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SAN DIEGO, July 19, 2019 (GLOBE NEWSWIRE) -- via OTC PR WIRE -- Global Payout Inc. (OTCPink: GOHE) (“Global Payout” or the “Company”) is pleased to announce that the Company has been approved by FINRA to effect a 100-1 reverse stock split, and the Company would like to take this opportunity to put this strategic move in context for its shareholders.
As most of you are aware, the Company underwent a change in control in June of 2018. Since that time the Company’s new executive team, led by Vanessa Luna, CEO, and David Flores, COO, have focused much of their best efforts on positioning the Company to deliver the most effective value to its shareholders. To date these efforts include (but are not limited to), driving revenue through their wholly-owned subsidiary, MTrac Tech Corp., and meticulously restructuring the internal anatomy of Global Payout. Each of these objectives has required, and continues to require, a significant amount of time and dedication, which has been carried out in a collaborative effort by an experienced and talented group of professionals working for both companies.
Since fully launching their updated blockchain-powered payment platform in October of last year, MTrac has been successful in onboarding over 100 clients in the burgeoning cannabis retail marketplace. These efforts have resulted in steady and consistent month over month increases in revenue and, in management’s opinion, represents an unprecedented accomplishment in the Company’s history. While nurturing this growth and expansion, efforts have also been ongoing on the Company’s public side to optimize the overall structure of the company, which has required diligent and thorough reorganization over the last several months.
“Since taking the reins as CEO of Global Payout, my singular commitment has been to build a company that delivers real value to our shareholders, clients and employees,” said Global Payout CEO, Vanessa Luna. “In just a year’s time we have created a revenue stream for the Company that has put it on a path to profitability and have managed to capture, I believe, a very impressive portion of one the fastest growing industries out there. However, there has been a clear and, in my opinion, logical understanding, that if our Company is going to have a legitimate shot at reaching its fullest potential in the public sector, as well as produce a meaningful return for our shareholders and stakeholders alike, a restructuring of our capitalization such as this is a truly necessary move, and one that I wholeheartedly believe will contribute to our long-term success and sustainability. Our goal remains to build a successful and profitable company through an organic process of growth, which requires strategic planning, execution, time and patience. With the valuable pieces we have in place and the excellent foundation my team and I have established, although there can be no absolute assurances, I truly believe we are in an optimal position to continue this path of expansion. As we continue to work towards finalizing our two-year audit, I expect to make additional changes in corporate structure and re-organization with the intent of enhancing shareholder value for Global Payout. We plan to keep shareholders apprised of our continued initiatives and appreciate the ongoing support.”
"A company is only as strong as the foundation it is built on, and it should be relatively easy for anyone to see that the existing capitalization structure of the Company did not promote the strength and stability we believe is required to grow into the Company we intend to be," said Global Payout COO, David Flores. "It is critical for the shareholders and stakeholders of our Company to understand that our efforts here are not short-term motivated, but are rather intended to benefit the long-term success of the Company. The restoration and reorganization of this Company's core fundamentals and overall structure is something that has been painstakingly time-consuming. However, in my opinion, the proof that progress has been reflected in our revenue numbers, which we believe will continue to trend steadily in the right direction. This re-capitalization comes at a pivotal juncture for our Company as we look to build from the foundation we have created and guide this Company into a very prosperous future."
About Global Payout, Inc. (OTCPink: 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 Cashless®.”
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