AppTech Payments Corp. Mutually Terminates Strategic Partnership with Silver Alert Services, LLC

Rhea-AI Summary

AppTech Payments Corp. (NASDAQ: APCX) announced the termination of its partnership with Silver Alert Services, effective Feb. 17, 2022, by mutual agreement. This decision arose from delays in the release of LifeLight's remote patient monitoring system due to COVID-related market impacts. The termination allows AppTech to concentrate on launching its patented digital banking platform, aimed at enhancing commerce experiences. AppTech expresses gratitude towards LifeLight for their collaboration and anticipates continued working relations with Silver Alert on future projects.

Positive

• Focus on launching a patented digital banking platform.
• Continued collaboration with Silver Alert for future initiatives.

Negative

• Termination of the partnership may impact short-term growth in telehealth.
• Market effects of COVID delayed product development for LifeLight.

CARLSBAD, Calif., Feb. 22, 2022 (GLOBE NEWSWIRE) -- AppTech Payments Corp. (“AppTech”) (NASDAQ: APCX), today announced its partnership with Silver Alert Services, LLC (Silver Alert); dba, LifeLight Services (“LifeLight”), has been terminated by mutual agreement with an effective date of Feb. 17, 2022. The termination is due to the delayed release of LifeLight Systems, Silver Alert Services innovative and comprehensive remote patient monitoring system, due to the market effects of COVID. This partnership was initiated in August 2020 to leverage both companies’ strengths while expanding AppTech’s reach into the telehealth sphere. During the past years working together, AppTech and Silver Alert have developed a close working relationship and will continue to work together on projects and partnering relationships.

This mutual agreement on termination will allow AppTech to focus on preparation of the launch of its highly anticipated, patented digital banking platform that will allow the company to set out on its business initiative of “powering commerce experiences.”

Virgil Llapitan, AppTech President, commented, “AppTech would like to thank LifeLight for its collaboration and wishes the Company the best on its future endeavors, additionally we look forward to our continued relationship with Silver Alert.”

About AppTech

AppTech Payments Corp. is a publicly listed fintech company utilizing innovative payment processing and digital banking technologies to complement core merchant services capabilities. AppTech’s patented and proprietary software will provide progressive and adaptable products that are available through a suite of synergistic offerings directly to merchants, banking institutions and business enterprises.

AppTech is developing an embedded, highly secure digital payments and banking platform that powers commerce experiences for clients and their customers. Based upon industry standards for payment and banking protocols, AppTech will offer standalone products and fully integrated solutions that deliver innovative, unparalleled payments, banking, and financial services experiences. Our processing technologies can be taken off-the-shelf or tapped into via our RESTful API to build fully branded and customizable experiences while supporting tokenized, multi-channel, and multi-method transactions. For more information about our company, please visit www.apptechcorp.com.

Forward-Looking Statements

This press release contains forward-looking statements that are inherently subject to risks and uncertainties. Any statements contained in this document that are not historical facts are forward-looking statements as defined in the U.S. Private Securities Litigation Reform Act of 1995. Words such as “anticipate, believe, estimate, expect, forecast, intend, may, plan, project, predict, should, will” and similar expressions as they relate to AppTech are intended to identify such forward-looking statements. These risks and uncertainties include, but are not limited to, general economic and business conditions, effects of continued geopolitical unrest and regional conflicts, competition, changes in methods of marketing, delays in manufacturing or distribution, changes in customer order patterns, changes in customer offering mix, and various other factors beyond the company’s control. Actual events or results may differ materially from those described in this press release due to any of these factors. AppTech is under no obligation to update or alter its forward-looking statements whether as a result of new information, future events or otherwise.

Contact

AppTech Corp. Investor Relations

ir@apptechcorp.com

(760) 707-5955

FAQ

What led to the termination of AppTech's partnership with Silver Alert Services?

The partnership was terminated due to delays in releasing LifeLight's remote patient monitoring system, attributed to market effects of COVID.

When was the partnership termination between AppTech and Silver Alert effective?

The termination was effective as of Feb. 17, 2022.

What is AppTech's next focus after ending the partnership with Silver Alert?

AppTech will focus on launching its patented digital banking platform aimed at enhancing commerce experiences.

How does the termination affect AppTech's telehealth initiatives?

The termination may impact AppTech's short-term growth in the telehealth sector, given the previous collaboration aimed at expanding its reach.

What are the key offerings of AppTech Payments Corp.?

AppTech offers innovative payment processing and digital banking technologies aimed at enhancing merchant services capabilities.