MICT, Inc. (Nasdaq: MICT), today announced financial results for the three months ended September 30, 2019.
MICT’s financial results for the three and nine months ended September 30, 2019 reflect Micronet, Ltd. revenues for the months of January 2019 and February 2019 only. On February 24, 2019, Micronet closed a public equity offering on the Tel Aviv Stock Exchange which resulted in a dilution of MICT’s ownership interest in Micronet to 39.53%. Thus, based on U.S. GAAP, MICT no longer includes Micronet’s financial results in its consolidated financial statements effective as of March 1, 2019. On September 5, 2019, Micronet closed a public equity offering on the TASE. As a result, MICT’s ownership interest in Micronet was diluted from 33.88% to 30.48%, and MICT’s current voting interest in Micronet stands at 37.79% of the issued and outstanding shares of Micronet.
“In the third quarter, we closed on a $7.25 million funding, as part of a $9 million funding agreement in support of our planned business combination with BNN Technology and others. This $7.25 million funding included a $2 million investment from BNN into MICT. We expect to close on the balance of the additional $1.75 million in the near future,” stated David Lucatz, Chief Executive Officer of MICT.
On November 7, 2019, MICT closed on a $25 million private placement of convertible notes, converting automatically at $1.41 per share of MICT common stock at the closing of an acquisition by the Company of Global Fintech Holdings Ltd (GFH), which acquired the ParagonEX Limited group of companies and the trading companies of BNN Technology PLC. Through its newly acquired subsidiaries, GFH is already a successful and profitable business, providing its platforms within the financial trading and Contracts for Difference (CFD) sectors in Europe, the Middle East, and Asia. GFH expects over the coming months to implement its program to acquire substantial revenues through the acquisition of significant players in the sector, resulting in rapid growth and the contribution of significant profitability to the MICT group.
Upon closing of the merger, the combined MICT group is expected to have a strong balance sheet with over $25 million in cash, enabling the Company to pursue a revenue acquisition program and to materialize significant fintech opportunities in China.
David Lucatz, CEO of MICT, said, “We strongly believe that our strategic decision to change our business and enter into the fintech space will contribute very positively to value creation for our present and future shareholders. The funding enables us to acquire GFH, a very exciting fintech company with world class technological assets, operational management and significant profitability. We expect the combination of strong cash reserves and abundant opportunities will facilitate substantial earnings growth potential for the Company.
Darren Mercer who recently joined the Board of MICT and is a director and officer of GFH, added, “The opportunity to be a part of the MICT group is a very exciting proposition for us. The GFH group of companies brings to MICT a suite of world-leading technology platforms that are product-agnostic and can support all our new ventures within the fintech space, be they through acquisition or through organic growth, including in the very significant Chinese marketplace. Supported by MICT’s strong balance sheet and our combined cash resources, we believe it is a very exciting time for all new and existing MICT shareholders.”
Q3 2019 Review
- Gross loss for MICT was $0 for three months ended September 30, 2019, compared to gross profit of $54,000 for the three months ended September 30, 2018.
- Research and development (R&D) expense for MICT for the three months ended September 30, 2019 was $0, compared to $425,000 for the three months ended September 30, 2018.
- Selling, general and administrative (SG&A) expense for MICT was $501,000 for the three months ended September 30, 2019, compared to $2.93 million for the three months ended September 30, 2018.
- Net loss attributable to MICT was $1,210,000 for the three months ended September 30, 2019, compared to a net loss of $2.6 million for the three months ended September 30, 2019. On a per share basis, MICT reported a net loss of $0.11 per basic and diluted share from continued operations for the three months ended September 30, 2019, compared to a net loss of $0.28 per basic and diluted share from continued operations for the three months ended September 30, 2018.
- As of September 30, 2019 MICT had $5.77 million in cash and equivalents
Nine Months 2019 Review
- Gross loss was $369,000 for the nine months ended September 30, 2019, compared to a gross profit of $3.31 million for the nine months ended September 30, 2018.
