NORTHRIDGE, Calif., Jan. 12, 2021 (GLOBE NEWSWIRE) — via NewMediaWire — Innovative Payment Solutions, Inc. (OTCQB: IPSI) (“Innovative” or the “Company”), a U.S.-based fintech company focused on building a 21st century digital payment solution, IPSIPay™, provides a 2020 year-end corporate update.
· The Company’s toxic debt was completely eliminated
· In the last two quarters since July 2020 the Company’s stock has doubled in price and has increased its liquidity
· The Company’s Advisory Board has expanded and brought about new ideas on strategic planning and execution for 2021 (https://www.investor.ipsipay.com/leadership/)
· Joint Ventures were launched with Planet Hunny to leverage strong marketing expertise and partner network and BLGI to advance and implement its blockchain technology development
· Horizons Law and Consulting Group was retained to advise Innovative on the creation of its own stable IPSI Coin™
· New brand identity, IPSIPay, was introduced and rebranded website was launched (https://www.investor.ipsipay.com/)
· Strong focus on Social media strategy and IR outreach in order to keep shareholders updated
· Critical software upgrades were implemented for the Company’s self-service kiosks, digital wallet, and integrated payment service providers
“Looking back at 2020 we acknowledge that fintech world and industry as a whole has entered a new phase of its evolution and we welcome this new reality. Cryptocurrency and blockchain solutions are here to stay, regulations become more defined, banks are slowly embracing the change1.
Given the significant progress this year, I believe we came out of COVID-19 pandemic stronger than ever and the Company is uniquely positioned to become a leading payment technology provider within the underserved communities,” said William Corbett, President and CEO of Innovative Payment Solutions, Inc. “We built a solid foundation in 2020 and are planning to continue to execute on our strategy in 2021, giving a wide range of consumers the ability to send instant money remittances world-wide and make digital payments for products and services in a most secure and cost-effective way.”
Upcoming 2021 Milestones
In 2021, the Company’s plans include achieving the following critical milestones:
· Add multiple services to the Company’s network for payment, including mobile networks, cable providers, home lenders, banks and microlenders.
· Fully integrate and implement our proprietary technology via app, web and kiosks (Software integration)
· Publish a White Paper, providing further support and in-depth information on the blockchain technology behind IPSI Coin and IPSI Wallet™.
· Establish banking relationships and partner with money transmission services to serve unbanked customers
· Run series of investor road shows as COVID-19 restrictions lift
· Launch kiosks rollout program as previously planned before COVID-19 in Southern California
About Innovative Payment Solutions, Inc.
Innovative Payment Solutions, Inc. strives to offer cutting edge digital payment solutions for consumers and service providers. Innovative’s ecosystem will span multiple devices such as self-service kiosks, mobile applications and POS terminals offering alternative payment methods to meet the needs of consumers and service providers. (investor.ipsipay.com)
SAFE HARBOR STATEMENT
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statement of historical fact contained in this press release are forward-looking statements. In some case, forward-looking statements can be identified by terminology such as “anticipate,” “believe,” “can,” “continue,” “could,” “estimate, “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” or “will” or the or the negative of these terms or other comparable terminology and include statements regarding coming out of COVID-19 pandemic stronger than ever, being uniquely positioned to become a leading payment technology provider within the underserved communities, and our plans the achieve stated milestones for 2021. These forward-looking statements are based on expectations and assumptions as of the date of the press release and are subject to a number of risks and uncertainties, many of which are difficult to predict that could cause actual results to differ materially from current expectations and assumptions from those set forth or implied by any forward-looking statements. Important factors that could cause actual results to differ materially from current expectation include, among others, our ability to expand our market share within the underserved communities, our ability to add multiple services to our network for payment, our ability to fully integrate and implement our proprietary technology via app, web and kiosks, our ability to establish banking relationships and partner with money transmission services, our ability to launch our kiosks rollout program in Southern California as been previously planned before COVID-19, our ability to position Innovative for future profitability, the duration and scope of the COVID-19 outbreak worldwide, including the impact to the economy in California and Mexico, and the other factors discussed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019 and the Company’s subsequent filings with the SEC, including subsequent periodic reports on Forms 10-Q and 8-K. The information in this release is provided only as of the date of this release, and the Company undertakes no obligation to update any forward-looking statements contained in this release on account of new information, future events, or otherwise, except as required by law.
For investor inquiries please call (818) 864-4004 or email [email protected]