$IPSI COMPANY IS DEBT FREE WITH MILLIONS IN CASH ON HAND
Innovative Payment Solutions, Inc. Provides Investor Update
Press Release | 02/22/2021
NORTHRIDGE, CA, Feb. 22, 2021 (GLOBE NEWSWIRE) -- via NewMediaWire -- Innovative Payment Solutions, Inc. (OTCQB: IPSI) (“Innovative” or the “Company”), a Southern California based fintech company focused on building a 21st century digital payment solution, IPSIPay, is pleased to provide an investor update from its CEO, William Corbett.
Mr. Corbett stated, “In the first quarter of 2021, we have executed several important milestones for our Company. Firstly, we were able to raise two million dollars in capital at a market price of 23 cents per share and we currently have approximately three million dollars of cash on our balance sheet. This provides the Company with greater flexibility to accomplish its business strategy. Secondly, the Company has been able to completely repay its toxic debt to further boost shareholder value. Thirdly, the Company has also received a firm commitment of five million dollars from its institutional investor Bellridge Capital, LP, to provide the liquidity and settlements of IPSIPay Stable Coin.
“Additionally, we made necessary steps to hire in-house compliance and legal counsel to further stay on top of the changing regulatory landscape. Innovative’s legal counsel will act as an advisor on matters involving Company’s governance and regulatory related issues and will provide legal advice related to Prepaid Card Issuance, Money Transmittal Services, IPSIPay Stable Coin, and Audits.
“Completion of these milestones in early 2021 presents our Company with a great opportunity to fulfill our mission of serving unbanked and underbanked customers, small businesses and its employees in ever-evolving digital payments ecosystem.”
