San Diego, Oct. 10, 2014 (GLOBE NEWSWIRE) -- Global Payout, Inc. (OTC Pink: GOHE), an emerging leader in payment solutions, announced today that from time to time the Company intends to purchase up to 1 million (1,000,000) shares of its common stock in this round in the open market. The buyback is being initiated due to management's belief that the stock is currently undervalued.
CEO Jim Hancock commented, "Never have the market opportunities for Global Payout been so great, and the Board of Directors strongly believes that the Company's common stock is undervalued at this time. As a result, we feel that now is the time to initiate a stock buyback program."
This buyback program is a continuation of a stock repurchase program implemented by the Company in 2011.
Global Payout recently closed its acquisition of Maxie Mobile, Inc., a mobile financial services technology provider focused on underserved markets in the United States and globally. The Maxie Mobile app is a universal financial solution on a mobile platform and has existing customers in the telecommunications and hotel and gaming industries. The financial services delivered by the Maxie Mobile app includes bill payment, payroll deposits, check cashing, prepaid phone top up, and cross border remittances. According to the World Bank, global remittances alone are expected to total $581 billion in 2014 and rise to $681 billion for 2016.
About Global Payout, Inc.
Global Payout, Inc. (www.globalpayout.com) is an emerging leader in the financial technology sector serving the needs of the world's mobile population. With the acquisition of Maxie Mobile, a comprehensive, cloud based payment solution platform built for mobile phones, tablets and computers, the Company is positioned to meet the needs of the estimated billions of unbanked, under-banked and unhappily banked consumers worldwide. The Maxie Mobile app, which operates on all major mobile phone platforms and with all major carriers, gives users secure access to services including bill payment, payroll deposits, cross border remittances, check cashing, prepaid phone top up, and free long distance calling. With an integrated prepaid card, users can purchase products online or at retail locations as well as access cash at ATMs worldwide.
Shareholders who would like to receive email notifications when new information, including press releases, investor newsletters, SEC filings or other information, is disclosed by the Company, are asked to send their names and email addresses to investors@globalpayout.com. Those interested in following the progress of the Company can also engage with @GlobalPayout on Twitter.
Forward-Looking Statements Disclosure:
This press release may contain "forward-looking statements" within the meaning of the federal securities laws. In this context, forward looking statements may address the Company's expected future business and financial performance, and often contain words such as "anticipates," "believes," "estimates," "expects," "intends," "plans," "seeks," "will" and other terms with similar meaning. These forward-looking statements by their nature address matters that are, to different degrees, uncertain. Although the Company believes that the assumptions upon which its forward looking statements are based are reasonable, it can provide no assurances that these assumptions will prove to be correct. All forward-looking statements in this press release are expressly qualified by such cautionary statements, risk, and uncertainties, and by reference to the underlying assumptions.