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GreenBox POS Takes Over All Parent Company’s Business and Assets; Definitive Agreement Completed

By GlobeNewswire,  September 24, 2018, 08:30:00 AM EDT

GreenBox POS Takes Over All Parent Company's Business and Assets; Definitive Agreement Completed

SAN DIEGO, Sept. 24, 2018 (GLOBE NEWSWIRE) -- via NetworkWire - GreenBox POS, LLC ("GreenBox", "GRBX", the "Company") is pleased to announce it has successfully completed the transfer of all business and assets of its parent company onto GRBX books as planned. Operations continued normally during the transition without interruption and the company is on track to realize all previously announced business objectives on schedule. All assets transferred are wholly owned by GRBX.

In its most recent 8-K filing, GRBX enumerated the assets transferred along three categories:

  • Provisional patents and technology
  • The ability to instantly display cash deposited in ATM machines on a Blockchain secured ledger.
  • The ability to exchange control of encrypted keys on Blockchain without any party having control of both keys at any point.
  • The ability to make instant payments, including tipping and upsales, in a remote settlement scenario while being connected to the point of sale system and real time inventory management.
  • The ability of a point of sale system to instantly record transactions on a Blockchain secured ledger with real time inventory management in such a way that no installation or data maintenance is required and recovery from catastrophic events is accomplished nearly instantly.
  • The ability to revoke access to personal data after the authorized use of it is completed in order to minimize the threat of identity theft and/or compromising of personal data.
  • Product line
  • KIOSK: Blockchain implementation of equipment capable of accepting cash and instantly converting (tokenizing) it to an encrypted Blockchain secured ledger entry.
  • DEL: Complete delivery system with dispatcher backend and mobile applications for driver and consumer, available for iOS and Android.
  • POS: Complete point of sale system with integrated Blockchain connectivity for inventory management, payment and record keeping on secured Blockchain ledger.
  • PAY: GreenBox's core product. This system can manage any amount of tokenized assets, including cash and data, on a secured Blockchain ledger. All patented technology from GreenBox is connected to this product.
  • Assets and business assumed following the Sky MIDS Technology acquisition
  • Book of business: Sky's entire book of business, capable of processing over $1 billion annually, primarily through the PAY product line.
  • Personnel: Sky former president transitioned into the Senior Vice President, payment systems position with GRBX.
  • Agent network: Sky's network of agents includes approximately 50 active agents, who now deliver new business exclusively to GRBX.
  • IP assets: Sky's development software products, including the CRM system pertaining to onboarding and relations management with merchants, and custom payment security features, are now wholly owned by GRBX.
  • In addition to the asset list above, control of all branch locations and staff has also been transferred to GRBX.  

    "We had a challenge delivering all the required disclosures on time. I am happy to see that the added effort paid off and the process was successfully completed," states Ben Errez, Executive Vice President of GRBX. "Our goal of being completely transparent with our shareholders, investors, and the market is a top objective for the company, and new procedures and additional staff will ensure this goal moving forward. We will discuss our growing business activities and accomplishments in greater detail in upcoming news releases."

    About GreenBox POS, LLC:

    GreenBox POS ("GRBX") is a groundbreaking technology company that builds customized payment solutions for a multitude of industries. The company has developed the fastest and safest way to send and process money using Blockchain technology. The company was awarded 5 provisional patents for its technology. GreenBox POS develops the following main products: POS (Point of Sale software and hardware solutions); DEL (delivery app, APIs to POS and PAY); PAY (payment app, providing financial APIs to all other components); KIOSK (deposit, cash and E-wallet management). All products, services and custom hardware are available now from GRBX. GRBX is based in California with offices in Seattle, WA; Las Vegas, NV; Vancouver, BC, Canada; and HQ in San Diego, CA.

    For more information, visit the company's website at https://www.GreenBoxPOS.com 

    Forward-Looking Statements Disclaimer:

    This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. All forward-looking statements are inherently uncertain as they are based on current expectations and assumptions concerning future events or future performance of the company. Readers are cautioned not to place undue reliance on these forward-looking statements, which are only predictions and speak only as of the date hereof. In evaluating such statements, prospective investors should review carefully various risks and uncertainties identified in this release and matters set in the company's SEC filings. These risks and uncertainties could cause the company's actual results to differ materially from those indicated in the forward-looking statements.

    Public Relations and Media Contact:

    GreenBox POS, LLC


    Office: 619-930-5500


    Corporate Communications Contact:

    NetworkNewsWire (NNW)

    New York, New York


    212.418.1217 Office 


    Source: GreenBox Pos LLC Registered Shs

    This article appears in: News Headlines

    Referenced Stocks: GRBX

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