Innovative Payment Solutions, Inc. Closes $2 Million Dollars Financing from Current Institutional Investors
Innovative Payment Solutions (OTCQB: IPSI) has raised $2 million at 23 cents per share, which will be allocated for general purposes, marketing, and technology investment. This follows a prior funding round of $600,000 at 4.5 cents per share, which the company aims to repurchase with the new funds. CEO William Corbett emphasizes the goal of establishing the company as a leading digital payment provider, focusing on small businesses and underserved consumers. The press release also includes a forward-looking statement regarding future growth and market potential.
- Raised $2 million at 23 cents per share, enhancing operational capacity.
- Funding will support marketing and technology development, potentially boosting revenue.
- Strategic buyback of earlier financing could enhance shareholder value.
- Previous funding round raised only $600,000, indicating potential financial instability.
- Dependence on institutional investors for funding raises concerns about investor sentiment.
NORTHRIDGE, Calif., Feb. 17, 2021 (GLOBE NEWSWIRE) -- via NewMediaWire – Innovative Payment Solutions, Inc. (OTCQB: IPSI) (“Innovative” or the “Company”), a Southern California based fintech company focused on building a 21st century digital payment solution, IPSIPay, is pleased to announce that the Company has successfully raised
William Corbett, CEO of Innovative Payment Solutions, Inc., commented, “We are continuously striving to build our Company as a premier payment service provider in the digital space through implementation of our technology, focusing on serving small businesses, as well as unbanked and underbanked consumers.”
Robert Klimov, Managing Partner of Bellridge Capital LP., added, “We started investing in the Company at an early stage and continue to show our loyalty and support. We believe Innovative is developing a payment solutions ecosystem that will become invaluable to communities around the world.”
About Innovative Payment Solutions, Inc.
Innovative Payment Solutions, Inc. strives to offer cutting edge digital payment solutions for consumers and service providers. Innovative’s ecosystem will span multiple devices such as self-service kiosks, mobile applications and POS terminals offering alternative payment methods to meet the needs of consumers and service providers. (investor.ipsipay.com)
SAFE HARBOR STATEMENT
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact contained in this press release are forward-looking statements. In some case, forward-looking statements can be identified by terminology such as "anticipate," "believe," "can," "continue," "could," "estimate, "expect," "intend," "may," "plan," "potential," "predict," "project," "should," or "will" or the or the negative of these terms or other comparable terminology and include statements regarding funding coming from current institutional investors, statements regarding proceeds will be used for the Company’s general purposes, marketing and technology build out, statements regarding the intention to buy back this financing through this new round of funding, and statements regarding the buy back of funding will preserve shareholder value.
These forward-looking statements are based on expectations and assumptions as of the date of the press release and are subject to a number of risks and uncertainties, many of which are difficult to predict that could cause actual results to differ materially from current expectations and assumptions from those set forth or implied by any forward-looking statements. Important factors that could cause actual results to differ materially from current expectations include, among others, our ability to use funding for the Company’s general purposes, marketing and technology build out, our ability to buy back financing through this new round of funding, our ability to preserve shareholder value, our ability to build our Company as a premier payment service provider in the digital space, our ability to position Innovative for future profitability, the duration and scope of the COVID-19 outbreak worldwide, including the impact to the economy in California and Mexico, and the other factors discussed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019 and the Company’s subsequent filings with the SEC, including subsequent periodic reports on Forms 10-Q and 8-K. The information in this release is provided only as of the date of this release, and the Company undertakes no obligation to update any forward-looking statements contained in this release on account of new information, future events, or otherwise, except as required by law.
For investor inquiries please call (818) 864-4004 or email info@ipsipay.com
FAQ
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