SAN DIEGO, March 13, 2015 (GLOBE NEWSWIRE) -- Global Payout, Inc. (OTC Pink:GOHE), an emerging leader in innovative payment solutions, announced today that it has reached an agreement with Gary Larkin and Gilbert Hooper, the principals of Maxie Mobile LLC, under which the Messrs. Larkin and Hooper will surrender their collective common stock shareholdings in Global Payout, Inc. The 83,054,713 shares surrendered is equal to the total amount of stock originally issued under the terms of an earlier Acquisition Agreement dated August 15, 2014.
Additionally, Global Payout, Inc. will retain ownership of the subsidiary acquired under the terms of the same Acquisition Agreement dated August 15, 2014, but has agreed to cease trading under the name Maxie Mobile, Inc. and will refrain from the use of Maxie as a product or service brand.
Jim Hancock, CEO of Global Payout, Inc., said, "The Rescission Agreement was reached following concerns of the parties that the strategic direction of Global Payout, Inc. was not consistent with the business interests of Larkin and Hooper as contemplated under the former Merger Agreement, and that the strategic interests of all parties would be best served through a formal rescission of said agreement." Mr. Hancock went on to say that this action does not presume that Global Payout, Inc. will not explore its independent options for the development and promotion of mobile supported payment solutions at an appropriate time in the future.
Gilbert Hooper, CEO of Maxie Mobile, LLC, confirmed that this action was an amicable resolution intended to address all parties' interests and that Hooper and Larkin will be pursuing opportunities specifically in the mobile financial services sector. Furthermore, Mr. Hooper said that he saw opportunities for the continued collaboration between Global Payout and Maxie Mobile, LLC particularly in the areas of foreign prepaid payment cards.
About Global Payout, Inc.
Global Payout, Inc. (www.globalpayout.com) is a leading provider of comprehensive, customized electronic payment solutions for domestic, international and multinational businesses, organizations and government agencies worldwide. Global Payout implements payment solutions tailored to a client's specific needs, which may include domestic MoneyTracTM Prepaid Cards, the company's Consolidated Payment Platform (CPG), international prepaid cards, chip and pin cards, custom and co-branded prepaid cards, and merchant processing services. The company targets an estimated $3 trillion market including the estimated 60-70 million unbanked, under-banked and unhappily banked adults in the U.S. and the estimated 2.5 billion around the world.
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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.