Innovative Payment Solutions, Inc. Announces a Capital Raise of $600K on Company Friendly Terms
NORTHRIDGE, Calif., Feb. 04, 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™, today announced it has raised over $600k of new capital in a fixed price financing with several of our largest shareholders at a 30% premium to the round of funding previously completed in the 4th quarter of 2020. This funding provides the Company with greater ability to execute on its declared plans and goals.
William Corbett, the CEO of Innovative Payment Solutions, Inc., commented: “This new capital from our loyal institutional investors helps validate to our management team that we are moving forward in a positive meaningful way with the Company’s proprietary technology development as well as its unique business model.”
This new infusion of money is aimed at anticipated capacity needs through 2021 and should allow Innovative to expedite the integration of its money remittance platform announced with its new partner Golden Money Transfer (www.gmtnorthamerica.com) on Monday, February 1st. The timing is great too, as Mexican Central Bank has confirmed record growth for the fifth consecutive year in money transferred to Mexico, including approximately an 11% growth to $40B in 2020 to a new high despite the coronavirus pandemic. Considering the big drop in the value of the peso this year, family remittances sent in dollars should significantly increase. With such support from our loyal shareholders, we believe that we are well positioned to continue building on the development of our digital payment solution IPSIPay and we are looking forward to serving underserved communities very soon.”
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 statements 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 new infusion of money allowing Innovative to expedite the integration of its money remittance platform with Golden Money Transfer and Innovative being well positioned to continue building on the development of its digital payment solution IPSIPay and serving underserved communities very soon. 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 expedite the integration of our money remittance platform with Golden Money Transfer, our ability to utilize our power of digital and mobile technology to continue building on the development of IPSIPay and make financial services more inclusive and affordable, 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.