GreenBox POS and Transact Europe Commence Revenue Sharing and Licensing Cooperation
September 23 2021 - 8:31AM
GreenBox POS (NASDAQ: GBOX) ("GreenBox" or the "Company"), an
emerging financial technology company leveraging proprietary
blockchain security and token technology to build customized
payment solutions, today announced the commencement of revenue
sharing and bank licensing cooperation with Transact Europe in
anticipation of the closing of the recently announced acquisition.
GreenBox announced the acquisition of Transact
Europe Holdings OOD on July 19, 2021, pending regulatory approval
from the Bulgarian National Bank. Transact Europe Holdings OOD is
the single entity shareholder of Transact Europe EAD. Transact
Europe EAD (TEU) is an EU regulated electronic money institution
headquartered in Sofia Bulgaria and is a principal level member of
Visa, worldwide member of MasterCard, and a principal member of
China UnionPay.
While final approval for the acquisition is
pending, GreenBox and Transact Europe have approval to begin
cooperation with respect to banking capabilities, such as card
issuance and processing volume on GreenBox blockchain ledger
technology. Revenue sharing and licensing cooperation will remain
in place until the acquisition is officially closed. Transact
Europe management is incentivized to grow processing volume rapidly
by an equity earnout compensation structure based on new monthly
processing volume hurdles of $100M, $250M, $500M and $1B.
The acquisition will allow GreenBox to expand
its offerings, including merchant accounts, payment accounts, FX
services and a host of other services to prospective European
clients. It will also provide GreenBox the opportunity to offer its
domestic clients expansion into Europe, greatly enhancing value for
its existing and prospective U.S. based clients.
“Being able to utilize TEU’s bank licensing
capabilities and begin sharing revenue from processing volume is a
crucial step forward for GreenBox POS as we look to develop our
European footprint,” said Fredi Nisan, Chief Executive Officer of
GreenBox POS. “This allows us to realize some of the benefits of
the acquisition of TEU while we continuing to work towards
completing it. Our expansion into the Europe is a major opportunity
for us to capture significant market share outside of the U.S. We
look forward to completing acquisition shortly.”
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, please 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 ContactMark
SchwalenbergMZ Group - MZ North
America312-261-6430GBOX@mzgroup.uswww.mzgroup.us
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