- R&D expense for the nine months ended September 30, 2019 was $261,000, compared to $1.46 million for the nine months ended September 30, 2018.
- SG&A expense was $2.36 million for the nine months ended September 30, 2019, compared to $6.28 million for the nine months ended September 30, 2018.
- Net loss attributable to MICT was $3.22 million for the nine months ended September 30, 2019 compared to a net profit of $10,000 for the nine months ended September 30, 2018. On a per share basis, MICT reported a net loss of $0.30 per basic and diluted share from continued operations for the nine months ended September 30, 2019, compared to a net loss of $0.54 per basic and diluted share from continued operations and a net profit per share of $0.54 from discontinued operations for the nine months ended September 30, 2018.
The Company invites all those interested in participating in the call tomorrow, November 15, 2019 at 9:00 a.m. EST, to dial 1-888 -298 5973. Callers from outside of the U.S. may access the call by dialing: From London (and Europe) dial in +448 0818 90708 From Israel +972 79-939 8931.
user pin: 4444
Please dial in a few minutes before 9:00 a.m. EST. Participants may also access a live webcast of the conference call through the Investor Relations section of MICT’s website at: http://mixlr.com/servicesmict/
A telephone replay of the call will be available for two weeks at: 1-888 -298 5973. Callers from outside of the U.S- may access the call by dialing: From London (&Europe) dial in +448 0818 90708 From Israel +972 79-939 8931.
user pin: 3333
A slide presentation accompanying management’s remarks can be accessed at www.mict-inc.com.
No Offer or Solicitation
This communication is not intended to and does not constitute an offer to sell or the solicitation of an offer to subscribe for or buy or an invitation to purchase or subscribe for any securities or the solicitation of any vote in any jurisdiction pursuant to the proposed transaction or otherwise, nor shall there be any sale, issuance or transfer of securities in any jurisdiction in contravention of applicable law. No offer of securities shall be made except by means of a prospectus meeting the requirements of the Securities Act of 1933, as amended. Subject to certain exceptions to be approved by the relevant regulators or certain facts to be ascertained, the public offer will not be made directly or indirectly, in or into any jurisdiction where to do so would constitute a violation of the laws of such jurisdiction, or by use of the mails or by any means or instrumentality (including without limitation, facsimile transmission, telephone and the internet) of interstate or foreign commerce, or any facility of a national securities exchange, of any such jurisdiction.
Important Additional Information Will be Filed with the SEC
In connection with the proposed acquisition, MICT intends to file a proxy statement on Schedule 14A and other relevant materials with the Securities and Exchange Commission, or SEC. Stockholders of MICT are urged to read MICT’s proxy statement and all other relevant documents filed with the sec when they become available, as they will contain important information about the proposed transaction. A definitive proxy statement will be sent to MICT’s stockholders seeking their approval of the proposed transaction. MICT’s stockholders will be able to obtain these documents (when available) free of charge at the SEC’s web site, http://www.sec.gov. In addition, they may obtain free copies of these by contacting MICT’s Secretary, 28 West Grand Avenue, Suite 3, Montvale, NJ 07645.
Participants in Solicitation
MICT and its directors and executive officers, may be deemed to be participants in the solicitation of proxies for the special meeting of MICT’s stockholders to be held to approve the proposed business combination. Information regarding the persons who may, under the rules of the SEC, be deemed participants in the solicitation of MICT’s stockholders in connection with the proposed business combination will be set forth in the proxy statement. You can find information about MICT’s executive officers and directors in its Annual Report on Form 10-K for the year ended December 31, 2018.
SOURCE MICT, Inc.
Mr. David Flores Resigns from Board Paving the Way to add New Strategic Members
SAN DIEGO, Jan. 28, 2020 (GLOBE NEWSWIRE) — Global Payout Inc. (OTCPink:GOHE) (“Global” or the “Company”) would like to announce to its valued shareholders that effective January 31, 2020, Mr. David A. Flores will be stepping down from his role as the Company’s Chief Operating Officer and interim Chief Financial Officer. This move comes as part of the Company’s ongoing reorganization with the intent to promote diversification and new venture opportunities for its long-term profitability objectives. Mr. Flores’s resignation from Global Payout also extends to his role as Executive Vice President of the Company’s wholly-owned subsidiary, MTrac Tech Corporation and his current seat as a GOHE Board Member.
