Enhancing Financial Services Portfolio
ATLANTA, GA, April 09, 2018 (GLOBE NEWSWIRE) -- GOPHER PROTOCOL INC. (OTCQB: GOPH) ("Gopher"), a technology company which specializes in the creation of Internet of Things (IoT) and Artificial Intelligence (AI) enabled mobile technologies, effective April 2, 2018 acquired certain assets from Electronic Check Services Inc. (“ECS”) and from Central State Legal Inc. (“CSL”).
The acquisition centers around a proprietary software that:
- Validates written check authenticity in real-time;
- Scores risk associated with the acceptance of a check; and
- Generates automated response and follow up when a check is returned unpaid.
By using this system, less than 2% of 50,000+/- checks processed monthly have been returned unpaid. Utilizing the automated follow up, 70% of that 2% fraction of checks were collected within the first 90 days.
CSL was developed to work with merchants and ECS to recover funds from returned checks. CSL also acts as a second layer in the “bad check” recovery process. ECS attempts recovery during the first 90 days following the return. After 90 days, CSL takes over the recovery process. CSL has been able to recover funds on approximately 55% of all returned checks within 90 days of taking over the delinquent account.
These assets acquisition is a complementary assets acquired from ECS Prepaid LLC - https://backend.otcmarkets.com/otcapi/company/sec-filings/12638360/content/html The core asset of ECS is its processing software program, which Gopher intends to combine into the prior acquisition of the UGO HUB and the UGO brand of products.
ECS PrePaid’s core operating system currently operates over 9,000 terminals in retail locations throughout the United States. These terminals process over 14,000 transactions a day and have capacity to manage at least three times its current volume, without further software expense. This platform generated approximately $32 million in revenue for the year ended December 31, 2017 (unaudited), approximately $4.2 million for the month of January 2018 (unaudited) and approximately $4.3 for the month of February 2018 (unaudited).
“We believe these acquisitions will uniquely position Gopher to establish our mesh network and connect with consumers. This integration of technologies, may establish a platform that can provide solutions that aren’t currently available from a single provider. I still need some additional tools under my belt to present a comprehensive proprietary product, but we continue to strive toward this goal” stated Gopher CEO Greg Bauer.
About ECS Prepaid LLC.
Formed in 2008, ECS Prepaid LLC. (www.ecsprepaid.com) was started and fueled by the desire to create a Prepaid Wireless distribution model built to cater to Independent Sales Organizations servicing the gas station, convenience store market. ECS Prepaid is a two time “INC 500 Fastest Growing Companies” in the US, with a high ranking of 64th.
Starting with just a few hundred direct retail locations, ECS Prepaid quickly grew its customer base by providing one of the most comprehensive terminal solution available. Today ECS Prepaid supports over 100 independent agents while powering roughly 9,000 retail locations across the United States.
The ECS Prepaid software platform provides the ability to bring a variety of services to even the smallest retailer. Products currently available include: Prepaid Wireless, SIM Activations, International Top Up, Private Label Gift Cards, Electronic Check Processing, Customer Loyalty and Rewards programs.
About Gopher Protocol Inc.
Gopher Protocol Inc. (OTCQB: GOPH) (“Gopher” and the "Company") (http://gopherprotocol.com/) is a development-stage company which consider itself Native IoT creator, developing Internet of Things (IoT) and Artificial Intelligence enabled mobile technology. The Company has a portfolio of Intellectual Property that when commercialized will include smart microchips, mobile application software and supporting cloud software. The system contemplates the creation of a global network. The core of the system will be its advanced microchip technology that can be installed in any mobile device worldwide. Gopher envisions this system as an internal, private network between all enabled mobile devices providing shared processing, advanced mobile database management/sharing and enhanced mobile features.
Corporate Site: http://gopherprotocol.com
Press page/ press kit - http://gopherprotocol.com/?page_id=228
Consumer and product website for Guardian Patch: http://www.guardianpatch.com/.
GOPH disclosure: More info: SEC link /technology abstract:
Certain statements contained in this press release may constitute "forward-looking statements". Forward-looking statements provide current expectations of future events based on certain assumptions and include any statement that does not directly relate to any historical or current fact. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors as disclosed in our filings with the Securities and Exchange Commission located at their website (http://www.sec.gov). In addition to these factors, actual future performance, outcomes, and results may differ materially because of more general factors including (without limitation) general industry and market conditions and growth rates, economic conditions, and governmental and public policy changes. The forward-looking statements included in this press release represent the Company's views as of the date of this press release and these views could change. However, while the Company may elect to update these forward-looking statements at some point in the future, the Company specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing the Company's views as of any date subsequent to the date of the press release.
Contact: Greg Bauer, CEO Gopher Protocol Inc. VM Only 888-685-7336 Media: firstname.lastname@example.org
Source:Gopher Protocol, Inc.