Concurrently Board of Directors expands
VAUGHAN, ONTARIO, March 19, 2018 (GLOBE NEWSWIRE) -- Comepay, Inc. (f/k/a/Great Rock Development Corp.) (OTCPINK: GROCD) (the “Company”) is pleased to announce that it has closed a Share Exchange Agreement with the shareholders of a group of operating companies in the payment processing sector located in Russia, with head offices located in Moscow and Rostov on Don.
Under the terms of the Share Exchange Agreement, the Company has acquired a 100% interest in four (4) operating entities (referred to collectively as “Comepay”) in a two-stage process, for total consideration of 60,000,000 restricted shares of the Company’s common stock. Further the Company agreed to pay a third party a commission of 3,000,000 restricted shares in respect to the transaction. The acquisition has resulted in a change in control.
On March 1, 2018, in anticipation of the closure of the transaction the Company expanded its Board of Directors, and concurrently appointed new officers. Mr. Ilya Kaplan resigned from all positions, and the following individuals were appointed to fill the vacancies as noted:
Mr. Dmitry Tsatskhin – Chief Executive Officer and Director
Mr. Felix Naff - President and Director
Mr. Dmitry Solomovich – Secretary and Treasurer
Mr. Rasat Ibadov – Chief Operating Officer and Director
Mr. Dmitry Tsatskhin attended the Academy of Public Administration in Russia and obtained a diploma in Higher Education and a specialty in World Economics. Thereafter his career has been entirely focused on marketing, selling, software development and new technology in the field of cellular phones, cash registers, payment kiosks, and proprietary payment processing products. Over the past 12 years Mr. Tsatskhin has worked with the suite of Comepay companies to drive sales and innovation bringing relationships with large industry partners in Russia including Yandex, Magnit, Beeline, and MTS.
Mr. Felix Naff has over twenty years of experience evaluating and advising both private and public corporations with a global focus, in all aspects of business development including: corporate restructures, initial public offerings, reverse take overs and underwriting efforts. Mr. Naff holds particular expertise in recognizing new or expanding business opportunities and capitalizing on corporate growth through strategic investment. Mr. Naff has a strong network of business partners in Russia and other Common Wealth of Independent States (CIS) countries.
Mr. Rasat Ibadov graduated with honors from Moscow State Regional University (MGOU) obtaining a Bachelors degree, majoring in World Economics, in 2005. Thereafter Mr. Ibadov has been employed by various corporations as Head of Finance. From 2009 to present Mr. Ibadov has been employed with RusAvto Limited, headquartered in Moscow, Russia. Mr. Ibadov’s global finance experience is expected to be a substantive advantage to Comepay as we move to implement our growth Strategy in 2018 and beyond.
Mr. Dmitry Solomovich operates a private merchant business for precious gems. Having learned his trade through years of operating an extensive family run gem business and trade, Mr Solomovich has expertise with all precious stones, focussed on the acquisition of both raw gems and finished stones for retail and wholesale jewellery operations. With over 15 years of experience in global marketing and procurement, Mr. Solomovich will work with the board of directors of Comepay to enhance supplier relationships down the supply chain.
About Comepay
The Comepay group of companies including Comepay, RP Systems, M-NN LLC and Chek-online have been operating for over 11 years providing internet acquiring services and support, facilitating instant payments and internet based payment transactions via kiosks, mobile interfaces and web-based applications such as electronic wallets. The Company also leases and sells cash registers and Point of Sale (POS) systems, including its recently developed proprietary multifunctional smart POS fiscal cash register system. Combining proprietary software and equipment, Comepay processes over 10 million customer payments per month and presently has more than 22,000 kiosks across Russia. The companies are currently focusing their planned business expansion on the smart POS fiscal cash register system called “Cassatka” in order to help businesses comply with newly released Russian taxation legislation, 54-FZ which requires 1.2 million businesses in fiscal 2018, and a further 1.4 million businesses in fiscal 2019 to install new, federally compliant on-line cash registers. The Cassatka, Comepay’s multifunctional smart POS online fiscal cash register can process payments and meet fiscal data storage requirements for participating businesses. It is a convenient and cost competitive solution for businesses to meet the new federal taxation requirements in Russia, and is currently being manufactured for distribution prior to June 2018. As the companies expand their business model, we expect to offer blockchain acquiring services and also to accept payments in multiple crypto currencies on the Cassatka. The Comepay group of companies presently earn revenue from a variety of channels including fee based commissions on payment processing for both cash and debit card payments, software licensing, kiosk placement fees and other rental fees for cash registers and associated equipment. With gross revenues of approximately US$22million ($1.234Bn Rubles) in fiscal 2017, the Comepay companies are looking to expand rapidly in fiscal 2018 and beyond as we introduce and market the Cassatka along with a suite of enhanced user features. www.comepaygroup.com , www.comepay.ru , www.kassatka.me , www.chekonline.ru , www.starrys.ru
Disclaimer: Shareholders and investors are strongly cautioned against placing undue reliance on information set forth within this website and these communications in making any investment decisions concerning our securities. The matters set forth in this press release are forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially. These risks are detailed from time to time in the Company's periodic reports filed with the OTCMarkets.com including the company's Annual Report, Quarterly Reports and other periodic filings. These forward-looking statements speak only as of the date hereof. The Company disclaims any intent or obligation to update these forward-looking statements. Nothing within this site is meant to be a solicitation to buy or sell our securities. Investing in over the counter (OTC) securities often carries a high degree of risk. Please contact your financial advisor before investing in our securities.