GreenBox POS Appoints J. Drew Byelick as Chief Financial Officer

Rhea-AI Summary

GreenBox POS (NASDAQ: GBOX) announced the immediate appointment of J. Drew Byelick as Chief Financial Officer following Ben Chung's resignation on August 16, 2022. Byelick brings extensive experience from previous roles, including CFO at Aero Components and positions at AZZ Inc. He is expected to play a crucial role in integrating recent acquisitions and enhancing GreenBox's payment processing capabilities, which reached approximately $2 billion last year. GreenBox aims to leverage Byelick's expertise as it continues to develop and expand in the fintech sector.

Positive

• Appointment of experienced CFO J. Drew Byelick expected to enhance financial strategy.
• Byelick's background in software and technology aligns with GreenBox's growth objectives.
• The company reported a significant payment processing volume of approximately $2 billion last year.

Negative

• Ben Chung's resignation may raise concerns regarding leadership continuity.

SAN DIEGO, CA, Aug. 16, 2022 (GLOBE NEWSWIRE) -- GreenBox POS (NASDAQ: GBOX) ("GreenBox" or the "Company"), an emerging and rapidly growing FinTech company announced today the appointment of J. Drew Byelick as the organization’s Chief Financial Officer effectively immediately. In conjunction with the appointment, Ben Chung, the Company’s Chief Financial Officer, has resigned effective August 16, 2022.

A seasoned financial executive with a strong record of success, J. Drew Byelick brings a tremendous depth and breadth of functional and industry experiences in startup, middle market, and multisite global manufacturing, service, software, technology, and distribution companies. Most recently, he was Chief Financial Officer at Aero Components where he improved the organization’s practices and led the divestiture process. Prior to that, Byelick held multiple roles at AZZ Inc., a $1 billion global provider of metal coatings, welding services, and engineered electrical equipment serving a broad scope of industries and applications, culminating in the position of Vice President, Chief Accounting Officer. From 2000 to 2015, Mr. Byelick was an independent consultant implementing strategic transitions for middle market private and public companies. He has also held numerous financial and operational leadership roles at Invensys, Plc. and Schlumberger, Ltd. and has a BS in Accounting from Lehigh University, as well as an MBA from Fordham University and is a licensed CPA.

“We thank Ben for his contribution to GreenBox and wish him the best of luck as he pursues other interests,” said GreenBox Chief Executive Officer, Fredi Nisan. “While Ben will be missed, we are fortunate to have found an experienced CFO in Drew and are pleased to have someone of his caliber and financial skillset join our team. We believe his concentrated experience in the software and technology industry will be fundamental as we integrate our recent acquisitions and continue to explore future transactions that add to our processing volume, technology suite and licensing assets. We anticipate a smooth transition with Drew which will allow us to continue working toward our long-term expansion objectives.”

“GreenBox is in the midst of both growth and massive transformation,” Byelick added, “allowing me a tremendous opportunity to apply my financial industry experience at a company with global development in one of the most exhilarating and rapidly evolving industries. The company has made impressive progress in a relatively short period of time. Expanding its payment processing footprint to approximately $2.0 billion in processing volume last year and acquiring a key asset such as Transact Europe, which positions the company for immense growth domestically and globally. GreenBox is poised for an incredible journey ahead and I’m truly thrilled to be working with this talented team as we realize the company's next phase of growth.”

GreenBox reported second quarter 2022 financial results on Monday, August 15 2022 after the market close. A replay of the call is available by dialing 1-844-512-2921 within the United States or 1-412-317-6671 when calling internationally and enter replay pin number 13732037. A webcast will also be available for 90 days on the IR section of the GreenBox POS website.

About GreenBox POS

GreenBox POS (NASDAQ: GBOX) is an emerging financial technology company leveraging proprietary blockchain security and token technology to build customized payment solutions. The Company's applications enable an end-to-end suite of turnkey financial products, fraud detection and improving the efficiency of handling large-scale commercial processing volumes for its merchant clients. 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

Who is the new CFO of GreenBox POS?

J. Drew Byelick has been appointed as the new Chief Financial Officer of GreenBox POS.

What are J. Drew Byelick's qualifications?

Byelick has extensive experience in financial leadership roles, including positions at Aero Components and AZZ Inc., with a degree in Accounting and an MBA.

When did Ben Chung resign from GreenBox?

Ben Chung resigned effective August 16, 2022.

What impact could Byelick's appointment have on GreenBox?

Byelick's extensive experience could aid in integrating acquisitions and driving growth in the company's payment processing capabilities.

What was GreenBox's processing volume in the previous year?

GreenBox reported a processing volume of approximately $2 billion last year.