NORTHRIDGE, Calif., Feb. 16, 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 announce that the Company has signed a term sheet with an existing institutional investor (“Investor”), in which the investor, subject to due diligence and completion of necessary purchase agreement and trust documentation, intends to commit to fund a minimum of $1 million and up to $5 million in a locked-up custodial account for the purpose of a IPSI Stable Coin settlement.
William Corbett, the CEO of Innovative Payment Solutions, Inc., commented: “This term sheet is yet another validation of our business model and we are ecstatic about moving forward with our IPSI Stable Coin issuance plan. It will facilitate the Company’s efforts to launch the IPSIWallet and utilize its digital rails.
The digital payment space has become particularly relevant to our niche market of unbanked and underbanked communities, and we are building IPSIPay to minimize the cost of transactions while providing instant settlement via IPSI proprietary blockchain technology. Office of the Comptroller of the Currency’s (OCC) recent approval of stable coin-based banking infrastructure1 is a major milestone of this trend. We see it as an imperative step towards the digitalized economy which shall evolve into a greater market opportunity. This new investment capacity will help us streamline our financial and technical resources and accelerate the delivery and issuance of IPSI Stable Coin.”
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 the transactions completed by the term sheet, statements regarding building IPSIPay to minimize the cost of transactions while providing instant settlement via IPSI proprietary blockchain technology, statements regarding the term sheet being a validator of Company’s business model, statements regarding the digital payment space and its relevance to our niche market of unbanked and underbanked communities, OCC’s recent approval of stable coin-based banking infrastructure being a major milestone of this trend, being an imperative step towards digitalized economy and its evolvement into a greater market opportunity.
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 launch our kiosks rollout program in Southern California as has been previously planned before COVID-19, our ability to consummate the proposed transaction with the investor, our ability to use this term sheet to facilitate the Company’s efforts to launch the IPSIWallet and utilize its digital rails, our ability to utilize this new investment capacity to help us streamline our financial and technical resources and accelerate the delivery and issuance of IPSI Stable Coin, 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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