Mr. Flores joined the Global Payout executive team in June 2018 following the Company’s reverse triangular merger with MoneyTrac Technology. Since then, he has been instrumental in guiding the Company through the successful completion of its two-year audit, in addition to playing a key leadership role alongside CEO, Vanessa Luna in the internal restructuring of the Company and effective launch of the MTrac brand.
“I am eternally appreciative of the hard work, determination and sacrifice Mr. Flores has demonstrated over the last year and a half with Global Payout,” said Global Payout CEO, Vanessa Luna. “His diligence and intellect were instrumental in working effectively with our accountants and auditors to successfully complete our two-year audit despite the significant challenges and frustrations that were encountered throughout its process. The positive impact on our company can be traced back to before he and I took control of Global Payout in June of 2018 and to the foundation he helped to develop for MoneyTrac Technology, which was the precursor to the success we have achieved with MTrac Tech. While his presence on our team will be missed, I am appreciative of the job he did to develop an incredibly stable foundational structure for the company and one that I am excited to continue building and expanding from.”
“I will be forever grateful of the incredible opportunity I have had to help reshape and restructure the core of this company,” said David Flores. “Opportunities such as the one I have had here with Global Payout are few and far between in one’s career. Much of my focus over the last year and a half has been directed towards the effective rehabilitation of the company’s internal structure with the intent to position it for long-term success and profitability. The two-year audit has unquestionably been one of the largest obstacles this company has had to clear in order to get itself on a path to profitability and with that obstacle finally in our rearview mirror, I am confident that this is the best moment for me to step aside and allow the vision of Ms. Luna to take lead. I do, however, intend to continue to lend my knowledge and expertise to Ms. Luna and the company from time-to-time and when it is called upon. Global Payout in my opinion, is ready to position itself for far greater business ventures, potential mergers and acquisitions, and prestigious new business partners. The newly available board seat will be offered to strategic partners that can help the Company move to the next level.”
In closing, David Flores stated, “I would like to personally thank all of the valued shareholders for your ongoing support and assure you I will be supporting alongside you as a shareholder and believer in the Global Payout team.”
About Global Payout, Inc. (OTC Pink:GOHE)
Since the Company’s inception in 2009, Global Payout, Inc. has been a leading provider of comprehensive and customized prepaid payment solutions. From 2014 to 2017 Global focused on identifying new state of the art technologies in a variety of industry sectors and successfully helped launch MoneyTrac Technology Inc. and other companies within the FinTech space. In 2018, Global completed a reverse triangular merger with MoneyTrac Technology Inc. resulting in Global retaining the wholly owned subsidiary, MTrac Tech Corporation. Global’s current focus is continuing to identify new business opportunities while it reorganizes its future business endeavors.
About MTrac Tech Corp.
MTrac Tech Corporation, a Nevada Corporation, is a privately held, wholly owned subsidiary of Global Payout, Inc. MTrac is a software technology, sales and marketing, and business development company focused on “high risk” and “high cost” industries. The Company’s flagship product is the MTrac payment platform offering a full-service solution with technology offerings including Payment Platform, Blockchain, Compliance, POS, E-Wallet, Mobile Application and Digital Payment Solutions. We are one network disrupting the status quo. It is MTrac’s creative vision through the use of its innovative technology solution to become the premier service provider offering the “Key to Cashless®.”
