VAUGHAN, ONTARIO, Oct. 29, 2018 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- Comepay, Inc. (OTCPINK: CMPY) (“the Company”) is pleased to update its previously announced corporate direction in follow up to a board determination announced in May 2018 of the Company’s intention to pursue an up listing to OTCMarkets QB.
Comepay CEO, Dmitry Tsatskhin, commented, “The Board of Directors, management, specialized consultants and our entire marketing team have been aggressively focused this past six months on our Cassatka manufacturing, launch and marketing program, as well as the groundwork for the ongoing expansion of our branding across Russia. Along with these efforts, the Company has been pursuing strategic acquisitions proposed for the first quarter of fiscal 2019, which should allow us to increase our planned growth with key industry partners. While we continue to move forward and are making substantial progress including independent audits of our financial results for each of the fiscal years ended December 31, 2015, 2016 and 2017, we have not completed this objective on our proposed timeline. With our expansion plans now firmly in place, this important task is now our top priority for completion prior to the close of this fiscal year.”
“Comepay has been working to ensure that key processes and controls are in place to allow for timely reporting to OTCMarkets standards over the past several quarters. The closing process and data upload to conform to the required disclosures under US GAAP has been a substantive transition for a company of our size previously required only to meet minimum reporting requirements,” added Comepay President, Felix Naff. Mr. Naff further stated, “We believe we are now situated to proceed with the audit engagement with BF Borgers, CPA PC, our retained PCAOB audit firm. Additionally, we are in the process of completing disclosures that once filed, will bring Comepay into the status of a fully reporting company, and hope to have these filings completed and filed within the next several months.”
The Company also intends to upload various marketing and informational documents to our OTC portal in the coming days in order to provide shareholders a better understanding of the scope of our ongoing business and our plans for the coming year. Efforts to support our new product line, the Cassatka, a series of fiscal cash registers which can process payments and offer enhanced POS functions to meet fiscal data storage requirements for small to mid-sized businesses in response to the new federal taxation requirements in Russia have been the Company’s key focus over the past six months. We are pleased to have also recently announced the launch of our App store, “Cassatka.Market”, to support and improve our customers product experience.
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. 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.comepay.com, www.comepay.ru, www.chekonline.ru, www.starrys.ru, http://kassatka.me/