Third Quarter 2018 - Large increase in revenue due to the asset acquisition of three complimentary businesses.
New York, Nov. 29, 2018 (GLOBE NEWSWIRE) -- OLB Group, Inc. ("OLBG" or the "Company"), a FinTech company, has significant increase in revenues for the three months ended September 30, 2018.
Third Quarter 2018 Financial Highlights
| Revenue: | |||
| Transaction and processing fees | $ | 2,946,757 | |
| Merchant cash advance revenue and other | 6,221 | ||
| Other revenue | 22,537 | ||
| Total revenue | 2,975,515 | ||
| Operating expenses: | |||
| Processing and servicing costs | 2,157,073 | ||
| Merchant portfolio amortization expense | 167,184 | ||
| Salaries and wages | 431,176 | ||
| Outside commissions | 48,199 | ||
| General and administrative expenses | 470,423 | ||
| Total operating expenses | 3,274,055 | ||
| Loss from operations | $ | (298,540) | |
To visit the entire filling go to https://www.sec.gov/Archives/edgar/data/1314196/000121390018011534/f10q0618_theolbgroup.htm
Key Highlights
Over 8,500 Merchants
Proprietary Payments Gateway
Proprietary Merchant Boarding and CRM System
Omni Commerce Software Solution
Crowd Funding Platform
Currently the company has revenues of approximately $1,000,000 a month and the estimated revenues for 2018 are to be over $12,000,000 with positive EBITDA.
We also plan to launch our merchant boarding system and several cloud based software products during the fourth quarter.
About The OLB Group, Inc.
The OLB Group, Inc. is a commerce service provider that delivers fully outsourced private label shopping solutions to highly trafficked websites and retail locations. We provide end-to-end e-commerce, mobile and retail solutions to customers.
OLB Group, Inc. common stock is traded Over-The-Counter on the OTCQB under stock symbol: OLBG. Additional information about the Company can be found at http://www.olb.com
All statements from The OLB Group, Inc. in this news release that are not based on historical fact are "forward-looking statements" within the meaning of the PSLRA of 1995 and the provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. While the Company’s management has based any forward-looking statements contained herein on its current expectations, the information on which such expectations were based may change. These forward-looking statements rely on a number of assumptions concerning future events and are subject to a number of risks, uncertainties, and other factors, many of which are outside of our control, that could cause actual results to materially differ from such statements. Such risks, uncertainties, and other factors include, statements regarding the expected revenue and income for operations to be generated by The OLB Group, Inc. For other factors that may cause our actual results to differ from those that are expected, see the information under the caption “Risk Factors” in the Company’s most recent Form 10-K and 10-Q filings, and amendments thereto, as well as other public filings with the SEC since such date. The Company operates in a rapidly changing and competitive environment, and new risks may arise. Accordingly, investors should not place any reliance on forward-looking statements as a prediction of actual results. The Company disclaims any intention to, and undertakes no obligation to, update or revise any forward-looking statement. issuers
Investors & Analysts Contact:
Ronny Yakov
Chief Executive Officer
(212) 278-0900
ir@olb.com