OLB Group Inc (OLB)

[ALERTS100%to10000%GAIN]

OLBG~~On April 9, 2018, Securus365, Inc., a Delaware corporation (“ Securus ”), eVance Capital, Inc., a Delaware corporation (“ eVance Capital ”), and eVance Inc., a Delaware corporation (“ eVance ”, and collectively with Securus and eVance Capital, the “ Purchasers ”), each of which Purchaser is a newly formed wholly-owned subsidiary of The OLB Group, Inc., a Delaware corporation (the “ Company ”),



entered into a Memorandum of Sale (the “ Memorandum of Sale ”) by and among the Purchasers and GACP Finance Co., LLC, a Delaware limited liability company (“ GACP ”), acting solely in its capacity as administrative agent and collateral agent to certain secured lenders of the Debtors (as defined below), pursuant to which the Purchasers acquired substantially all of the assets of the Debtors (the “ Asset Acquisition ”) through a foreclosure sale conducted under the Uniform Commercial Code of the State of New York (“ UCC ”) of the collateral of Excel Corporation (“ Excel ”) and its subsidiaries, Payprotec Oregon, LLC, Excel Business Solutions, Inc. and eVance Processing, Inc. (Excel and such subsidiaries, collectively, the “ Debtors ”) under the Loan and Security Agreement, dated as of November 2, 2016, by and among GACP, the lenders thereunder and the Debtors, and related loan documents, as amended (the “ Excel Loan and Security Agreement ”).