NORTHRIDGE, CA, Feb. 22, 2021 (GLOBE NEWSWIRE) — via NewMediaWire — Innovative Payment Solutions, Inc. (OTCQB: IPSI) (“Innovative” or the “Company”), a Southern California based fintech company focused on building a 21st century digital payment solution, IPSIPay, is pleased to provide an investor update from its CEO, William Corbett.
Mr. Corbett stated, “In the first quarter of 2021, we have executed several important milestones for our Company. Firstly, we were able to raise two million dollars in capital at a market price of 23 cents per share and we currently have approximately three million dollars of cash on our balance sheet. This provides the Company with greater flexibility to accomplish its business strategy. Secondly, the Company has been able to completely repay its toxic debt to further boost shareholder value. Thirdly, the Company has also received a firm commitment of five million dollars from its institutional investor Bellridge Capital, LP, to provide the liquidity and settlements of IPSIPay Stable Coin.
“Additionally, we made necessary steps to hire in-house compliance and legal counsel to further stay on top of the changing regulatory landscape. Innovative’s legal counsel will act as an advisor on matters involving Company’s governance and regulatory related issues and will provide legal advice related to Prepaid Card Issuance, Money Transmittal Services, IPSIPay Stable Coin, and Audits.
“Completion of these milestones in early 2021 presents our Company with a great opportunity to fulfill our mission of serving unbanked and underbanked customers, small businesses and its employees in ever-evolving digital payments ecosystem.”
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 executing several important milestones for the Company, statements regarding two million dollars in funding providing the Company with greater flexibility to accomplish its business strategy, further boosting shareholder value by completely repaying its toxic debt, statements regarding completion of the 2021 milestones presenting the Company with a great opportunity to fulfill its mission of serving unbanked and underbanked customers, small businesses and its employees in ever-evolving digital payments ecosystem, statements regarding the expected contribution of in-house compliance and legal counsel etc.
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 utilize the commitment of future investment capacity of five million dollars from our institutional investor Bellridge Capital, LP, to provide the liquidity and settlements of IPSIPay Stable Coin, our ability to further stay on top of the changing regulatory landscape by hiring in-house compliance and legal counsel, our ability to launch our kiosks rollout program in Southern California as has 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.
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