SAN DIEGO, Aug. 4, 2011 /PRNewswire/ -- Global Payout, Inc. (OTC Pink: GOHE) and Tyburn Group, Inc., San Francisco, have reached an agreement to co-develop an international eWallet payment solution. The payment platform will be a license from RS2 Software, Frankfurt Germany, and will be developed based on Global Payout's specifications. Under the initial agreement, Global Payout will tender common stock to Tyburn and Tyburn will pay RS2 for the initial license.
"This is a significant development for our company – we're transitioning from our role as an ISO (Independent Sales Organization) to being a global service provider," stated Jim Hancock, Global Payout Chief Executive Officer. "We're positioning the company to have long-term viability, ready to meet the challenges and demands of the global marketplace."
The international platform ("eWallet") will enable multi-national companies to pay its members or employees in foreign countries through a web-based portal in several currencies. eWallet account-holders will be able to transfer money from their online account or by cell-phone to bank accounts or prepaid debit cards. In addition, the new platform will significantly increase revenue and will replace the existing vendor platform relationships. The company anticipates a January 2012 launch. Chris Haigh, Chief Executive Officer at Tyburn Group, added, "The joint venture with Global Payout expands Tyburn's international product offering and we look forward to implementing payment solutions for our multi-national clients."
About RS2 Software, PLC.:
RS2 Software PLC, www.rs2.com, is a global provider of card payment solutions, IT consultancy and related services to international and domestic banks, service providers, retailers and other financial organizations. For more than 20 years RS2 Software PLC has focused on development and implementation card payment solutions under the trade name BankWORKS®. RS2 clients have received full attention from the RS2 in this specialized field of data and transaction processing. Benefiting from continuous upgrades of the BankWORKS® product portfolio in line with market changes and opportunities, mandates from card organizations, as well as using new technology, RS2 clients are well positioned to increase their market share and meet their business objectives.
About Tyburn Group, Inc.:
The Tyburn Group, www.tyburngroup.com, located in San Francisco California, has been creating and delivering prepaid card programs using the latest technology for their global customers since 2007. Tyburn has banking relationships and processing services, as well as the understanding of all regulations and requirements to get prepaid debit card programs to market.
About Global Payout, Inc.:
Global Payout, Inc., www.globalpayout.com, headquartered in San Diego, California, is an international independent sales organization offering multi-national companies electronic payment and prepaid debit card solutions. Through Global Payout's processors and solution providers the company offers an international payment platform allowing accountholders to move money to personal bank accounts in over 200 countries. In addition, the company provides for U.S. and international debit cards, allowing accountholders without bank accounts to access funds worldwide. As a program manager and reseller, Global, is a provider of prepaid debit cards in the U.S. for payroll and general spend programs.
Forward-Looking Statements Disclosure:
This press release may contain "forward-looking statements" within the meaning of the federal securities laws. In this context, forward looking statements may address the Company's expected future business and financial performance, and often contain words such as "anticipates," "believes," "estimates," "expects," "intends," "plans," "seeks," "will" and other terms with similar meaning. These forward-looking statements by their nature address matters that are, to different degrees, uncertain. Although the Company believes that the assumptions upon which its forward looking statements are based are reasonable, it can provide no assurances that these assumptions will prove to be correct. All forward-looking statements in this press release are expressly qualified by such cautionary statements, risk, and uncertainties, and by reference to the underlying assumptions.
SOURCE Global Payout, Inc.