GreenBox Acquires Roark Holdings, Expanding Operations into United Kingdom

Rhea-AI Summary

GreenBox POS (NASDAQ: GBOX) announced a binding agreement to acquire Roark Holdings Ltd, a UK licensed payment institution, in an all-stock deal involving 150,000 shares. This strategic acquisition allows GreenBox to enhance its market presence across various regions by leveraging Roark's advanced payment processing technology. The acquisition is expected to facilitate the onboarding and processing of merchant businesses in the UK, contributing to GreenBox's long-term growth strategy and market expansion.

Positive

• Acquisition of Roark Holdings enhances GreenBox's technological capabilities.
• Strategic expansion into the UK market increases potential revenue streams.
• Onboarding UK merchant businesses will likely boost GreenBox's market share.

Negative

• None.

SAN DIEGO, CA, Jan. 11, 2022 (GLOBE NEWSWIRE) -- GreenBox POS (NASDAQ: GBOX) ("GreenBox", the "Company"), an innovative blockchain ledger fintech company, today announced it has entered into a binding agreement to acquire Roark Holdings Ltd, a United Kingdom based licensed payment institution, in an all-stock transaction for 150,000 shares.

Roark Holdings T/A Paysos.com is a respected UK payment institution which allows the licensor to process debit and credit card payments, in addition to local payments within the UK. Through this purchase, GreenBox accomplishes a significant strategic objective of expanding its wings across multiple markets, made possible with the technology capabilities of Roark Holdings.

“We are thrilled with GreenBox’s impressive technology and its bold ambitions to grow the Roark business and revolutionize the industry. Their grasp of marketplace demands, coupled with solid financial backing translates to rapid growth and continued clients’ satisfaction,” said Venelin Videnov, United Kingdom Region, CEO of Roark Holdings LTD, DBA Paysos.

It’s infrastructure and cutting-edge software were the key motivators for the acquisition. “Accumulating an array of technologies is vital to our long-term growth strategy, as GreenBox further progresses toward global expansion,” commented Chief Business Development Officer, Pouya Moghavem. “This strategic transaction enables us to further GreenBox market share in this vastly opportunistic market.”

With this acquisition, GreenBox will soon begin onboarding and processing merchant businesses throughout the United Kingdom. 

About GreenBox POS

GreenBox POS (NASDAQ: GBOX) is an emerging financial technology company leveraging proprietary blockchain security to build customized payment solutions. The Company's applications enable an end-to-end suite of turnkey financial products, helping to reduce fraud and improve the efficiency of handling large-scale commercial processing volumes for its merchant clients globally. For more information, we invite you to visit the Company's website at 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 out 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.

Investor Relations Contact
Mark Schwalenberg
MZ Group - MZ North America
312-261-6430
GBOX@mzgroup.us
www.mzgroup.us

FAQ

What is the significance of GreenBox's acquisition of Roark Holdings?

The acquisition enables GreenBox to expand its market presence and enhance its payment processing capabilities in the UK.

How much is GreenBox paying for Roark Holdings?

GreenBox is acquiring Roark Holdings in an all-stock transaction for 150,000 shares.

What will GreenBox achieve with the acquisition of Roark Holdings?

GreenBox aims to onboard UK merchant businesses and leverage Roark's technology for growth.

When was the acquisition of Roark Holdings announced?

The acquisition was announced on January 11, 2022.

What is GreenBox's stock symbol?

GreenBox trades under the stock symbol GBOX.