SAN DIEGO, Aug. 19, 2019 (GLOBE NEWSWIRE) -- Global Payout Inc. (OTCPink:GOHE) (“Global” or the “Company”) and its wholly owned subsidiary MTrac Tech Corporation (“MTrac”) are pleased to announce their Q2 2019 Disclosure has been filed with OTC Markets per the established reporting requirements for Pink Sheet companies. Management would like to take this opportunity to offer some insights and analysis on the current state of the Company’s revenue, and their current expectations for the remainder of the year.
Fueled by MTrac’s ongoing foray into the retail cannabis marketplace with its blockchain-powered payment platform, the Company experienced its most productive and successful quarter to-date in Q2 2019 and believes that, barring any unforeseen challenges, the Company is well-positioned to continue to demonstrate quarter over quarter (Q/Q) growth throughout the remainder of 2019. The Company is continuing to onboard clients and is working on several initiatives to further increase revenue.
Q2 Revenue and Financial Highlights
Gross revenue in Q2 more than doubled from Q1 2019. Gross revenue in Q2 was roughly $345,000 doubling the gross revenue of $123,219 in Q1. Processing volume in Q2 quadrupled the processing volume of Q1. Gross revenue realized in July projects that Q3 gross revenue will follow a similar growth pattern.
“We are truly encouraged with the progress we have made through the first half of the year and are even more encouraged with the momentum we are gaining as we transition into the second half of 2019,” said Global Payout CEO, Vanessa Luna. “This momentum is a result of our unrelenting commitment to strategically and effectively foster the growth of our system in an industry with an abundance of unique challenges. Seeing our revenue and transactional volume take a significant leap forward in the second quarter is, in my opinion, a very solid indication that we are making meaningful progress with our growth initiatives and remain on a very positive trajectory for the remainder of the year.”
“Our focus in the second half of the year will be to continue to push our growth initiatives forward in our pursuit of capturing significant market share,” said COO David Flores. “Furthermore, considerable time and dedication will be devoted towards collaborating with our technology partners at GreenBox POS to further optimize and enhance the MTrac ecosystem to promote more seamless functionality for all users. Rest assured that at the core of each of our objectives is a commitment to delivering the highest value proposition for every one of our stakeholders and I am truly excited to see us finish the second half of 2019 on an incredibly successful note.”
About Global Payout, Inc. (OTC Pink:GOHE)
Since the Company's inception in 2009, Global Payout, Inc. has been a leading provider of comprehensive and customized prepaid payment solutions. 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 owned 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 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 Cashless®.”
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.
MTrac Tech Corp.
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Source: Company press release.