Business
Gopher Protocol Continues Integration of ECS Software Platform
Gopher Protocol Continues Integration of ECS Software Platform.
About this update from Gbt Technologies Inc.
[{"type":"text","content":"\nWith Continued Growth ECS Generated Gross Revenue in Excess of $24 million Year to Date in 2018 \n SANTA MONICA, CA , June 26, 2018 (GLOBE NEWSWIRE) --  Gopher Protocol Inc. (OTCQB: GOPH) (\"Gopher” or the “Company\"), a company specializing in the creation of Internet of Things (IoT) and Artificial Intelligence enabled mobile technologies, is pleased to announce that its recent acquisitions, which now comprise its fintech division, led by ECS, have been fully integrated. ECS, since the beginning of 2018 (cumulative through last week) did 2,274,195 transactions from 21,729 terminals of which 1,399,975 were billable amounting to gross revenue of $24,863,692 (unaudited). Looking at the comparable 90 day period in 2017, ECS Prepaid had $7.5 million (unaudited) in revenue while processing 813,000 transactions over an average of 5,300 locations. ECS Prepaid’s revenue for the 90 days just prior to being acquired by Gopher was $8.5 million (unaudited) while processing 859,400 transactions. For the 90 day period post acquisition by Gopher, ECS Prepaid’s revenue was $13.3 million (unaudited) while processing over 1.1 million transactions, resulting in an increase in revenue of 77% over the comparable period in 2017.  Gopher intends to continue this pattern with recent agreements for processing alignments, the addition of AT&T SIM Activation program, and increased product margins on existing core products.  “ECS Prepaid would be able to operate the ‘UGO doors’ with little impact to our current work flow with the addition of one new employee in the Springfield’s office for technical support” said Derron Winfrey, Gopher’s COO. “The UGO platform, which used third parties for processing transactions, will now use the ECS platform reducing ACH transaction costs from $0.14 to $0.02, which is expected to increase our profit margins” added Kevin Pickard, Gopher’s CFO.  As a reminder on March 16, 2018, Gopher entered into and closed an Asset Purchase Agreement dated March 1, 2018 (the “ECS Purchase Agreement”) with ECS Prepaid LLC (“ECS”), a Missouri limited liability company, pursuant to which the Company purchased certain assets from ECS, including, but not limited to, the processing prepaid platform, servers,...