VAUGHAN, ON , Feb. 01, 2018 (GLOBE NEWSWIRE) -- Great Rock Development Corp. (OTCPINK: GROC) (the “Company”) is pleased to announce that it has signed a formal letter of intent (“LOI”) with the shareholders of a group of operating companies in the payment processing sector, with head offices located in Moscow and Rostov, Russia.
Under the terms of the LOI the Company will acquire a 100% interest in four (4) operating entities (referred to collectively as “Comepay”) in two stages, for total consideration of 60,000,000 post reverse split shares of the Company’s common stock. The acquisition will result in a change in control. In addition, concurrent with the first closing under the LOI, the board of directors of the Company will be expanded to include two additional members as selected by the existing Comepay shareholders, and the Company will appoint additional officers.
President and director Ilya Kaplan commented, “We are very excited to be acquiring the Comepay group of companies. With an extremely exciting growth plan underway for rapid market expansion during fiscal 2018 and beyond, we will look forward to providing detailed shareholder updates over the coming weeks as we conclude a formal exchange agreement with the shareholders of Comepay.”
The first closing event under the terms of the LOI is anticipated for no later than February 28, 2018.
Concurrently, on January 23, 2018, the board of directors of GROC and its controlling shareholder, approved a name change to “Comepay, Inc.”, a symbol change and a reverse split on the basis of one new share for every 100 issued and outstanding shares. The Company has filed the required amendments with the State of Florida and will expect the corporate action to be fully effected in the coming weeks.
The Comepay group of companies including Comepay, RP Systems, M-NN LLC and Chek-online have been operating for over 11 years providing internet acquiring services and support, facilitating instant payments and internet based payment transactions via kiosks, mobile interfaces and web-based applications such as electronic wallets. The Company also leases and sells cash registers and POS systems, including its recently developed proprietary multifunctional smart POS fiscal cash register system. Combining proprietary software and equipment, Comepay processes over 10 million customer payments per month and presently has more than 22,000 kiosks across Russia. The companies are currently focusing their planned business expansion on the smart POS fiscal cash register system called “Cassatka” in order to help businesses comply with newly released Russian taxation legislation, 54-FZ which requires 1.2 million businesses in fiscal 2018, and a further 1.4 million businesses in fiscal 2019 to install new, federally compliant on-line cash registers. The Cassatka, Comepay’s multifunctional smart POS online fiscal cash register can process payments and meet fiscal data storage requirements for participating businesses. It is a convenient and cost competitive solution for businesses to meet the new federal taxation requirements in Russia, and is currently being manufactured for distribution prior to June 2018. As the companies expand their business model, we expect to offer blockchain acquiring services and also to accept payments in multiple crypto currencies on the Cassatka. The Comepay group of companies presently earn revenue from a variety of channels including fee based commissions on payment processing for both cash and debit card payments, software licensing, kiosk placement fees and other rental fees for cash registers and associated equipment. With revenues of approximately US$22million ($1.234Bn Rubles) in fiscal 2017, the Comepay companies are looking to expand rapidly in fiscal 2018 and beyond as we introduce and market the Cassatka along with a suite of enhanced user features. www.comepaygroup.com , www.comepay.ru , www.kassatka.me , www.chekonline.ru , www.starrys.ru
Disclaimer: Shareholders and investors are strongly cautioned against placing undue reliance on information set forth within this website and these communications in making any investment decisions concerning our securities. The matters set forth in this press release are forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially. These risks are detailed from time to time in the Company's periodic reports filed with the OTCMarkets.com including the company's Annual Report, Quarterly Reports and other periodic filings. These forward-looking statements speak only as of the date hereof. The Company disclaims any intent or obligation to update these forward-looking statements. Nothing within this site is meant to be a solicitation to buy or sell our securities. Investing in over the counter (OTC) securities often carries a high degree of risk. Please contact your financial advisor before investing in our securities.
Contact: Great Rock Development Corp. +1954-607-2296 Email: firstname.lastname@example.org
Source:Great Rock Development Corp