GRBX - GreenBox POS (OTC: GRBX) Restating Q2/Q3 Financials Substantially Reducing Previously Recorded Loss
SAN DIEGO, CA / ACCESSWIRE / February 22, 2019 / GreenBox POS, LLC ("GreenBox", "GRBX", the "Company") is pleased to announce that, while completing the accounting work for the 2018 year-end reports and scheduled disclosures, a miscalculation of certain loss was discovered. The calculation was redone correctly and audited. The result of that work is a substantial reduction in the previously recorded loss, the extent of which to be reported shortly with the completion of the end of year financials work. As stated in the 8-K filed yesterday, The Company expects that the loss on the settlement of debt that will be reported in the amendment to the Q2 and Q3 Reports will be substantially reduced as compared to the loss reported in the Q2 and Q3 Reports.
"We are happy to uncover such issue and complete the reporting with much higher fidelity", stated Ben Errez, Executive Vice President and Chairman of GreenBox. "We previously reported a loss of nearly $6,000,000 with a serious impact on shareholder equity. We are happy to correct that and reverse the impact by restating that amount to less than 5% of the original number. This is very positive development for the company."
About GreenBox POS:
GreenBox POS (USOTC: GRBX, "GRBX") is a groundbreaking technology company that builds customized payment solutions for a multitude of industries. The company has developed the fastest and safest way to send and process money using Blockchain technology. The company was awarded 5 provisional patents for its technology. GreenBox POS develops the following main products: POS (Point of Sale software and hardware solutions); DEL (delivery app, APIs to POS and PAY); PAY (payment app, providing financial APIs to all other components); KIOSK (deposit, cash and E-wallet management). All products, services and custom hardware are available now from GRBX. GRBX is based in California with offices in Seattle, WA; Las Vegas, NV; Vancouver, BC, Canada; and HQ in San Diego, CA.
For more information, visit the company's website at https://www.greenboxpos.com/
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 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.
Public Relations and Media Contact:
GreenBox POS
www.GreenBoxPOS.com
Office: 619-631-8261
Info@GreenBoxPOS.com
SOURCE: GreenBox POS, LLC