PCAOB Auditor Retained and Fiscal Audits Underway for Fiscal 2017, 2016 and 2015 Year Ends.
VAUGHAN, ONTARIO, May 18, 2018 (GLOBE NEWSWIRE) -- Comepay, Inc. (f/k/a/Great Rock Development Corp.) (OTCPINK: CMPY) (“the Company”) is pleased to announce that its Board of Directors has ratified a plan to become fully reporting with the Securities and Exchange Commission and, following approval from the OTC, to up list to OTCMarkets QB.
Comepay CEO, Dmitry Tsatskhin, commented, “The Board of Directors appreciates the need for Comepay to make a transition to a fully reporting company in order to gain access to a larger investment community as we implement our aggressive growth plan over the next 18 months. The first step in this mandate is to complete the independent audit of our financial results for each of the fiscal years ended December 31, 2015, 2016 and 2017. We have engaged the services of BF Borgers CPA PC, a PCAOB registered, independent accounting firm for this purpose, as well as a team of consultants to assist our offices in the transition from our current accounting standards to US GAAP. We are excited to be taking the first step towards a higher standard of public reporting.”
Comepay expects the audit process to be complete within the next 90 days and will continue to meet its filing obligations to OTCMarkets Pink in the interim period with management prepared financial reports. Concurrently the Company will be working with U.S. Securities counsel to prepare filing documents required in order to become a fully reporting issuer in the United States.
The Company continues to aggressively move forward with the launch of its fiscal cash register, the Cassatka, into the Russian marketplace. 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, under the recently implemented Russian taxation legislation, 54-FZ.
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
About BF Borgers CPA PC
BF Borgers CPA PC is an independent public accounting firm specializing in audits of Public Companies in the US, Canada and around the World. The firm is PCAOB and CPAB registered and currently services approximately 80 public companies in the US, Canada, South America, Europe, Russia, Asia and Australia with several bilingual professionals on staff.
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.