GreenBox Subsidiary, ChargeSavvy, Achieves Record Results During Q4 2021

Rhea-AI Summary

GreenBox POS (NASDAQ: GBOX) reported a record-setting performance in its retail division for Q4 2021, attributed to the successful integration of ChargeSavvy. This acquisition led to a remarkable 166% revenue increase compared to Q4 2020. The leadership team has executed their acquisition strategy effectively, enhancing ChargeSavvy's operations to drive efficiencies and profitability. CEO Fredi Nisan highlighted the efficient transition as a key factor in achieving these results. The company's focus on innovative blockchain solutions positions it for continued growth in the fintech landscape.

Positive

• ChargeSavvy achieved a record-setting quarter, marking the best in its 9-year history.
• Retail division revenue increased by 166% compared to Q4 2020.
• Successful integration of ChargeSavvy resulting in improved profitability.

Negative

• None.

Increased Efficiencies and Successful Integration
With GreenBox Lead to Record Setting Quarter in its Retail Division

SAN DIEGO, CA, Jan. 07, 2022 (GLOBE NEWSWIRE) -- GreenBox POS (NASDAQ: GBOX) ("GreenBox", the "Company"), an innovative blockchain ledger fintech company, today announced that its point-of-sale subsidiary company, ChargeSavvy, recorded the best quarter in its 9-year history, for its retail division during the fourth quarter of 2021. The retail division saw an average increase of 166% demonstrating remarkable growth compared to the same period of 2020.

ChargeSavvy was acquired by GreenBox in July 2021 due to its impressive merchant client portfolio roster and industry leading point of sale technology. By successfully assimilating ChargeSavvy operations and technology with GreenBox to drive efficiencies, in just five months, ChargeSavvy’s has multiplied its book of business while improving overall profitability. Since taking over, GreenBox has enhanced the existing point of sale which has resulted in higher demand due to feature sets and dependability in transaction flow.

“ChargeSavvy’s immediate and record-breaking results undoubtedly demonstrate our leadership team’s ability to execute on our acquisition strategy and vision,” said Fredi Nisan, Chief Executive Officer of GreenBox. “This was our first major purchase with an integration of the team, culture and operations. Adding to this mix was our guidance, foresight and technological expertise in the digital payments industry and we’re seeing incredible results.”

Phil Nguyen, the newly appointed Managing Director of ChargeSavvy added: “Being acquired can pose an array of challenges and uncertainty. GreenBox ensured a seamless transaction, with a smooth transition, ultimately, to position ChargeSavvy for never-before seen growth, while exhausting some obvious operational efficiencies. By working together, we quickly realized the synergies that facilitated the resurgence of our business and secure best-ever quarterly results.”

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.

About ChargeSavvy

ChargeSavvy is a Fintech company focused on payment processing and software within the merchant services industry. The company's proprietary point of sale product provides niche retail merchants an all-in-one solution to manage client transactions with added tools to protect against chargebacks and fraud. The company also offers e-commerce and delivery transactions software technology. For more information, please visit the company's website at www.chargesavvy.com to learn more.

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 were GreenBox POS's Q4 2021 financial results?

GreenBox POS reported a record-setting quarter with a 166% revenue increase in its retail division compared to Q4 2020.

How did the integration of ChargeSavvy impact GreenBox's performance?

The integration led to significant efficiencies and profitability improvements, contributing to the best quarter in ChargeSavvy's history.

What is the significance of ChargeSavvy's acquisition to GreenBox's strategy?

This acquisition exemplifies GreenBox's successful execution of its acquisition strategy, enhancing its market position and driving growth.