Forward-Looking Statements Disclaimer:
This press 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. In some cases, you can identify forward-looking statements by the following words: “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “ongoing,” “plan,” “potential,” “predict,” “project,” “should,” “will,” “would,” or the negative of these terms or other comparable terminology, although not all forward-looking statements contain these words. Forward-looking statements are not a guarantee of future performance or results and will not necessarily be accurate indications of the times at, or by, which such performance or results will be achieved. Forward-looking statements are based on information available at the time the statements are made and involve known and unknown risks, uncertainty and other factors that may cause our results, levels of activity, performance or achievements to be materially different from the information expressed or implied by the forward-looking statements in this press release. This press release should be considered in light of all filings of the Company that are disclosed on the OTC Markets.com website.
Koinly Launches Cryptocurrency Tax Calculator for UK Traders
Koinly is a fast growing crypto tax startup that promises to help bitcoin investors prepare their crypto tax reports in a fast and efficient manner. By linking exchange accounts and public wallet addresses with Koinly, investors can get a detailed capital gains report within a matter of minutes.
“UK’s capital gains system is one of the most complex and with the thousands of transactions that crypto investors can quickly rake up – there is simply no way to manually do all the calculations. Our aim with Koinly is to make it easy for both crypto traders and accountants to generate their capital gains tax forms,” said Robin Singh, founder of Koinly.
Taxes are an integral part of any financial system and it is a good sign that tax authorities are coming out with clear guidance around cryptocurrencies instead of blanket banning them. However, added tax liabilities may become a deterrent to the mainstream adoption of Bitcoin so tax solutions such as Koinly are likely to play a crucial role in overcoming this.
The platform currently supports some 400 crypto exchanges and wallets as well as 6000 cryptocurrencies. It also comes with tax-planning features that can help investors preview and plan their trades in a tax-efficient manner. Some other features:
– Income reports for Mining, Staking and DeFi interest.
– Capital gains summary form that can be submitted to the HMRC
– Full support for crypto taxes in UK including Share Pooling
HMRC quietly preparing for a clampdown
In August of 2019, the HMRC requested information about cryptocurrency investors from various UK based exchanges such as eToro, CEX.io and Coinbase. This is clearly an attempt to locate investors that have avoided paying tax on their trades. A similar move was also made by the US tax authorities which led to the identification of some 10000 traders, all of whom received letters from the tax agency last year.
Broadridge Brings Together Wealth Business Under Michael Alexander
Broadridge Financial Solutions, Inc. (NYSE: BR), a global Fintech leader and part of the S&P 500® Index, today announced that Michael Alexander has been appointed President, Wealth Management. In this newly created position, he will be responsible for bringing together Broadridge’s Wealth solutions into an integrated, market-leading Wealth Management business that will uniquely address Wealth Management firms’ need to transform their technology and business models. Mr. Alexander will report directly to Tom Carey, President of Global Technology and Operations.
“Mike is a recognized leader in the financial services industry and has a passion for creating leading-edge, SaaS-based wealth management solutions,” said Mr. Carey. “Mike will drive Broadridge’s efforts to enhance the advisor and client experience through a single platform that will be a foundation for the industry.”
As President of Broadridge’s Wealth Management business, Mr. Alexander will take leadership of the Broadridge Wealth Platform, the next-generation open platform that is creating a modern, best-in-class industry-level wealth management technology solution. This platform, which is at the center of a recently announced sale to UBS, enables wealth managers to drive their business to the next level while mutualizing investments in technology, innovation and security. With the Broadridge Wealth Platform, firms will be able to deploy an integrated front-, middle-, and back-office solution that optimizes Financial Advisor productivity, creates a richer client experience and digitizes enterprise-wide operations. Broadridge Wealth Management also offers market-leading component solutions for Advisor Websites, Data Aggregation, Performance Reporting, Corporate Actions, and back- and middle-office Managed Services, among others.
Since joining Broadridge in 2006, Mr. Alexander has taken on roles of increasing responsibility in both technology platforms and managed services. In these roles, he has led numerous complex client engagements and successful acquisitions.
Prior to joining Broadridge, Mr. Alexander was Senior Vice President of Operations at Charles Schwab. He is a member of the SIFMA Operations and Technology Steering Committee.
SOURCE Broadridge Financial Solutions, Inc.
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