SAN DIEGO, CA, April 08, 2021 (GLOBE NEWSWIRE) -- GreenBox POS (NASDAQ: GBOX) (GreenBox or the Company), an emerging financial technology company leveraging proprietary blockchain security to build customized payment solutions, today announced reaching final terms of its previously announced acquisition of ChargeSavvy LLC, a financial technology company specializing in payment processing and POS systems.
Raises 2021 Processing Volume Projections to $1.65 Billion
SAN DIEGO, CA, April 08, 2021 (GLOBE NEWSWIRE) -- GreenBox POS (NASDAQ: GBOX) (“GreenBox” or “the Company”), an emerging financial technology company leveraging proprietary blockchain security to build customized payment solutions, today announced reaching final terms of its previously announced acquisition of ChargeSavvy LLC, a financial technology company specializing in payment processing and POS systems.
The final price of the acquisition was renegotiated from the previously announced $31.2 million all stock transaction to an all-stock transaction valued at $12 million. GreenBox will issue 1 million restricted shares of common stock to ChargeSavvy. The final negotiated terms reflect the findings of an independent audit, internal due diligence, and reflect an overall lower price, negotiated in good faith. The terms take into consideration the strength of GreenBox share price while limiting dilutive effects from the purchase. The parties expect to celebrate signing the definitive agreement within the next few days.
The acquisition will include ChargeSavvy’s headquarters, a 61,000 square foot office building located in Chicago. ChargeSavvy will be able to immediately utilize GreenBox technology, licenses, rapid onboarding and banking licensing to streamline the boarding of new and existing clients.
“This will be a milestone acquisition for GreenBox as it is immediately accretive and expands the Company’s footprint into retail and other verticals. ChargeSavvy’s point of sale system and anti-fraud technology naturally compliment the GreenBox blockchain ecosystem creating a perfect solution for higher risk verticals,” said Fredi Nisan, Chief Executive Officer of GreenBox POS. “Additionally, the company expects the upcoming deployment of its Smart-Contract Token technology to further accelerate transaction processing volume, revenue, and net income growth.”
About GreenBox POS
GreenBox POS (NASDAQ: GBOX) is an emerging financial technology company leveraging proprietary blockchain security to build customized payment solutions. The Company's applications enable an end-to-end suite of turnkey financial products, reducing fraud and improving the efficiency of handling large-scale commercial processing volumes for its merchant clients globally. For more information, please visit the Company's website at www.greenboxpos.com.
ChargeSavvy is a global Fintech company focused on payment processing and software within the merchant services industry. The Company's proprietary point of sale product provides niche retail merchants an all-in-one solution to manage client transactions with added tools to protect against chargebacks and fraud. The company also offers e-commerce and delivery transactions software technology. For more information, please visit the company's website at www.chargesavvy.com to learn more.
Forward-Looking Statements Disclaimer
This 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. All forward-looking statements are inherently uncertain as they are based on current expectations and assumptions concerning future events or future performance of the Company. Readers are cautioned not to place undue reliance on these forward-looking statements, which are only predictions and speak only as of the date hereof. In evaluating such statements, prospective investors should review carefully various risks and uncertainties identified in this release and matters set out in the Company's SEC filings. These risks and uncertainties could cause the Company's actual results to differ materially from those indicated in the forward-looking statements.