Comepay raises $3.5 Million in debt financing in Q4 2017 and Q1 2018 to acquire initial 25,000 Cassatka units
VAUGHAN, ONTARIO, April 10, 2018 (GLOBE NEWSWIRE) -- Comepay, Inc. (f/k/a/Great Rock Development Corp.) (OTCPINK: CMPY) (“the Company”) is pleased to announce that the first multifunctional smart POS online fiscal cash registers, marketed as the “Cassatka”, have been released to agents and clients in the local Russian market.
The Cassatka can process payments and meet fiscal data storage requirements for participating businesses and is a convenient and cost competitive solution for businesses to meet the new federal taxation requirements in Russia, 54-FZ. 54FZ 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.
Comepay, Inc. has planned an aggressive marketing and financing program in an effort to secure increased market share in each of fiscal 2018 and 2019 relative to the distribution of its proprietary smart POS fiscal cash registers.
The Company’s CEO, Dmitry Tsatskhin stated, “We are extremely excited to see our first Cassatka units in the local market. Years of in-house research, development and design have brought us to this day, as we expand into a complementary business segment which we expect to be our most lucrative operating segment yet. I believe our proprietary Cassatka is a truly phenomenal, user friendly and affordable piece of technology for individuals and businesses that must comply with 54-FZ. We are continuing to place orders with our manufacturer on a monthly basis as we ramp up our distribution model over the coming months.”
Concurrently over the past 120 days, the Company has raised $3.5 million in additional capital by way of third party notes in order to complete our first commercial order of the Cassatka unit. Terms of the notes include interest between 8 and 12 percent per annum. Further certain notes are convertible into shares of the Company’s common stock and/or are collateralized with restricted shares of the Company’s common stock. The Company will seek to raise up to $60 million in total to finance its ongoing inventory requirements.
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.
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