SAN DIEGO, March 16, 2015 (GLOBE NEWSWIRE) -- Global Payout, Inc. (OTC Pink: GOHE), a leading provider of international electronic payment solutions, announced today that it has completed the formation of a joint venture that will launch the world's first, self-directed, and gold-backed currency hedge mechanism in connection with a debit card specifically for use by consumers and investors. Called the AUX Prepaid Gold Card, the new gold card will give gold investors the instantaneous and seamless ability to convert their gold bullion investments into the OFAC compliant, FOREX currency of their choice when making ATM cash withdrawals or merchant purchases. This gold-backed and gold based liquidity mechanism is the first of its kind. Preliminary indications of interest for the AUX Prepaid Gold Card are running extremely high. Additionally, the company is expecting to earn a substantial share of revenue from the joint venture company. Initial revenue will commence by April of 2015 and should increase significantly over the following 3 quarters of 2015.
Many investors know that, generally speaking and over the longer term, paper currency and gold have a generally inverse relationship. And many investors know that the overwhelming majority of currencies of the world are fiat currencies. Fiat currencies are currencies that are only backed by the issuing government's laws, reserves and pledges to pay, but are not 100% collateralized by assets. Many investors also consider gold investments as a "flight to quality" during times of economic uncertainty, market unrest or political crisis. The AUX Prepaid Gold Card offers capable investors and consumers the ability to back their own paper currency values through the use of their own gold creating a self-directed, 100% gold backed currency mechanism. The AUX Prepaid Gold Card provides instantaneous liquidity of deposited gold as an alternative to fiat currencies and the ability to convert that gold into the currency of their choice on demand through the swipe of their AUX Gold Card. The AUX Gold Card may also provide somewhat of a hedge against fluctuating currency values, but may not always work to the consumer's or investor's advantage. The card will initially be launched in non-US countries meeting OFAC compliance requirements.
The AUX Prepaid Gold Card is made possible through an executed joint venture agreement with Credit and AUX Technology Pte Ltd (AUX) based in Singapore. Global Payout received a 33% equity ownership in this financial technology (FinTech) company. The gold and currency platform developed by AUX allows consumers and investors to invest in gold coupled with International Prepaid cards provided by Global Payout the mechanism giving instant liquidity to gold investments. AUX has initiated a paradigm shift in gold investment and utilization by allowing investors the ability to invest in physical gold bullion and access its value when needed 24/7 in any designated location worldwide. This highly secure system allows the users to deposit funds, execute trades in gold and FOREX currencies, and withdraw funds with access to Global's international prepaid cards. The AUX principals have over 100 years of combined financial markets experience.
"For the first time ever investors and consumers will be able to monetize their gold investments and use it as if it is actual currency," said Jim Hancock, CEO of Global Payout. "We feel our partners at AUX have come up with a gold asset-backing and liquidity mechanism whose time has come. We feel this is an excellent opportunity for our payment platforms and prepaid debit cards. And we are expecting significant interest in this product from a variety of sources around the world," he added.
This is not an offer to sell or a solicitation of any offer to buy any commodities or securities. Any investment involves risk.
About Global Payout, Inc.
Global Payout, Inc. (www.globalpayout.com) is a leading FinTech provider of comprehensive, customized electronic payment solutions for domestic, international and multinational businesses, organizations and government agencies worldwide. Global Payout implements payment solutions tailored to a client's specific needs, which may include MoneyTracTM, the company's Consolidated Payment Platform (CPG), domestic and international prepaid cards, chip and pin cards, custom and co-branded prepaid cards, and merchant processing services. The company targets an estimated $3 trillion market including the estimated 60-70 million unbanked and under-banked adults in the U.S. and the estimated 2.5 billion unbanked and under-banked adults around the world.
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Forward-Looking Statement: The statements in this press release…are forward-looking statements. Such statements involve risks and uncertainties, including, but not limited to, our ability to complete post-closing conditions to the merger, and any other difficulties related to risks and effects of legal and administrative proceedings and governmental regulation, future financial and operational results, competition, general economic conditions, and the ability to manage and continue our growth.
Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual outcomes may vary materially from those indicated. Important factors that could cause actual results to differ materially from the forward-looking statements we make in this news release include market conditions and those set forth in reports or documents we file from time to time with the SEC. We undertake no obligation to revise or update such statements to reflect current events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.