Innovative Payment Solutions, Inc. Provides Corporate Update
Northridge, California, Sept. 01, 2020 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- Innovative Payment Solutions, Inc., (“Innovative”) is focused on building a 21st Century digital payment technology service company. Our proprietary Fin Tech platform will leverage our extensive experience from the last five years of our former operations in Mexico, which still has over 2 million users in Mexico using the payment platform. Our new business will utilize the latest proprietary technology, including blockchain and an e-wallet which can provide to a wide range of consumers the ability to send money remittances world-wide and make digital payments for products and services, including but not limited to cell phone top-ups, utility payments, entertainment services and microloans for personal use.
Our initial launch is scheduled for the 4th quarter of 2020 and is expected to roll-out the installation of a significant number of kiosks throughout Los Angeles. These sophisticated kiosks can assist the unbanked, underbanked and fully banked in sending remittances and making payments to utility providers, cellular providers, in their native countries while standing at our kiosks in Southern California. The size of the world-wide personal remittances received is over $650 billion with over $38 billion in Mexico alone. Our focus will be on building a market share on the over $38 billion that is sent to Mexico of which, more than $8 billion of those remittances are initiated in California.
Additionally, from the balance sheet side, we have paid off over 95% of the toxic convertible debt that had been carried by us for several years. We recently raised over $1 million from institutional investors at $0.035 in a fixed price senior secured debenture that was a 200% premium to the market at the time of close.
About Innovative Payment Solutions, Inc
Innovative Payment Solutions, Inc (“Innovative”) 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. (www.innovatepaysolve.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 statement 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 the launch of our proprietary Fin Tech platform in the 4th quarter of 2020, the installation of a significant number of kiosks throughout Los Angeles and building market share on the over $38 billion that is sent to Mexico . 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 expectation include, among others, our ability to launch of our proprietary Fin Tech platform in the 4th quarter of 2020 as scheduled, our ability to install a significant number of kiosks throughout Los Angeles as planned, our ability to build market share on the remittances sent to Mexico every year from Southern California, 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.
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Released September 1, 2020