Restructuring for Success: Global to Return 149,447,870 Shares to Treasury
August 06 2018 - 8:00AM
InvestorsHub NewsWire
Restructuring for Success: Global to Return
149,447,870 Shares to Treasury
San Diego, CA --
August 6, 2018 -- InvestorsHub NewsWire -- Global Payout Inc.
(OTCPink:GOHE)
(“Global”) is pleased to
announce that as a part of an initiative to restructure the
Company, they have reached agreements with Secur Capital Corp. and
ISBC Holdings for the return of a total of 149,447,870 shares of
common stock. The Company has determined that is in the best
interests of the shareholders to detach these two entities from
Global Payout Inc., going forward. The only surviving
subsidiary of the Company will be the newly incorporated and wholly
owned subsidiary, MTrac Tech Corp.
With the onboarding
of the new management team, one of the ultimate goals has been to
restructure the Company in the best interest of the shareholders.
As part of that initiative, the contracts with the aforementioned
companies have been terminated and the Company has reached an
amicable agreement in the return of the common stock to treasury.
Additionally, the Company is also working with shareholders in the
conversion of their Promissory Notes to help reduce the outstanding
debt on the books and improve the Company’s financial outlook. The
Company is continuing to work with the auditing firm, Fruci &
Associates, to complete the two-year audit and expects the Form10
to be filed in the coming weeks.
"When I agreed to
take over Global as a part of the Merger with MoneyTrac one of my
first goals was to clean up the books for this Company,” said CEO
Vanessa Luna. “There is a lot of history there and we have
investors that have been supportive of Global over the years during
the many ups and downs. I really wanted to make every effort
possible to make sure those people were taken care of. Part of that
goal has involved reevaluating existing relationships with the
Company to ensure they make sense in the big picture, and the
management team and I agree that these relationships do not fit
into the long term plan. I personally handled the returns from both
Secur and ISBC and decisions to separate were not only amicable but
all the way around we wish each other much success in our future
endeavors. We will continue to evaluate all aspects of company
operations as we continue to build a solid foundation for what I
plan to be successful company that benefits all
shareholders.”
About Global Payout,
Inc. (OTC Pink:GOHE)
From 2014 to 2017 Global focused on identifying new state of the
art technologies in a variety of industry sectors and successfully
helped launch MoneyTrac Technology Inc. and other companies within
the FinTech space. In 2018, Global completed a reverse triangular
merger with MoneyTrac Technology Inc. resulting in Global retaining
the wholly owns subsidiary, MTrac Tech Corporation. Global’s
current focus is continuing to identify new business opportunities
while it reorganizes its future business
endeavors.
About MTrac Tech Corp.
MTrac Tech Corporation. a Nevada Corporation is a privately held
wholly owned subsidiary of Global Payout, Inc. MTrac is a software
technology, sales and marketing, and business development company
focused on “high risk” and “high cost” industries. The Company’s
flagship product is the MTRAC payment platform offering a
full-service solution for alternative banking and electronic
financial marketplace with technology offerings including Payment
Platform, Blockchain, Compliance, POS, E-Wallet, Mobile Application
and Digital Payment Solutions. We are one network disrupting the
status quo. It is MTRAC’S creative vision through the use of its
innovative technology solution to become the premier service
provider offering the “Key to CashlessTM”
Forward-Looking Statements Disclaimer:
This press 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.
In some cases, you can identify forward-looking statements by the
following words: "anticipate," "believe," "continue," "could,"
"estimate," "expect," "intend," "may," "ongoing," "plan,"
"potential," "predict," "project," "should," "will," "would," or
the negative of these terms or other comparable terminology,
although not all forward-looking statements contain these words.
Forward-looking statements are not a guarantee of future
performance or results and will not necessarily be accurate
indications of the times at, or by, which such performance or
results will be achieved. Forward-looking statements are based on
information available at the time the statements are made and
involve known and unknown risks, uncertainty and other factors that
may cause our results, levels of activity, performance or
achievements to be materially different from the information
expressed or implied by the forward-looking statements in this
press release. This press release should be considered in light of
all filings of the Company that are disclosed on the OTC
Markets.com website.
Public Relations and Media Contact:
Global Payout
www.GlobalPayout.com
619.930.5522 Office
Information@GlobalPayout.com
Communications Contact:
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