OLB Group, Inc. Announces Third Quarter Results and Provides Company Update
NEW YORK, Nov. 15, 2019 (GLOBE NEWSWIRE) — The OLB Group, Inc. (“OLBG,” “we,” “us,” “our,” or the “Company”), a FinTech company, has announced financial results for the third quarter ended September 30, 2019.
We are a FinTech company and a payment facilitator that, through our subsidiaries, focuses on a suite of products in the merchant services and payment facilitator verticals. These services include electronic payment processing, cloud-based multi-channel commerce platform solutions for small to medium-sized businesses and crowdfunding services. The Company is focused on providing these integrated business solutions to merchants throughout the United States through three wholly-owned subsidiaries, eVance, Inc., Omnisoft.io, Inc., and CrowdPay.us, Inc.
- Revenues for the nine months ended September 30, 2019, is $7,650,266.
- Adjusted EBITDA for the nine months was $455,931
Highlights of our financial results for the nine months ended September 30, 2019 (unaudited) are as follows:
|For the Nine
September 30, 2019
|Total operating expenses||$||8,003,574|
|Loss from operations||$||(353,308)|
|Total other expense||$||(928,334)|
|Stock-Based Compensation expenses||$||198,787|
Key Highlights for 2019
- Completed our soft launch of bundled packages that include software and hardware rentals that we plan to go full force in Q1, 2020
- Implementation of our Proprietary Merchant Boarding and CRM System is up and running
- Rolling out our Omni Commerce applications to our current merchants and boarding merchants
- Crowd Funding Platform integrates with our secure payment gateway for Credit Cards and ACH accepting offerings
- Signing up merchants over our PayFac platform
To see a complete version of our Quarterly Report on Form 10-Q please click on the link: https://www.sec.gov/Archives/edgar/data/1314196/000121390019023600/f10q0919_theolbgroup.htm
About Non-GAAP Financial Measures
This press release contains non-GAAP financial measures, Net Loss before Interest, Taxes, Depreciation and Amortization (“EBITDA”) and adjusted EBITDA, as defined in Regulation G. The Company reports its financial results in compliance with GAAP, but also provides additional non-GAAP measures of its operating results. The Company defines EBITDA as net loss, before interest, taxes, depreciation and amortization. The Company defines adjusted EBITDA as EBITDA, as defined above, adding back non-cash stock option costs and certain non-recurring items, such as costs incurred with completing acquisitions. These measures may not be comparable to similarly titled measures reported by other companies. Management believes the use of EBITDA and adjusted EBITDA is appropriate to enhance the understanding by the Company’s investors of its historical performance through use of a metric that seeks to normalize earnings.
About The OLB Group, Inc. (OLBG)
The OLB Group, Inc. is a commerce service provider that delivers fully outsourced private label shopping solutions to highly trafficked websites and retail locations. We provide end-to-end e-commerce, mobile and retail solutions to customers. These services include electronic payment processing, cloud-based multi-channel commerce platform solutions for small to medium-sized businesses and crowdfunding services. The Company is focused on providing these integrated business solutions to merchants throughout the United States through three wholly-owned subsidiaries, eVance, Inc., Omnisoft.io, Inc., and CrowdPay.us, Inc.
OLB Group, Inc.’s common stock is traded Over-The-Counter on the OTCQB under the stock symbol: OLBG. Additional information about the Company can be found at https://olb.com
All statements from The OLB Group, Inc. in this news release that are not based on historical fact are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 and the provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements include, but are not limited to, statements concerning our ability to implement our proprietary merchant boarding and CRM system and to roll out our Omni Commerce applications to our current merchants and the integration of our secure payment gateway with our crowdfunding platform. While the Company’s management has based any forward-looking statements contained herein on its current expectations, the information on which such expectations were based may change. These forward-looking statements rely on a number of assumptions concerning future events and are subject to a number of risks, uncertainties, and other factors, many of which are outside of our control, that could cause actual results to materially differ from such statements. Such risks, uncertainties, and other factors include, but are not limited to, uncertainty regarding our ability to integrate the companies that we have recently acquired and to repay outstanding indebtedness and fund our operations. If underlying assumptions prove inaccurate or unknown risks or uncertainties materialize, our actual results may differ significantly from management’s expectations. These risks and uncertainties include those factors described in greater detail in the risk factors disclosed in our Form 10-K for the fiscal year ended December 31, 2018 filed with the Securities and Exchange Commission. Should one or more of these risks or uncertainties materialize, or should any of our assumptions prove incorrect, actual results may vary in material respects from those anticipated in these forward-looking statements. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this news release, in the case of documents referred to herein, the date of those documents. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.
Investors & Analysts Contact:
Chief Executive Officer