San Diego, May 12, 2015 (GLOBE NEWSWIRE) -- -- Global Payout, Inc. (OTC Pink: GOHE), a leading provider of international electronic payment solutions, announced today that its flagship marijuana industry payment system product will include patent pending PIVOT© technology. PIVOT© is ideally suited for a closed loop cannabis card system because it is adaptive and enables parameter programming capabilities that give government agencies, dispensaries, tax collectors and most participants in the marijuana supply chain the ability to comply with and monitor the set rules of the system. As a result, compliance to limit laws, tax collection rates and other rules can be set and changed, and easily managed and monitored. A patent application was recently filed with the Department of Commerce' United States Patent and Trademark Office to protect the PIVOT© technology. Deployments of the closed loop marijuana payment system with PIVOT© technology for field testing in various legalized marijuana markets are anticipated soon.
Brett Morgan, the CEO of MoneyTrac® Technology, Inc., a subsidiary of Global Payout, Inc., commented on current strategic initiatives, "Twenty-three states and the District of Columbia currently have laws legalizing marijuana in some form. Four states have legalized marijuana for recreational use. While we developed this system years ago, the time has finally come for its deployment. In the process, we aim to demonstrate the full scope of integrative benefits we provide, ease of use for everyone involved and our ability to satisfy the pertinent needs of state and local government and their officials."
Global Payout's unique closed loop marijuana payment platform was designed to also satisfy the concerns of law enforcement, interstate commerce control, and compliance monitoring. The system has the ability to reveal patterns of abuse, potential black market sales, and to achieve full cooperation with government agencies and officials while interfacing with most any point of sale (POS) system or loyalty and rewards program that address consumers and their needs.
"We are optimistic about our patent application. States have different rules that legislators are passing into laws that still need to be implemented," Mr. Morgan continued. "Our PIVOT© platform is the only system that has the ability to add and track the rules needed for state and taxation controls. With PIVOT©, an agency can implement rules that limit transactions based upon time, geography, quantity rules and, when interfaced to the POS systems, can also regulate by individualized product type. PIVOT© can also guarantee that the out of state purchaser is limited to one card only. Since this is the only closed loop system with all state compliance issues addressable or resolved, we believe we will be able to establish a market share lead before we have any major competitors," he added.
CONTACT:
Global Payout, Inc.
Investor Relations
IR@GlobalPayout.com
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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 MoneyTrac®, the company's Consolidated Payment Gateway (CPG), domestic and international prepaid cards, chip and pin cards, custom and co-branded prepaid cards, closed-loop marijuana payment systems, 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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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.