherent resistance to fraud, have been a great addition to Sky's services and its clients' experience. Additionally, GreenBox has had the opportunity to see how its system functions on a much larger scale and stress test its ability to improve efficiencies in an existing framework. Sky proved to be an excellent candidate with their large processing volumes, giving the Company opportunity to measure just how much more efficient their Blockchain powered solution can be. As expected, the results are astounding. The system is fraud-resistant and has measurably improved system efficiency over previous models.
Sky's transactional book of business, capable of processing over $1 Billion annually, will selectively be added to GreenBox's infrastructure volume. The acquisition of Sky adds more than just volume to GreenBox POS business; The Company will also absorb Sky's staff, consisting mostly of engineers, and a host of technology already developed under Sky, who is already familiar with the Quick Card system. This should make for both an easy transition and fast launch into additional joint capabilities.
Ken Haller, CEO of Sky, will be appointed to GreenBox's Senior Vice President, Payment Systems, following the acquisition.
"This is a great opportunity for both GreenBox and Sky," said Ben Errez, Executive Vice President of GreenBox. "We have been working with Sky for a while now and are thoroughly impressed with their technology and capabilities. Their engineers are top notch and I am confident the synergy will continue to add to the plethora of new technologies we have brought, and will continue to bring, to market. GreenBox's unparalleled infrastructure sets new and much higher expectations by both businesses and consumers. Following the Sky acquisition, we will be able to accelerate the pace by which the thousands of new business applications are processed, and the best selected to join our ecosystem and enjoy the benefits of our technology."
About GreenBox POS, LLC:
GreenBox POS ("GRBX") is a groundbreaking technology company that builds customized payment solutions for a multitude of industries. The company has developed the fastest and safest way to send and process money using Blockchain technology. The company was awarded 5 provisional patents for its technology. GreenBox POS develops the following main products: POS (Point of Sale software and hardware solutions); DEL (delivery app, APIs to POS and PAY); PAY (payment app, providing financial APIs to all other components); KIOSK (deposit, cash and E-wallet management). All products, services and custom hardware are available now from GRBX. GRBX is based in California with offices in Seattle, WA; Las Vegas, NV; Vancouver, BC, Canada; and HQ in San Diego, CA.
For more information, visit the company's website at https://www.GreenBoxPOS.com
Forward-Looking Statements Disclaimer:
This 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. All forward-looking statements are inherently uncertain as they are based on current expectations and assumptions concerning future events or future performance of the company. Readers are cautioned not to place undue reliance on these forward-looking statements, which are only predictions and speak only as of the date hereof. In evaluating such statements, prospective investors should review carefully various risks and uncertainties identified in this release and matters set in the company's SEC filings. These risks and uncertainties could cause the company's actual results to differ materially from those indicated in the forward-looking statements.
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GreenBox POS, LLC