DENVER, March 21, 2017 (GLOBE NEWSWIRE) -- Blue Line Protection Group, Inc. (OTCPink:BLPG), a leading security, transportation and risk mitigation solutions provider for financial institutions servicing the legal cannabis industry, continues to experience unprecedented expansion in its vaulting and currency processing division with double-digit growth during the first two months of 2017.
Blue Line experienced an increase of 67 percent in the total dollar value of client currency deposits from January to February 2017. “Since our vaulting and processing division began operations last year, we’ve seen a tremendous increase in the number of clients served by our transportation and currency processing services,” said Daniel Allen, Blue Line’s CEO. Revenue for processing those deposits grew 78 percent during the same period.
Blue Line provides vaulting, currency processing and compliance investigations solutions to banks and credit unions. Blue Line serves the financial institutions’ clients by securely transporting their currency assets from their business locations to Blue Line’s secure vaulting and processing facility in Denver, Colorado.
“Our initial increase in client deposits of 292 percent from October 2016 to January 2017 demonstrated that there was a vital need for our currency processing services,” added Mr. Allen. “The fact that we continue to experience tremendous growth month-to-month shows that our vaulting and processing division has gained a solid foothold and continues to attract new clients, adding to our already established base.”
Besides currency processing, Blue Line also saw continued growth in its coin, currency and ATM fulfillment services for its clients, surging ahead with a 41 percent increase in February compared with the previous month. Revenue for providing these change and ATM fulfillment services jumped 127 percent from January to February.
“Not only do we see an increased demand for our fulfillment services, our rapid expansion has also resulted in a triple-digit revenue increase for these services,” added Mr. Allen. “The reason for the demand is simple: Blue Line provides superior value, service and communication to our clients. We’re with our clients every step of the way, helping protect their cash flow so they can provide uninterrupted service to their customers.”
Blue Line’s transportation division continued its month-to-month growth, as well. The number of client currency packages collected and delivered by Blue Line’s transportation division increased 68 percent from January to February. “Our trained and licensed personnel provide a level of customer service and communication unmatched by other armored service providers,” added Mr. Allen.
Blue Line continues to offer its compliance investigations services, helping its financial institution clients comply with their “know your customer” requirements. “We’ve been able to assist banks and credit unions with our on-site, independent, compliance assessment services,” added Mr. Allen. “We help reduce business transactional fraud, limiting the risks to financial institutions offering banking services to high-risk operations like the legal cannabis industry.”
About Blue Line Protection Group, Inc.
Blue Line Protection Group provides consulting, armed security, compliance and investigations, transportation and secure vaulting services to banks, businesses and government entities who need to protect their assets, licenses and clients. Blue Line serves banks and credit unions by providing currency processing and transportation solutions, and its risk mitigation services help financial institutions serving cash-intensive industries comply with federal “know your customer” mandates. For more information, visit www.BlueLineProtectionGroup.com.
Safe Harbor Statement
This release includes forward-looking statements, which are based on certain assumptions and reflects management's current expectations. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results or events to differ materially from current expectations. Some of these factors include: general global economic conditions; general industry and market conditions, sector changes and growth rates; uncertainty as to whether our strategies and business plans will yield the expected benefits; increasing competition; availability and cost of capital; the ability to identify and develop and achieve commercial success; the level of expenditures necessary to maintain and improve the quality of services; changes in the economy; changes in laws and regulations, including codes and standards, intellectual property rights, and tax matters; or other matters not anticipated; our ability to secure and maintain strategic relationships and distribution agreements. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.