Global Payout Announces its Wholly Owned Subsidiary, MoneyTrac Technology Inc, Will Spin-Out and Global Will Maintain Controlling Interest
SAN DIEGO, CA / ACCESSWIRE / April 5, 2017 / Global Payout, Inc. (OTC PINK: GOHE) (the "Company") announced today that following a meeting of its board members, the Company has announced that its wholly owned subsidiary, MoneyTrac Technology, will be spun-out into a standalone company as a means of strengthening its current and future position within the alternative banking sector where it will provide financial technology services to businesses and companies in under-served industries that are often considered "high-risk."
Following the spin-out, the Company will maintain majority interest in MoneyTrac and will provide the licensing services for the software and technology that MoneyTrac will use to service its clients and which will also provide a revenue stream to the Company.
When asked about the spin-out, Global Payout CEO, James Hancock commented that "Spinning MoneyTrac Technology, Inc. out into a standalone company is a strategic decision that was made with the value of our shareholders in mind as we recognize the unique opportunity that currently exists within various under-served industries that we believe MoneyTrac will be poised to serve best as its own entity. And by maintaining majority interest in MoneyTrac, we see this as an exciting opportunity to potentially create an entirely new revenue stream for Global Payout which, over time, we believe will add significant value for our respected shareholders."
With the spin-off, the Company has elected for its current COO, Ms. Vanessa Luna, to transition over to MoneyTrac Technology where she will assume the position of Chairman and COO. However, Ms. Luna will continue working with Global through the spin-off phase in a much less prominent role.
Adding to this, Ms. Vanessa Luna stated, "This corporate divestiture will allow for the creation of the best operating environment for each business. This decision was made to enhance the performance of each company by sharpening the focus of each entity's management and allowing the companies to do what they do best. It is my intent to focus on the core of MoneyTrac's service offerings through our recent technological advances in our state-of-the-art payment platform."
About Global Payout, Inc.
Since the company's inception in 2009, Global Payout, Inc., www.globalpayout.com, has been a leading provider of comprehensive and customized prepaid payment solutions for domestic and international organizations distributing money worldwide. In 2014, Global introduced its first online payment platform called the Consolidated Payment Gateway (CPG), which allowed its enterprise clients to transfer money to international bank accounts, mobile accounts, and prepaid card accounts. The development of the CPG became the foundation for the introduction of its new, state of the art FINTECH payment system in 2017, for both online and mobile applications to allow account holders to maximize an expanded suite of financial services and minimize operational costs. Global will continue to offer their FINTECH payment system to many vertical markets for support of foreign currency exchange and digital currency, including ongoing support of the banking industry and international governments.
About MoneyTrac Technology
MoneyTrac Technology, Inc. is the first full-service solution for alternative banking and electronic financial solutions and provides all aspects of financial technology including E-Wallet and mobile apps services for businesses and companies in various "high-risk" industries. The company's technology platform allows for its clients to access their financial information from anywhere in the world, in addition to providing tracking and compliance to help them manage and control the flow of all revenue through their business.
Forward-Looking Statements Disclosure:
This press release may contain "forward-looking statements" within the meaning of the federal securities laws. In this context, forward looking statements may address the Company's expected future business and financial performance, and often contain words such as "anticipates," "believes," "estimates," "expects," "intends," "plans," "seeks," "will" and other terms with similar meaning. These forward-looking statements by their nature address matters that are, to different degrees, uncertain. Although the Company believes that the assumptions upon which its forward-looking statements are based are reasonable, it can provide no assurances that these assumptions will prove to be correct. All forward-looking statements in this press release are expressly qualified by such cautionary statements, risk, and uncertainties, and by reference to the underlying assumptions.
CONTACT:
Global Payout, Inc.
1835 Sunset Cliffs Blvd
Suite 202
San Diego, CA 92107
T: 619-564-7811 F: 215-294-4626
Public Relations and Media Contact:
LCG
Headquarter Office
702.333.4886
www.lcginfo.com
SOURCE: Global Payout, Inc.
