BOCA RATON, Fla., Jan. 02, 2024 (GLOBE NEWSWIRE) -- Kindcard, Inc. (OTC Markets: KCRD) (“Kindcard” and the “Company”), an innovative FinTech and PayTech company which provides alternative “Closed-Loop” payments solutions to businesses across a wide variety of merchant verticals through its wholly owned subsidiary, Deb, Inc., today announced that it has entered into a Letter of Intent with Acepay, Inc. (a/k/a Open Transact) (“OpenTransact”) in connection with the Company’s potential acquisition of OpenTransact.
OpenTransact is a self-serve banking platform designed to support high-risk businesses, which prioritizes security, risk management, and compliance within industry regulations.
Michael Rosen, the Company’s CEO, stated, “We believe that today’s announcement represents a significant opportunity to enhance our revenue and IP tech stack, and offer secure, all-in-one software and payments-as-a-service options to high-risk merchants that are seeking to manage their consumer website shopping experience and provide secure stable payment processing at checkout.”
William Clark, OpenTransact’s founder and CEO, stated, “The opportunity to join forces with Kindcard represents an exciting potential new chapter for OpenTransact, with our shared vision to revolutionize the way we think about high-risk transactions, blending innovation within Kindcard’s visionary approach as an alternative payment provider.”
About Kindcard, Inc.
Kindcard, Inc. (OTC Markets: KCRD) (“Kindcard” and the “Company”) is engaged in designing and taking to market safer more secure ways for business and consumers to transact as an alternative to cash, credit cards and checks. Through its proprietary “Pay with Deb” wallet, merchants have access to banking products they might be unable to access through traditional credit card processing or cashless financial tools.
The Company provides alternative “Closed-Loop” payment solutions to consumers and businesses across a wide array of verticals. The Company believes that mobile wallet technology will ultimately grow to become the preferred method for merchants and consumers to transact at the point of sale, and it is our goal to capture significant market share from the mobile wallet segment through its proprietary “Pay with Deb” consumer app and merchant services platform.
The Company targets the mid to high-risk merchant market where businesses operating within innovative verticals and e-commerce are incurring higher transaction costs, utilizing a robust compliance policy for onboarding users and businesses in accordance with federal and state regulations. “Pay with Deb” operates on a “Closed-Loop” system, where consumers can purchase “Deb Tokens” to store in their mobile wallets and use their Deb Tokens to make purchases within the Pay with Deb merchant network. Deb Tokens are not a crypto currency, stable coins, or tied to any exchange. For more information about Kindcard, please visit the Company’s website: www.kindcard.com
Kindcard is subject to the information and reporting requirements of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and, in accordance with the Exchange Act, the Company files periodic reports, documents, and other information with the Securities and Exchange Commission (the “Commission”) relating to our business, financial statements, and other matters. These filings are available to the public on the Commission’s website at http://www.sec.gov.
About Acepay, Inc. (a/k/a Open Transact)
OpenTransact offers a comprehensive, self-serve banking platform that not only supports high-risk businesses, but also prioritizes security, risk management, and compliance within industry regulations. This powerful combination empowers merchants in the CBD, Nutra, Gaming, and other high-risk industries, to access a SaaS platform that seamlessly integrates cutting-edge payment solutions with best-in-class risk management tools.
OpenTransact’s self-serve banking platform is specifically designed to support high-risk businesses that are unable to utilize services such as Shopify, Stripe, and PayPal.
Through OpenTransact, merchants can swiftly integrate Cryptocurrency, ACH, Debit, and Credit Card payments into their existing Shopify, WooCommerce, and custom-built web shops, or use our platform to create dedicated micro-sites. For in-store retail, our payment solution may be connected with existing terminals in minutes or process payments from iPhones or iPads.
OpenTransact’s comprehensive platform also empowers merchants to leverage their revenue for automated inventory financing, insurance, and employee payroll management, effortlessly manage cash holdings across multiple bank accounts, or convert to crypto and store funds within their preferred hot or cold wallets. For more information about OpenTransact, please visit our website: www.opentransact.com.
Safe Harbor Provision
This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, as amended, that are intended to be covered by the safe harbor created thereby. Forward-looking statements generally can be identified by the use of forward-looking terminology such as “may,” “will,” “expects,” “intends,” “plans,” “projects,” “estimates,” “anticipates,” or “believes” or the negative thereof or any variation thereon or similar terminology or expressions. These forward-looking statements are based upon current estimates and assumptions. Forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from results proposed in such statements. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, it can provide no assurance that such expectations will prove to have been correct. Important factors that could cause actual results to differ materially from the Company’s expectations include, but are not limited to, those factors set forth in the Company’s Annual Report on Form 10-K for the year ended January 31, 2023 and its other filings and submissions with the SEC. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date made. Except as required by law, the Company assumes no obligation to update or revise any forward-looking statements. This press release includes forward-looking statements concerning the future performance of our business, its operations and its financial performance and condition, and also includes selected operating results presented without the context of accompanying financial results. These forward-looking statements include, among others, statements with respect to our objectives and strategies to achieve those objectives, as well as statements with respect to our beliefs, plans, expectations, anticipations, estimates or intentions. These forward-looking statements are based on our current expectations. We caution that all forward-looking information is inherently uncertain and actual results may differ materially from the assumptions, estimates or expectations reflected or contained in the forward-looking information, and that actual future performance will be affected by a number of factors, including economic conditions, technological change, regulatory change and competitive factors, many of which are beyond our control. Therefore, future events and results may vary significantly from what we currently foresee. We are under no obligation (and we expressly disclaim any such obligation) to update or alter the forward-looking statements whether as a result of new information, future events or otherwise.
Contact:
Kindcard, Inc.
(888) 888-0708
Info@kindcard.com
Investor Relations:
Info@kindcard.com
