NEW YORK, Sept. 07, 2016 (GLOBE NEWSWIRE) -- Eline Entertainment Group, Inc. (OTCPink:EEGI) today announced that the company has appointed Romario Wallace as the company’s new CEO, and will shift focus to a new application that it hopes will change the way people increase the size of their savings accounts. The deal also transfers controlling shares of Eline Entertainment to the company’s new CEO. http://www.cranium.tech/
Possibly the most exciting innovation to the financial industry since online banking, the company’s new main product, Accrue™, will connect to a customer's bank account through online banking interfaces, allowing them to set pre-determined amounts starting as low as a penny, increasing that amount each day for a pre-determined amount of time, and transferring that amount into the persons saving account, making it easy to save up a significant amount of money with minimum impact to everyday life. The application is based on years of research based on the psychology of how people save money.
“Most of us at one time have had a large jar at home, in which we throw spare change,” explains CEO Romario Wallace. “This is like a virtual version of that, which connects directly to an interest paying savings account. The idea is to automate saving but on a level that will not cause the need for the consumer to change their behavior or way of life very much.” Mr. Wallace goes on to explain that if you make saving easy and unnoticeable, people can save large amounts of money in very short periods of time without even realizing it. This comes shortly after the company has closed a deal that has removed almost all debt from the balance sheet of the company. The large amount of debt represented tremendous dilution potential, so removing as much of it as possible before the change in direction was key to starting off this new business model with a clean slate. A small amount of new debt will be on the books as of next quarter, but the company needs very minimal money to move forward so it is not expected to represent a significant amount, and should be paid back fairly quickly.
The next step for the company is to update all of the accounts including OTCMarkets, the state of Nevada, etc. so that this and future releases can be released over a national newswire such as PR Newswire or Reuters. The company expects that to take place in about a week, barring any unforeseen complications. On the business side, as soon as the new banking APIs are in place, final development will begin bringing the company closer to launching the much-awaited application.
About Eline Entertainment Group, Inc.
Eline Entertainment Group, Inc. is a consulting company, which develops banking related applications for desktop and mobile uses.
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