AppTech Signs LOI to Acquire Alliance Financial Network, Inc. and its Subsidiaries Including eXPO™ Financial Technology Network
CARLSBAD, Calif., Dec. 20, 2018 (GLOBE NEWSWIRE) — AppTech Corp. (OTC PINK SHEETS: APCX), an innovative FinTech company with a foundation in electronic processing technologies and merchant services with a portfolio of intellectual property and product offerings, and Alliance Financial Network, Inc dba eXPO™, herein referred to as eXPO™, a consumer, business, and government membership-facing portal that is delivered as a mobile and internet-based application, are pleased to announce today that a mutual agreement has been reached in the form of a Letter of Intent, whereby AppTech will acquire 100% of the equity, liabilities, and subsidiaries of Alliance Financial Network, including eXPO™ in a stock and cash transaction. This acquisition will provide AppTech with a complementary solution in support of banking processing options designed to service the underbanked and unbanked category of the retail banking industry. In addition, this will serve to bolster AppTech’s platform by serving in conjunction with states and municipalities to offer such services as seamlessly supporting their standard tax revenue streams via their expectations and procedures.
“Based upon our digital marketing and communications platform, eXPO’s current and future clients will have direct and immediate access to their end customers, offering targeted information with AppTech’s SMS/mobile products, as well as, supporting our clients to efficiently engage with their current and prospective customers”, stated Luke D’Angelo, the Executive Director of AppTech. Alliance Financial Network’s CEO, Larry Lipman concurred and added, “eXPO™ additionally provides the electronic capture of sales and excise tax and moves it to the government electronically, daily without fluctuation in value. No other technology can move this large amount of money by converting cash to digital non-fluctuating currency and assist the government at 5-decimal point accuracy, 100% auditable while reducing government obligations to move toward being in the black quickly.” Mr. Lipman further stated, “our popularity is growing quickly as the word gets out and after 3-years of development and a full year of beta, we are moving nationally.” Mr. Lipman concluded by stating, “as we add more businesses, we find that they use the taxes owed to support their growth and often come up short when it’s owed. Paying along the way, daily makes it easier for the business to not fail tax-wise.”
AppTech Corp. is a FinTech company with a foundation in electronic processing technologies and merchant services, and has expanded its core merchant processing services to include enterprise-grade, patent-protected software, and intellectual property for advanced text messaging incorporating the ability to transact payments via secure text messaging based on NSA technology, SMS text messaging for notification, authentication, marketing, advertising, information queries, and reports using our patented computer to Mobile Chat application. AppTech continues to provide digital marketing, software development, mobile app development, website development, website hosting, IT support, robust cloud computing & comprehensive payment processing for brick-and-mortar, e-commerce, and ACH. Please visit our website at www.apptechcorp.com.
About Alliance Financial Network, Inc dba eXPO™
eXPO™ is a consumer, business, and government membership-facing portal that is delivered as a mobile and Internet-based application. eXPO™ pre-approves non-government members — consumers and businesses — to be member accountholders in the eXPO™ network. Network members exchange their money (cash, credit cards and debit cards) to a 100% collateralized account for eXPO™ Credit, backed by U.S. dollars in U.S. banks. Consumer members use eXPO™ Credit to pay for services and products from eXPO™ Business members. eXPO™ is a compliant, innovative FinTech solution, and it is U.S.-based and offered through financial institution registration with FinCEN. Business members use eXPO™ Credit to make purchases, pay employees through network-offered payroll services, pay vendors, and even pay taxes electronically (to participating government entities) throughout the eXPO™ network. The complete business operating system eXPO™ includes for business members also delivers complete accounting, inventory control, and POS systems. When it is necessary to pay outside the network, all members — consumer, business and government — redeem eXPO™ Credit or make payments through a variety of electronic payment options. Please visit our website at www.getexponow.com
Forward Looking Statements
Certain matters discussed in this press release are “forward-looking statements.” These forward-looking statements can generally be identified as such because the context of the statement will include words, such as eXPO or AppTech “expects,” “should,” “believes,” “anticipates” or words of similar import. Similarly, statements that describe eXPO™ or AppTech future plans, objectives or goals are also forward-looking statements. Such forward-looking statements are subject to certain risks and uncertainties, including the financial performance of eXPO™ or AppTech, as appropriate, and the valuation of AppTech’s investment portfolio, which could cause actual results to differ materially from those currently anticipated. Although eXPO™ or AppTech believes the expectations reflected in any forward-looking statements are based on reasonable assumptions, they cannot give any assurance that their expectations will be attained. Shareholders, potential investors, and other readers are urged to consider these factors carefully in evaluating any forward-looking statements. Certain factors could cause results and conditions to differ materially from those projected in these forward-looking statements, and some of these factors are discussed below. These factors are not exhaustive. New factors, risks, and uncertainties may emerge from time to time that may affect the forward-looking statements made herein. These forward-looking statements are only made as of the date of this press release and both eXPO™ and AppTech do not undertake any obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances. AppTech’s operating results could fluctuate significantly due to a number of factors. These factors include the small number of transactions that are completed each quarter, the value of individual transactions, the timing of the recognition and the magnitude of unrealized gains and losses, AppTech’s dependence on the performance of companies in its portfolio, the possibility that advances in technology could render the technologies it has transferred obsolete, the loss of technology licenses by companies in its portfolio, the degree to which it encounters competition in its markets, the volatility of the stock market and the volatility of the valuations of the companies, it has invested in as it relates to its realized and unrealized gains and losses, the concentration of investments in a small number of companies, as well as other general economic conditions. As a result of these and other factors, current results may not be indicative of AppTech’s future performance. For more information on AppTech and for a more complete discussion of the risks pertaining to an investment in AppTech, please refer to AppTech’s anticipated filings with the Securities and Exchange Commission.
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