Grow Capital, Inc. (OTCQB: GRWC) primarily operates as a software, technology, and fintech company. Shares of the fintech solutions company are jumping 21.13%, through afternoon trading on Thursday, October 17, 2019. Over the past month, Grow Capital has seen average daily volume of 160,444 shares. However, volume of 204,608 shares or dollar volume of $17,596, has already exchanged hands through afternoon trading on Thursday.
Shares of Grow Capital are rallying after the company announced that its recent fintech acquisition and 100%-owned subsidiary, Bombshell Technologies, Inc., has reported revenue growth and profitability since its inception. During the six-month period ending June 30, 2019, Bombshell Technologies reported gross revenues of $740,166 and net income of approximately $91,000. The subsidiary operates as a premier software development company, which focuses on providing solutions for the financial services industry. Here is the full press release detailing of the news:
Grow Capital, Inc. Press Release:
HENDERSON, Nev., Oct. 16, 2019 /PRNewswire/ — Grow Capital, Inc (OTCPK:GRWC) (GRWC) today announced that it has filed a current report on Form 8-K/A (the “8-K/A”) with the Securities and Exchange Commission in order to conclude reporting requirements with respect to its July 23, 2019 acquisition of Bombshell Technologies, Inc.
The 8-K/A includes audited financial statements for the period from inception to December 31, 2018, interim unaudited condensed financial statements for the six months ended June 30, 2019 and unaudited pro-forma consolidated financial statements at June 30, 2019 in order to reflect the acquisition of Bombshell Technologies by Grow Capital.
Bombshell Technologies is a premier software development service provider with a focus on the financial services sector. Bombshell Technologies provides software to various financial services organizations and with a rapid growth strategy consisting of innovative industry-specific solutions for sales teams and management.
Published financial results relative to the operations of Bombshell Technologies reflect gross revenue of $740,166 in the six months ended June 30, 2019 and net income of approximately $91,000 after accruals for income taxes.
“We are extremely pleased that Bombshell’s operational results are in line with our growth objectives,” said GRWC CEO Jonathan Bonnette. “As the customer base continues to increase over the coming months, we expect financial results to continue to reflect our rapid growth strategy.”
Bombshell’s current software suite delivers customized back office compliance, sophisticated multi-pay commission processing, and a unique new client application submission system, along with digital engagement marketing services centric to financial services.
GRWC announced the formal acquisition of Bombshell Technologies in June. Tax years from inception to the year ended December 31, 2018 have also been filed for Bombshell Technologies.
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Forward Looking Statements Disclaimer: This release may contain statements that constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, many of which are beyond Grow Capital, Inc’s ability to control, and that actual results may differ materially from those projected in the forward-looking statements as a result of various factors. Such forward-looking statements include the words “seek”, “grow” “plan” and other expressions of a forward-looking nature. More information about the potential factors that could affect the business and financial results is and will be included in Grow Capital, Inc’s filings with the OTC Markets, Securities and Exchange Commission and/or posted on the company’s website.